Education Crowdfunding and Student Performance: An Empirical Study

References

• Aaronson D, Barrow L, Sander W (2007) Teachers and student achievement in the Chicago public high schools. J. Labor Econom. 25(1):95–135.Crossref, Google Scholar
• Abdulkadiroğlu A, Angrist JD, Dynarski SM, Kane TJ, Pathak PA (2011) Accountability and flexibility in public schools: Evidence from Boston’s charters and pilots. Quart. J. Econom. 126(2):699–748.Crossref, Google Scholar
• Abott C, Kogan V, Lavertu S, Peskowitz Z (2020) School district operational spending and student outcomes: Evidence from tax elections in seven states. J. Public Econom. 183(March):104–142.Crossref, Google Scholar
• Agrawal A, Catalini C, Goldfarb A (2014) Some simple economics of crowdfunding. Innovation Policy Econom. 14(1):63–97.Crossref, Google Scholar
• Agrawal AK, Catalini C, Goldfarb A (2011) The geography of crowdfunding. NBER Working Paper w16820, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Baker BD (2017) How money matters for schools. Report, Learning Policy Institute, Palo Alto, CA.Google Scholar
• Bapna S (2019) Complementarity of signals in early-stage equity investment decisions: Evidence from a randomized field experiment. Management Sci. 65(2):933–952.Link, Google Scholar
• Barnum M (2018) The salary slide: As other professionals see growth, teachers’ pay stagnates, new report finds. Chalkbeat (September 5), https://www.chalkbeat.org/posts/us/2018/09/05/teacher-pay-slide/.Google Scholar
• Bernstein S, Korteweg A, Laws K (2017) Attracting early‐stage investors: Evidence from a randomized field experiment. J. Finance 72(2):509–538.Crossref, Google Scholar
• Blankenau WF, Simpson NB, Tomljanovich M (2007) Public education expenditures, taxation, and growth: Linking data to theory. Amer. Econom. Rev. 97(2):393–397.Crossref, Google Scholar
• Burtch G, Chan J (2019) Investigating the relationship between medical crowdfunding and personal bankruptcy in the United States: Evidence of a digital divide. MIS Quart. 43(1):237–262.Crossref, Google Scholar
• Burtch G, Ghose A, Wattal S (2015) The hidden cost of accommodating crowdfunder privacy preferences: A randomized field experiment. Management Sci. 61(5):949–962.Link, Google Scholar
• Cachero P (2019) Why some school districts are banning teachers from crowdfunding to pay for classroom supplies. Yahoo! Life (October 2), https://www.yahoo.com/lifestyle/school-districts-are-creating-barriers-to-deter-teachers-from-crowdfunding-now-ill-just-have-to-spend-more-of-my-own-money-213507586.html. Google Scholar
• California Department of Education (2016) 2016 CAASPP paper-based test results. Accessed February 16, 2020, https://caaspp.cde.ca.gov/caaspp2016/help_scoreexplanations.aspx.Google Scholar
• Candice (2010) Obama, HP, DonorsChoose.org—Oh my! DonorsChoose Blog (September 17), https://www.donorschoose.org/blog/obama-hp-donorschoose-org-oh-my/.Google Scholar
• Chan J, Ghose A (2014) Internet’s dirty secret: Assessing the impact of online intermediaries on HIV transmission. MIS Quart. 38(4):955–975.Crossref, Google Scholar
• Coleman JS, Campbell J, Campbell E, Hobson C, McPartland J, Mood A, Weinfeld F, York R (1966) Equality of educational opportunity. Report, United States Department of Health, Education, and Welfare, Washington, DC.Google Scholar
• Del Valle G (2019) Teachers often have to crowdfund for classroom supplies. Some districts are banning the practice. Vox (March 29), https://www.vox.com/the-goods/2019/3/29/18286095/donors-choose-crowdfunding-ban-school-districts/.Google Scholar
• Deming DJ, Hastings JS, Kane TJ, Staiger DO (2014) School choice, school quality, and postsecondary attainment. Amer. Econom. Rev. 104(3):991–1013.Crossref, Google Scholar
• Dodson ME Garrett TA (2004) Inefficient education spending in public school districts: A case for consolidation? Contemporary Econom. Policy 22(2):270–280.Google Scholar
• DonorsChoose.org (2019) See our impact nationwide since our start in 2000. Accessed February 16, 2020, https://www.donorschoose.org/about/impact.html.Google Scholar
• Dranove D, Forman C, Goldfarb A, Greenstein S (2014) The trillion dollar conundrum: Complementarities and health information technology. Amer. Econom. J. 6(4):239–270.Google Scholar
• Duncan GJ, Murnane RJ (2011) Whither Opportunity?: Rising Inequality, Schools, and Children’s Life Chances (Russell Sage Foundation, New York).Google Scholar
• Eldridge D, Nisar TM, Torchia M (2019) What impact does equity crowdfunding have on SME innovation and growth? An empirical study. Small Bus. Econom., ePub ahead of print June 11, https://doi.org/10.1007/s11187-019-00210-4.Google Scholar
