Anecdotal evidence points to the importance of school principals, but the limited existing research has neither provided consistent results nor indicated any set of essential characteristics of effective principals. This paper exploits extensive student-level panel data across six states to investigate both variations in principal performance and…

Students who attend different colleges in the U.S. end up with vastly different economic outcomes. We study the role of relative value-added across colleges within student choice sets in producing these outcome disparities. Linking high school, college, and earnings registries spanning the state of Texas, we identify relative college value-added…