RETURNS TO FIELD OF STUDY VERSUS SCHOOL QUALITY: MBA SELECTION ON OBSERVED AND UNOBSERVED HETEROGENEITY

While a substantial literature has established returns to college major and to school quality, we offer the first such estimates for Master's of Business Administration (MBAs). To control for their nonrandom selection of fields, we estimate the returns to MBA concentrations using both ordinary least squares (OLS) with detailed control variables and including individual fixed effects. We find approximately 7% returns for most MBAs but roughly...