**Table   III:   Fee   and   Test   Scores   -­‐   Impact   on   Market   Outcomes**

||**Vill**<br>**School**|**H**<br>**age Average Fees**<br>**Report**|**ousehold Report**<br> **(Year 2)**|**Village**|**Average Test**|**Scores**|
|---|---|---|---|---|---|---|
|||<br>**Weighted by**<br>||||**Year 2**|
||**Basic**|<br>**Children**|**Basic**|**Year 2**|**Year 3**|<br>**(Same Kids)**|
||(1)|(2)|(3)|(4)|(5)|(6)|
|**_Panel A: No Controls_**<br>|||||||
|Report Card|-288.4***|-334.1***|-193.9*|0.128**|0.140**|0.129**|
||(92.58)|(107.9)|(99.97)|(0.0624)|(0.0584)|(0.0599)|
|Observations<br>|104|104|83|112|112|112|
|R-Squared|0.336|0.473|0.259|0.328|0.292|0.399|
|**_Panel B: Baseline Control_**<br>|**_Only_**<br>||||||
|Report Card|-191.8***|-194.9***|-128.2*|0.107**|0.122***|0.103**|
||(65.18)|(55.92)|(73.46)|(0.0448)|(0.0428)|(0.0395)|
|Baseline|0.750***|0.799***|0.780***|0.710***|0.648***|0.719***|
||(0.104)|(0.0865)|(0.0859)|(0.0628)|(0.0742)|(0.0603)|
|Observations<br>|104|104|83|112|112|112|
|R-Squared|0.719|0.808|0.644|0.687|0.625|0.746|
|**_Panel C: Baseline and Vill_**<br>|**_age Controls_**<br>||||||
|Report Card|-187.0***|-175.2***|-141.7*|0.114**|0.123***|0.109***|
||(65.91)|(62.12)|(74.35)|(0.0455)|(0.0435)|(0.0401)|
|Baseline|0.764***|0.842***|0.742***|0.706***|0.644***|0.718***|
||(0.104)|(0.102)|(0.0831)|(0.0624)|(0.0754)|(0.0596)|
|Observations|104|104|83|112|112|112|
|R-Squared|0.726|0.816|0.665|0.692|0.631|0.749|
|Baseline Depvar(Mean)|1080.699|1234.479|998.964|-0.032|-0.032|-0.008|

# _Notes:_

*   significant   at   10   percent   level   **significant   at   5   percent   level   ***   significant   at   1   percent   level The   outcome   variables   are:   Year   2   village   average   private   school   fees   from   school   survey   data   -­‐   in   levels   (column   1),   in   levels   and weighted   by   children   in   school   (column   2);   Year   2   village   average   private   school   fees,   in   levels,   from   household   survey   data   (column 3);   Year   2   village   average   (across   all   three   subjects-­‐Math,   English,   Urdu)   test   scores   (column   4);   Year   3   village   average   test   scores (column   5);   Year   2   village   level   average   test   score   using   only   those   kids   tested   in   years   1   and   2   (column   6).   All   regressions   include district-­‐fixed   effects   and   robust   standard   errors.   Panel   A   considers   no   additional   controls;   Panel   B   includes   a   baseline   control   of   the outcome   variable;   and   Panel   C   includes   baseline   of   the   outcome   variable   and   additional   village   controls,   which   are   the   same   as   in Table   II.   Columns   1-­‐3   have   fewer   than   112   observations   due   to   private   school   closure   in   Year   2   and   missing/inconsistent   fee   data   in some   villages.   Column   3   has   83   villages   because   we   only   consider   those   villages   where   we   can   match   children   who   attend   private school   from   the   household   survey   to   the   testing   roster.   Columns   3-­‐6   are   run   on   all   112   sample   villages.   Baseline   Depvar   (Mean) displays   the   baseline   mean   for   the   sample   for   all   outcome   variables.

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