Notes: Standard errors clustered by school-grade-year are reported in parentheses given the outcomes are defined at the school-grade-year level. Column 1 reports results from a regression of average class size in a school-grade-year on the number of teachers laid off in a student's grade in the prior year, conditional on the full set of covariates and fixed effects in model 2 in the paper and described in the notes of table 6. Column 2 reports results from a similar model where the outcome is a measure of the proportion of teachers in a school-grade-year who taught in the same grade and school the previous year.