Abstract
Policymakers and families typically summarize school quality with a single, test-based rating, assuming that the same environments are best for all students and that schools that raise test scores also improve other dimensions of human capital. I test these assumptions using a movers design, with administrative data from Texas public school students. I construct three school-level quality measures based on non-moving students: average 5th-grade test scores, attendance rates, and behavioral problems, and estimate how the outcomes of students who move between schools in grades 1–4 respond to changes in these measures. Exposure to higher test-score schools has large, approximately linear effects on achievement. By contrast, test-score-based quality has little effect on attendance or behavioral problems, while attendance- and behavior-based quality measures have positive effects on those respective outcomes but little impact on test scores, but all measures increase college-going and degree completion. I then show that exposure effects operate primarily through own-group environments (by race, gender, and socioeconomic status), and that Black, Hispanic, and disadvantaged students are less likely to attend high-quality schools. A simple counterfactual equalizing exposure substantially narrows test score gaps. These findings highlight the limits of a single test-based index as a sufficient statistic for school quality and emphasize the need for a better approach when it comes to ranking schools.