Research on the relationship between teachers' characteristics and teacher effectiveness has been underway for over a century, yet little progress has been made in linking teacher quality with factors observable at the time of hire. However, most research has examined a relatively small set of...

We use six years of data on student test performance to evaluate the effectiveness of certified, uncertified, and alternatively certified teachers in the New York City public schools. On average, the certification status of a teacher has at most small impacts on student test performance....

We used a random-assignment experiment in Los Angeles Unified School District to evaluate various non-experimental methods for estimating teacher effects on student test scores. Having estimated teacher effects during a pre-experimental period, we used these estimates to predict student...

The National Board for Professional Teaching Standards (NBPTS) assesses teaching practice based on videos and essays submitted by teachers. We compared the performance of classrooms of elementary students in Los Angeles randomly assigned to NBPTS applicants and to comparison teachers. We used...

The Boston Teacher Residency is an innovative practice-based preparation program in which candidates work alongside a mentor teacher for a year before becoming a teacher of record in Boston Public Schools. We find that BTR graduates are more racially diverse than other BPS novices, more likely...

Charter schools affiliated with the Knowledge is Power Program (KIPP) are emblematic of the No Excuses approach to public education. These schools feature a long school day, an extended school year, selective teacher hiring, strict behavior norms and a focus on traditional reading and math...

More financially constrained firms are riskier and earn higher expected returns than less financially constrained firms, although this effect can be subsumed by size and book-to-market. Further, because the stochastic discount factor makes capital investment more procyclical, financial...

Previous work shows that the growth rate of industrial production is a common macroeconomic risk factor in the cross-section of expected returns. We demonstrate the connection between momentum profits and shifts in factor loadings on this macroeconomic variable. Winners have temporarily higher...

I construct a neoclassical, Q-theoretical foundation for time-varying expected returns in connection with corporate policies and events. Under certain conditions, stock return equals investment return, which is directly tied with firm characteristics. This single equation is shown analytically...