Notes: Standard errors reported in parentheses are clustered at the area and date level. Each cell in the table represents a separate regression. The dependent variable is the standardized matriculation exam score. The independent variable is the number of Israeli fatalities from a terror attack in the student’s area within the four days preceding the exam. All regressions include fixed effects for proficiency level (for both the subject and the specific exam) and an indicator for a retake exam. Regressions without student-by-exam-period or student fixed effects include student controls (a gender dummy, both parents’ years of schooling, number of siblings, a born-in-Israel indicator, and an ethnic-origin indicator). The sample comprises all 12th-grade students in the regular Jewish state system who took matriculation exams during the years 2001–2005. *p < 0.10, **p < 0.05, ***p < 0.01.