Abstract In this paper, we identify the factors that differentiate the elite U.S. business schools (Top 20) from their lower-ranked peers. We show that the elite schools rarely change rank, whereas those positioned 40 to 100 exhibit greater ranking volatility. Using data on research productivity and dean characteristics, we identify two distinguishing features. First, we show that research rankings of finance departments exhibit a strong positive correlation with elite business school rankings. Second, we find that the top business schools are more likely to appoint insider deans with academic backgrounds in Accounting, Economics, or Finance. These institutions also exhibit greater leadership continuity and are predominantly private universities. The research rankings and leadership characteristics help explain the stickiness of the Top 20. Current Draft: July 22, 2025.
Fairbanks et al. (2026) studied this question.