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This paper estimates the impact of student mobility on the achievement of mobile students across the timing of school changes using student fixed effects and propensity score matching. The results indicate that the impact of student mobility varies with the timing of school changes: student mobility between school years was associated with small, insignificant transactions costs of moving whereas moves during the school year were associated with large, significant transition costs of moving and a -0.08SD decline in math achievement. There is little evidence of positive systematic changes in school quality regardless of the timing of student mobility. Although the reasons for mobility may likely bias estimates, the results suggest that there is an independent effect associated with changing schools.