Sunday, May 18, 2014

Value of Academic Stars

I already posted a link to the working paper, but the authors -- Ajay K. Agrawal, John McHale, Alexander Oett -- have posted a nice summary of their work on why hiring of stars is worthwhile:

Stars have direct impact on local economies. They can also indirectly affect growth in a positive way. This column examines the effect of academic star arrivals on the departmental knowledge productivity. Department-level output increases by 54% after the arrival of the star. The post-arrival quality of the joiners is also positively affected, displaying an increase of 68%. These star effects are largest at mid-ranked institutions.