• Federal Trade Commission (2019) FTC charges operator of crowdfunding scheme. Accessed February 16, 2020, https://www.ftc.gov/news-events/press-releases/2019/05/ftc-charges-operator-crowdfunding-scheme.Google Scholar
• Gigliotti P, Sorensen LC (2018) Educational resources and student achievement: Evidence from the Save Harmless provision in New York State. Econom. Ed. Rev. 66(October):167–182.Crossref, Google Scholar
• Goldhaber D, Anthony E (2007) Can teacher quality be effectively assessed? National board certification as a signal of effective teaching. Rev. Econom. Statist. 89(1):134–150.Crossref, Google Scholar
• Gradstein M, Justman M (2002) Education, social cohesion, and economic growth. Amer. Econom. Rev. 92(4):1192–1204.Crossref, Google Scholar
• Granovetter MS (1973) The strength of weak ties. Amer. J. Sociol. 78(6):1360–1380.Crossref, Google Scholar
• Greenwald R, Hedges LV, Laine RD (1996) The effect of school resources on student achievement. Rev. Educational Res. 66(3):361–396.Crossref, Google Scholar
• Guryan J, Hurst E, Kearney M (2008) Parental education and parental time with children. J. Econom. Perspect. 22(3):23–46.Crossref, Google Scholar
• Hanushek EA (1989) The impact of differential expenditures on school performance. Educational Researcher 18(4):45–62.Crossref, Google Scholar
• Hanushek EA (1997) Assessing the effects of school resources on student performance: An update. Educational Evaluation Policy Anal. 19(2):141–164.Crossref, Google Scholar
• Hanushek EA (2003) The failure of input‐based schooling policies. Econom. J. 113(485):F64–F98.Google Scholar
• Hanushek EA, Raymond ME (2004) The effect of school accountability systems on the level and distribution of student achievement. J. Eur. Econom. Assoc. 2(2–3):406–415.Crossref, Google Scholar
• Harris DN, Sass TR (2011) Teacher training, teacher quality and student achievement. J. Public Econom. 95(7–8):798–812.Crossref, Google Scholar
• Heckman JJ (1979) Sample selection bias as a specification error. Econometrica 49(3):153–161.Crossref, Google Scholar
• Henderson AT, Mapp KL (2002) A New Wave of Evidence: The Impact of School, Family, and Community Connections on Student Achievement (National Center for Family and Community Connections with Schools, Austin, TX).Google Scholar
• Hildebrand T, Puri M, Rocholl J (2016) Adverse incentives in crowdfunding. Management Sci. 63(3):587–608.Link, Google Scholar
• Holden KL (2016) Buy the book? Evidence on the effect of textbook funding on school-level achievement. Amer. Econom. J. 8(4):100–127.Google Scholar
• Hoxby CM (2000) The effects of class size on student achievement: New evidence from population variation. Quart. J. Econom. 115(4):1239–1285.Crossref, Google Scholar
• Hyman J (2017) Does money matter in the long run? Effects of school spending on educational attainment. Amer. Econom. J. 9(4):256–280.Google Scholar
• Iyer R, Khwaja AI, Luttmer EF, Shue K (2015) Screening peers softly: Inferring the quality of small borrowers. Management Sci. 62(6):1554–1577.Link, Google Scholar
• Jackson CK, Johnson RC, Persico C (2016) The effects of school spending on educational and economic outcomes: Evidence from school finance reforms. Quart. J. Econom. 131(1):157–218.Crossref, Google Scholar
• Jepsen C, De Alth S (2005) English learners in California schools. Report, Public Policy Institute of California, San Francisco.Google Scholar
• Jepsen C, Rivkin S (2009) Class size reduction and student achievement the potential tradeoff between teacher quality and class size. J. Human Resources 44(1):223–250.Google Scholar
• Kim K, Hann IH (2019) Crowdfunding and the democratization of access to capital—An illusion? Evidence from housing prices. Inform. Systems Res. 30(1):276–290.Link, Google Scholar
• Kreisman D, Steinberg MP (2019) The effect of increased funding on student achievement: Evidence from Texas’s small district adjustment. J. Public Econom. 176(August):118–141.Crossref, Google Scholar
• Leachman M, Albares N, Masterson K, Wallace M (2016) Most states have cut school funding, and some continue cutting. Report, Center on Budget and Policy Priorities, Washington, DC.Google Scholar
• Leider S, Möbius MM, Rosenblat T, Do QA (2009) Directed altruism and enforced reciprocity in social networks. Quart. J. Econom. 124(4):1815–1851.Crossref, Google Scholar
• Lin M, Viswanathan S (2015) Home bias in online investments: An empirical study of an online crowdfunding market. Management Sci. 62(5):1393–1414.Link, Google Scholar
• Lin M, Prabhala NR, Viswanathan S (2013) Judging borrowers by the company they keep: Friendship networks and information asymmetry in online peer-to-peer lending. Management Sci. 59(1):17–35.Link, Google Scholar
