This study was based on convergence of two educational theories: 1) that professional development improves teacher quality and instructional practices and therefore positively affects student achievement and 2) allocation of school resources positively affects student achievement. It is a common educational belief that professional development activities influence teacher quality through increased content knowledge and instructional skills. It is assumed that once teachers incorporate new teaching skills, students will be more engaged in learning, and student achievement will increase. Recent research on professional development effectiveness provided little empirical evidence of professional development effectiveness (Guskey & Yoon, 2009). This study extended professional development effectiveness and resource allocation theories to professional development expenditures and student achievement. The research question was: What is the relationship between professional development expenditures and student achievement? This study collected and analyzed professional development expenditures and student achievement data for 2007 for middle and high schools (N = 426, N = 1234 respectively) in Texas. A partial correlation, controlling for socioeconomic status and English proficiency, revealed that there is no relationship between professional development expenditures and 8th grade student achievement in language arts, mathematics, social studies, and science. High school results revealed small, but negative relationships between professional development expenditures and student achievement in English, mathematics, and science. Consequently, the study concluded that expenditures for professional development are not yielding positive returns in the student achievement domain. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]