When is human capital a valuable resource? The performance effects of Ivy league selection among celebrated CEOs
研究444位登上美国商业杂志封面的CEO，发现毕业于精英大学的CEO能带来更高且更持久的市场估值，这种优势在小型企业、年轻CEO及近年毕业者中更显著。
We investigate whether and when highly trained human capital constitutes a rent‐sustaining resource. Our study of 444 CEOs celebrated on the covers of major U.S. business magazines found an advantage accruing to graduates of selective universities. Such CEOs led firms with higher and more sustained market valuations. The advantage was strongest for undergraduate programs as these related to the kinds of talent demanded of a CEO . The advantage also was greatest in smaller firms where CEO discretion might be highest and for younger CEOs who may benefit most from college and are less able to appropriate rents. Finally, the advantage accrued to graduates of more recent years, when selective schools had become less socially elitist and increasingly meritocratic, thus favoring human versus social capital . Copyright © 2014 John Wiley & Sons, Ltd.