Not consistently. At least according to a WWC Quick Review of Freyer, R.G. (2010) Financial incentives and student achievement: Evidence from randomized trials (NBER Working Paper 15898). Cambridge, MA: National Bureau of Economic Research.
Students at schools in Dallas, Chicago, NYC, and DC were paid for various postitive behaviours, such as reading books, performing well on tests, or attending school.  No statistically significant effects were found on students’ standardized test scores in reading or math in Chicago, DC, or NYC. Some of the Dallas students’ reading comprehension scores rose from the 50th to the 57th percentile.
Freyer’s report also includes information on the impact of financial incentives on student attendance, report card grades, and behavior.
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Dan Pink’s book Drive would definitely agree that often this sort of extrinsic “motivation” backfires.