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Table 5 reports our findings for the period 2003–2011 and two sub-periods, 2003–2007 and 2008–2011. We selected these sub-periods in part because of the significant regulatory changes in 2006 and also to assure that we would have sufficient data for individual students within a sub-period to estimate models with student fixed effects. In fact, the basic findings are not sensitive to the specific sub-periods.

Table 5. 
Student Fixed Effects (FE) and Value-Added (VA) Models
ReadingMath
FE ModelVA (All)VA (Switchers)FEVA (All)VA (Switchers)
Full-time period (2003—2011) 
Charter school −0.0373** 0.0687** 0.0086** −0.1225** 0.0166** −0.0350** 
 (0.005) (0.002) (0.004) (0.005) (0.002) (0.004) 
N 3,046,109 2,981,397 81,459 3,015,380 2,952,272 81.087 
Early period (2003—2007) 
Charter school −0.0580** 0.0288** −0.0256** −0.1374** −0.0277 ** −0.0758** 
 (0.006) (0.003) (0.006) (0.006) (0.003) (0.005) 
N 1,775,665 1,754,495 47,021 1,776,867 1,755,701 47,050 
Late period (2008—2011) 
Charter school 0.0053 0.1049** 0.0515** −0.0774** 0.0656** 0.0172** 
 (0.008) (0.003) (0.007) (0.009) (0.003) (0.007) 
N 1,270,444 1,226,902 34,438 1,238,513 1,196,571 34,037 
ReadingMath
FE ModelVA (All)VA (Switchers)FEVA (All)VA (Switchers)
Full-time period (2003—2011) 
Charter school −0.0373** 0.0687** 0.0086** −0.1225** 0.0166** −0.0350** 
 (0.005) (0.002) (0.004) (0.005) (0.002) (0.004) 
N 3,046,109 2,981,397 81,459 3,015,380 2,952,272 81.087 
Early period (2003—2007) 
Charter school −0.0580** 0.0288** −0.0256** −0.1374** −0.0277 ** −0.0758** 
 (0.006) (0.003) (0.006) (0.006) (0.003) (0.005) 
N 1,775,665 1,754,495 47,021 1,776,867 1,755,701 47,050 
Late period (2008—2011) 
Charter school 0.0053 0.1049** 0.0515** −0.0774** 0.0656** 0.0172** 
 (0.008) (0.003) (0.007) (0.009) (0.003) (0.007) 
N 1,270,444 1,226,902 34,438 1,238,513 1,196,571 34,037 

Notes: Entries in each cell come from separate regressions. The FE regressions include the charter school indicator, student FE, grade-by-year indicator variables, and seven time-varying characteristic of students, including lagged test scores. The value added models (VAM) include the charter school indicator, time invariant and time varying student characteristics, as well as grade-by-year indicator variables. “All” refers to the full sample; “switchers” refers to the set of students who switched between the charter and the traditional public school sector during the relevant time period.

**p < 0.05.

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