Type of Document Dissertation Author Zahirovic-Herbert, Velma URN etd-05062007-174909 Title School Quality, House Prices, and Liquidity: The Effects of Public School Reform in Baton Rouge Degree Ph.D. Department Economics (Policy Studies) Advisory Committee
Advisor Name Title Dr. Geoffrey K. Turnbull Committee Chair Dr. Douglas J. Krupka Committee Member Dr. Laura O. Taylor Committee Member Dr. Terry V. Grissom Committee Member Keywords
- house price
- liquidity
- capitalization
- school quality
- search market
Date of Defense 2006-12-06 Availability unrestricted Abstract After a court imposed desegregation plan ended in 1996, the Baton Rouge, Louisiana school district created neighborhood attendance zones for its schools, followed by a series of attendance zone changes. We use data from 1994 to 2002 to examine the impact of changes in school characteristics on simultaneous determination of house prices and liquidity in the market. A simultaneous equations model of sales price and tine-on-market is adopted that extends the hedonic price model by controlling for localized neighborhood market conditions. Our empirical results show that improving and declining school performance can have asymmetric capitalization effects. Further, as indicated by the search-market model, liquidity absorbs part of the capitalization of school quality; for example, declining school performance prolongs houses’ marketing time.Files
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