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This study contributes to the growing body of research on the effectiveness of test-based accountability at increasing student achievement. I use a regression discontinuity design to evaluate whether Ohio’s use of a value-added measure to rate schools as part of the state’s school accountability system led to improved student achievement. Consistent with existing research, I find positive a positive effect for schools facing the threat of sanctions, but that this is concentrated in lower grade levels. However, this improvement does not emerge until two years after a school faces the threat of sanctions. School-level contextual factors may also play a role. Policy implications are discussed.