The gap between the qualifications of New York City teachers in high-poverty schools and low-poverty schools has narrowed substantially since 2000. Most of this gap-narrowing resulted from changes in the characteristics of newly hired teachers, and largely has been driven by the virtual...

More than one out of every five principals leaves their school each year. In some cases, these career changes are driven by the choices of district leadership. In other cases, principals initiate the move, often demonstrating preferences to work in schools with higher achieving students from...

School districts often struggle to recruit and retain effective math teachers. Alternative-route certification programs aim to expand the pool of teachers available; however, many alternate routes have not been able to attract large numbers of teacher candidates with undergraduate degrees in...

Many large urban school districts are rethinking their personnel management strategies, often giving increased control to schools in the hiring of teachers, reducing, for example, the importance of seniority. If school hiring authorities are able to make good decisions about whom to hire, these...

Almost a quarter of entering public-school teachers leave teaching within their first three years. High attrition would be particularly problematic if those leaving were the more able teachers. The goal of this paper is estimate the extent to which there is differential attrition based on...

The literature on effective schools emphasizes the importance of a quality teaching force in improving educational outcomes for students. In this paper, we use value-added methods to examine the relationship between a school's effectiveness and the recruitment, assignment, development and...

We study the role of information in asset pricing models with long-run cash flow risk. When investors can distinguish short- from long-run consumption risks (full information), the model generates a sizable equity risk premium only if the equity term structure slopes up, contrary to the data. In...

This paper proposes a dynamic risk-based model capable of jointly explaining the term structure of interest rates, returns on the aggregate market and the risk and return characteristics of value and growth stocks. Both the term structure of interest rates and returns on value and growth stocks...

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...