African-American Harvard economist Roland G. Fryer did that with monetary incentives and found it worked for getting children to not only read, but to do homework as well as achieve higher marks on tests.
Reading does help, but it has to done in the correct way, like much else to do with education in general.
The Success For All study done in 2006:
"Conclusion
The quantity and quality of research on Success for
All, and the positive outcomes found in almost all
studies by more than fi fty investigators in eighteen
different research institutions worldwide, clearly
establish that Success for All is highly effective in
increasing student reading. The effects can be quite
substantial, averaging more than half of the national
white-minority achievement gap and almost a full
grade equivalent by second grade (see Slavin et al.,
2006). In a time when educators are increasingly
being asked to use proven programs, Success for All
is the best demonstration in existence of the idea
that rigorous research on practical programs can
be done and can show substantial positive effects.
Every child should have a right to participate in a
program with this level of evidence."