European Business Schools Librarian's Group
HEC Research Papers Series,
HEC Paris
No 1579: The Risk of Marginal Ranking: A Replication and Extension of Lewis & Carlos (2023)
W. Chad Carlos, Yasir Dewan, Ben W. Lewis, Brian Reschke and S. Isaac St. Clair
Additional contact information
W. Chad Carlos: Brigham Young University - Marriott School; Cornell University - Samuel Curtis Johnson Graduate School of Management
Yasir Dewan: HEC Paris
Ben W. Lewis: Brigham Young University
Brian Reschke: Brigham Young University - Marriott School
S. Isaac St. Clair: Brigham Young University
Abstract: Conventional wisdom suggests that being included in an exclusive ranking leads to positive external evaluations. However, Lewis and Carlos (2023) found that firms situated near the threshold for inclusion on the 100 Best Corporate Citizen ranking were devalued by investors. To assess the generalizability of this surprising finding, we quasi-replicate and extend this finding by applying the same regression discontinuity design to the Fortune 500 ranking. We find corroborating evidence: firms near the bottom of the Fortune 500 receive lower external evaluations, not only from investors but also from industry peers. Our findings therefore quasi-replicate and extend Lewis and Carlos’ (2023) results by showing that negative reactions to marginal ranking are not limited to investors or to a single ranking context.
Keywords: replication; rankings
JEL-codes: D20
61 pages, June 3, 2025
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