/16 years across 13 European countries. Both instrumental variables and school fixed effects are used for identification …. Omitting school fixed effects, as in some existing IV studies of peer effects, is shown to lead to substantial overestimates …

improves academic outcomes. We estimate the cognitive returns to high school quality using administrative data on a high … barely above and below high school admission thresholds. Results indicate that while peer quality improves significantly … evidence suggests that the returns to high school quality are driven by teacher quality, rather than peer quality or class size …

improves academic outcomes. We estimate the cognitive returns to high school quality using administrative data on a high … barely above and below high school admission thresholds. Results indicate that while peer quality improves significantly … evidence suggests that the returns to high school quality are driven by teacher quality, rather than peer quality or class size …