THE ECONOMIC RETURNS TO AN MBA*
利用MBA入学前工资数据，分离学位回报与未观测生产率，发现控制个体固定效应后MBA回报普遍降低，但非顶尖全日制MBA回报反而更高。
Because MBA programs require work experience before admittance, prior wages can be exploited to disentangle the return to the degree from unobserved productivity. We find that controlling for individual fixed effects generally reduces the estimated returns to an MBA, particularly for those in top programs. However, for full‐time MBA students attending schools outside of the top‐25 the estimated returns are higher when we control for individual fixed effects. We show that there is some evidence that those who take the GMAT but do not obtain an MBA are stronger in dimensions such as workplace skills that are not easily measured.