Wednesday, March 27, 2013
Academics just have to be academic. Here is a study showing the effect championship high school football teams have on property values. Abstract here:
This study demonstrates the capitalization of high school football championships into school district property values using a highly parameterized model that controls for a series of fixed effects. Winning a state football championship increases property values by 1.65% in the year following the championship, exerting its strongest effect during summertime months.
Us history majors intuitively know this is true. About twenty years ago, one of our now-well-respected local school districts could not pass a tax levy for love or money (local levies provided much needed funding for Ohio school districts). It was tearing their community apart and creating much bitterness. Then one crisp November evening, the weekend before yet another vote on yet another levy, their high school football team met, and defeated, their long time rival. Said rival was favored and had a winning streak going. It was a high energy and exciting game. The community was jazzed by the win and the following Tuesday voted to approve the levy. Being a well-run school district, they got the correct funding mechanism in place, and have not gone back to the voters since. So, when somebody tells you that winning football teams matter, just nod your head and say, "Of course, I knew that."