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It is well-established that private schools and public schools are two major forms of school administrative systems across the world. Empirical evidence found that students attending private schools generally attain higher academic achievement than students attending public schools. However, after controlling for different sets of confounding factors, the results are mixed. This study demonstrated that the more covariates considered, the more difficult it is to establish “fair” comparisons between the groups of students who attend private schools and those who attend public schools. The findings in this study also reinforced that the direction of the private school effects was heterogeneous across economies or countries, and that the size and significance of the private school effects depended on the covariates controlled.