This article presents the results of an empirical analysis of the relationship between school funding and student achievement across school districts in Cali- fornia. Student achievement is measured by district average scores on ien
standardized tests. The model controls for standard socioeconomic factors and
entry-level student performance. It is found that changes in expenditure patterns, e.g., equalization of funding per student, would have a statistically sig
nificant effect on test scores.
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