Winning Pays: High School Football Championships and Property Values
Andrew Friedson & Alexander Bogin Journal of Housing Economics, forthcoming
Abstract: A large literature explores the effect of schooling characteristics on property values, but touches little on non-academic attributes of schools. This study demonstrates the capitalization of high school football championships into school district property values using a 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 immediately after the championship is won. The effect is biggest in the AA division, the largest and most competitive division.
Nod to Kevin Lewis