• Liu D, Brass DJ, Lu Y, Chen D (2015) Friendships in online peer-to-peer lending: Pipes, prisms, and relational herding. MIS Quart. 39(3):729–742.Crossref, Google Scholar
• Marlow ML (2000) Spending, school structure, and public education quality. Evidence from California. Econom. Ed. Rev. 19(1):89–106.Crossref, Google Scholar
• Martorell P, Stange K, McFarlin I Jr (2016) Investing in schools: Capital spending, facility conditions, and student achievement. J. Public Econom. 140(August):13–29.Crossref, Google Scholar
• McClelland DC (1978) Managing Motivation to expand human freedom. Amer. Psych. 33(3):201–210.Crossref, Google Scholar
• Mollick E (2014) The dynamics of crowdfunding: An exploratory study. J. Bus. Venturing 29(1):1–16.Crossref, Google Scholar
• Mollick ER, Kuppuswamy V (2014) After the campaign: Outcomes of crowdfunding. Working Paper 2376997, University of North Carolina at Chapel Hill, Chapel Hill.Google Scholar
• Neter J, Kutner MH, Nachtsheim CJ, Wasserman W (1989) Applied Linear Statistical Models, 4th ed. (McGraw‐Hill Irwin, Chicago).Google Scholar
• Pearson LC, Moomaw W (2006) Continuing validation of the teaching autonomy scale. J. Ed. Res. 100(1):44–51.Crossref, Google Scholar
• Posey-Maddox L (2013) Professionalizing the PTO: Race, class, and shifting norms of parental engagement in a city public school. Amer. J. Ed. 119(2):235–260.Crossref, Google Scholar
• Poterba JM (1997) Demographic structure and the political economy of public education. J. Policy Anal. Management 16(1):48–66.Crossref, Google Scholar
• Rivkin SG, Hanushek EA, Kain JF (2005) Teachers, schools, and academic achievement. Econometrica 73(2):417–458.Crossref, Google Scholar
• Rockoff JE (2004) The impact of individual teachers on student achievement: Evidence from panel data. Amer. Econom. Rev. 94(2):247–252.Crossref, Google Scholar
• Roma P, Gal-Or E, Chen RR (2018) Reward-based crowdfunding campaigns: informational value and access to venture capital. Inform. Systems Res. 29(3):679–697.Link, Google Scholar
• Rønning M (2011) Who benefits from homework assignments? Econom. Ed. Rev. 30(1):55–64.Crossref, Google Scholar
• Rosenbaum PR (2002) Observational Studies, 2nd ed. (Springer, New York).Crossref, Google Scholar
• Rosenbaum PR, Rubin DB (1983) The central role of the propensity score in observational studies for causal effects. Biometrika 70(1):41–55.Crossref, Google Scholar
• Rosenbaum PR, Rubin DB (1985) Constructing a control group using multivariate matched sampling methods that incorporate the propensity score. Amer. Statist. 39(1):33–38.Crossref, Google Scholar
• Signori A, Vismara S (2018) Does success bring success? The post-offering lives of equity-crowdfunded firms. J. Corporate Finance 50(June):575–591.Crossref, Google Scholar
• Sobel J (2005) Interdependent preferences and reciprocity. J. Econom. Lit. 43(2):392–436.Crossref, Google Scholar
• Spiegelman M (2018) Public School Teacher Spending on Classroom Supplies. Report NCES 2018-097, National Center for Education Statistics, Washington, DC.Google Scholar
• Stock JH, Yogo M (2002) Testing for weak instruments in linear IV regression. NBER Working Paper 0284, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• Sun H, Fan M, Tan Y (2020) An empirical analysis of seller advertising strategies in an online marketplace. Inform. Systems Res. 31(1):37–56.Link, Google Scholar
• Sun M, Zhu F (2013) Ad revenue and content commercialization: Evidence from blogs. Management Sci. 59(10):2314–2331.Link, Google Scholar
• Todd PE, Wolpin KI (2003) On the specification and estimation of the production function for cognitive achievement. Econom. J. 113(485):F3–F33.Google Scholar
• Van der Klaauw W (2008) Breaking the link between poverty and low student achievement: An evaluation of Title I. J. Econometrics 142(2):731–756.Crossref, Google Scholar
• Vanacker T, Vismara S, Walthoff-Borm X (2019) What happens after a crowdfunding campaign? Landström H, Parhankangas A, Mason C, eds. Handbook of Research on Crowdfunding (Edward Elgar Publishing, Cheltenham, UK), 227–248.Google Scholar
• Walthoff‐Borm X, Vanacker TR, Collewaert V (2018) Equity crowdfunding, shareholder structures, and firm performance. Corporate Governance 26(5):314–330.Crossref, Google Scholar
• Wooldridge JM (2010) Econometric Analysis of Cross Section and Panel Data (MIT Press, Cambridge, MA).Google Scholar
• Zhou C, Gill M, Liu Q (2019) Empowering education with crowdfunding: Empirical evidence from California public schools. Preprint, submitted June 16, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3399096.Google Scholar