How and in what ways money matters in education is a long-standing question among policymakers and education researchers. This issue is particularly salient to large, urban school districts, where debates on the organization of school often gravitate toward issues of financial resources and academic performance. Large urban districts, the story goes, spend more money per pupil but generate lower than expected results. In this policy brief, University of Pennsylvania researchers Matthew P. Steinberg and Rand Quinn present evidence that addresses the oft-told story that large urban districts, such as the School District of Philadelphia (SDP), are inefficient.