I thought it might be interesting to list some universities that would be likely to have outstanding an MBA program if they ever decided to start one.
1) Princeton: In part due to Princeton's emphasis on undergraduate education, an MBA program does not seem likely. If we look at the three major professional schools (Medicine, Law, Business) Princeton is probably the only Ivy or Tycoon school that does not have at least one.
Closest Approach: The Masters in Finance and the Woodrow Wilson School
2) Johns Hopkins: Technically, JHU offers an MBA but it is not a full time program on the level of its institutional peers such as Dartmouth or Duke. Considering the strength of SAIS in international affairs, a JHU School of Business could be a powerhouse in international business.
Closest Approach: SAIS offers a number of courses in International Economics and Emerging Markets; joint MA/MBA programs with Penn Wharton and Bocconi
3) Caltech: Unlike its tech counterpart MIT, Caltech has tended to specialize in the natural and applied sciences with little emphasis on the professional applications of the social sciences. It would be fascinating to see what sort of MBA program would be developed at Caltech.
4) Brown: Brown is another major institution that lacks an MBA program. Beyond questions of institutional focus, there is probably limited demand for another MBA program near Boston. Nonetheless, the school would probably have a novel take on graduate business education.
5) UCSD: I am happy to say that the University of California, San Diego has started a full time MBA program after I created this list several years ago. This is a natural development considering the strength of this campus in international trade, economics, and biology.