According to a survey by GMAC, PROSPECTIVE students clearly showed a ratings perception bias. The sampling was from approximately 15000 respondents.
From GMAC... The importance of published rankings in forming the school’s image and in the decision-making process of prospective students is evident. Prospective students in the October, 2004, mba.com Registrants Survey were asked to rate the credibility of a list of publications that rank graduate business schools.