“…The caveat in previous studies is that cohort peers may only serve as a rough approximation of actual student interactions (Xu, Zhang, and Zhou, 2020). Students may be more likely to interact intensively in a small peer group, such as that of their classroom peers, rather than in the broader group of cohort peers (Chetty, Friedman, Hilger, Saez, Schanzenbach, and Yagan, 2011;Duflo, Dupas, and Kremer, 2008;Feld and Zölitz, 2017;Gong, Lu, and Song, 2021;Hu, 2015;Megalokonomou and Zhang, 2022;Sacerdote, 2001;Whitmore, 2005;Zimmerman, 2003;Zölitz and Feld, 2021).…”