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I agree those rankings are a bit fuzzy--well, maybe a LOT fuzzy. I also thought that they produced some odd anomolies, which isn't surprising given the small sample of graduates from to draw from for placement numbers. I think the best way to rank would be primarily by scholarship produced by a given school, such as: amount of scholarship published per professor multiplied by a factor accounting for the relative prestige of the journals in which the scholarship is published (although, of course, then you have the problem of ranking the journals!).

PhD program prestige is also heavily influenced by the particular discipline (marketing, finance, accounting, etc.) or even specialty within a discipline. So again, the moral of the story is that it's extremely difficult to rank PhD programs, especially those so small as management programs.

That said, there does seem to be some sort of ranking going on, as you typically see professors from a superstar school were also students from superstar schools. You'll not find many professors teaching at Harvard/Wharton/Stanford who got their PhDs at Cleveland State or North Texas or the like; they usually come from the Ivys or the tip top public programs like Haas or Michigan.
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