A number of studies have examined the impact of school accountability policies, including No Child Left Behind (NCLB), on student achievement. However, there is relatively little evidence on how school accountability reforms and NCLB, in particular, have influenced education policies and practices. This study examines the effects of NCLB on multiple district, school, and teacher traits using district-year financial data and pooled cross sections of teacher and principal surveys. Our results indicate that NCLB increased per-pupil spending by nearly $600, which was funded primarily through increased state and local revenue. We find that NCLB increased teacher compensation and the share of elementary school teachers with advanced degrees but had no effects on class size. We also find that NCLB did not influence overall instructional time in core academic subjects but did lead schools to reallocate time away from science and social studies and toward the tested subject of reading. (Contains 15 notes, 9 tables, and 5 figures.)