attendance costs, instructional expenditure, and percentage of students in each type of major. We match this data set with the six university rankings. Among U.S. higher education institutions, 294 are present in at least one of the rankings, and 108 are present in all four.

The simple OLS regression estimated is the following: 2014 ) ) p (8) bb,aa,ee aa aa ee 1,aa bb,aa,ee 2,aa bb 3,aa ee bb,aa,ee where the dependent variable is the annual average log earnings in 2014 of the cohort born in year log (eeT aaTTaae = αα + ββ QQ + γγ log (ppeeT aaTTaae + γγ TTe + γγ TT_SSTTEESS + εε _b_ of gender _g_ that went to college _c_ . The main regressor of interest is _Q_ , the quality measure based on the six rankings for college _c_ . Coefficient _β_ is the productivity effect of quality; it is used as the quality-adjustment factor in equation (7) which feeds into the ECA-HCI. Other regressors are the log parental earnings of the cohort born in year _b_ of gender _g_ that went to college _c_ when the individuals were 15–19; the age of cohort _b_ in 2014; and percentage of STEM majors in college _c_ in year 2000 (included to control for the STEM wage premium). Standard errors are clustered at the college level.

Table 4 provides the results for the aggregate quality score derived from the combination of the six rankings, shown for the sample of universities that are present in at least one of the rankings (323 universities in total) and for the common sample of 98 universities that are present in all the rankings. Table 5 summarizes the values of _β_ and _m_ (the implied productivity of a “zero-quality” institution) that arise from the results of the OLS estimations of equation (8), focusing only on values that refer to both genders. Full results are available in Table A.1 in the appendix.

**Table 4. Ordinary least squares estimates of aggregate quality scores of universities**

||<br>|Log<br>Full sample|annual earnin|gs in 2014<br>Com<br>|mon sample||
|---|---|---|---|---|---|---|
||Both genders|Men|Women|Both genders|Men|Women|
|Aggregate quality score|0.0024<sup>***</sup>|0.0031<sup>***</sup>|0.0016<sup>***</sup>|0.0044<sup>***</sup>|0.0052<sup>***</sup>|0.0036<sup>***</sup>|
||(0.004)|(0.0004)|(0.0004)|(0.0009)|(0.0010)|(0.0008)|
|Log parental earnings|0.2986<sup>***</sup>|0.3142<sup>***</sup>|0.2646<sup>***</sup>|0.3202<sup>***</sup>|0.3597<sup>***</sup>|0.2543<sup>***</sup>|
||(0.0136)|(0.0150)|(0.0134)|(0.0248)|(0.0283)|(0.0225)|
|Age<br>STEM majors in|0.1074<sup>***</sup><br>(0.0013)<br>0.0058<sup>***</sup>|0.1237<sup>***</sup><br>(0.0014)<br>0.0053<sup>***</sup>|0.0894<sup>***</sup><br>(0.0013)<br>0.0049<sup>***</sup>|0.1157<sup>***</sup><br>(0.0023)<br>0.0046<sup>***</sup>|0.1295<sup>***</sup><br>(0.0024)<br>0.0043<sup>***</sup>|0.0979<sup>***</sup><br>(0.0022)<br>0.0032<sup>***</sup>|
|college (0–100)|(0.0005)|(0.0005)|(0.0006)|(0.0008)|(0.0008)|(0.0010)|
|(percent)|||||||
|Constant|3.8250<sup>***</sup>|3.2798<sup>***</sup>|4.6636<sup>***</sup>|3.2758<sup>***</sup>|2.4979<sup>***</sup>|4.5139<sup>***</sup>|
||(0.1679)|(0.1881)|(0.1606)|(0.3061)|(0.3469)|(0.2707)|
|Observations|3,784|3,689|3,738|1,159|1,159|1,156|
|Number of colleges|323|315|321|98|98|98|

_Note:_ The common sample is composed of universities that are present in all six rankings. Clustered standard errors at the college level are in parentheses. STEM = science, technology, engineering, and mathematics. * _p_ < 0.10, ** _p_ < 0.05, *** _p_ < 0.01.

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