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This paper offers the first comprehensive analysis of the effect of changes in university rankings on applicant and institution behaviour in the UK. When their rank worsens, universities are found to experience small but statistically significant reductions in the number of applications received as well as in the average tariff score of applicants and accepted applicants. Although the effects found are stronger for certain types of students and institutions, they tend to be modest overall, and suggest that other factors play a more important role in attracting applicants to universities.
Stijn Broecke (Mon,) studied this question.