We study the impact of post-1990 school finance reforms, during the so-called "adequacy" era, on gaps in spending and achievement between high-income and low-income school districts. Using an event study design, we find that reform events--court orders and legislative reforms--lead to sharp, immediate, and sustained increases in absolute and relative spending in low-income school districts. Using representative samples from the National Assessment of Educational Progress, we also find that reforms cause gradual increases in the relative achievement of students in low-income school districts, consistent with the goal of improving educational opportunity for these students. The implied effect of school resources on educational achievement is large.
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