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Had a chance to do a little more googling and found the paper: http://economix.blogs.nytimes.com/2011/02/21/revisiting-the-...

Excerpt: "Once the two economists added these new variables, the earnings difference disappeared. In fact, it went away merely by including the colleges that students had applied to - and not taking into account whether they were accepted. A student with a 1,400 SAT score who went to Penn State but applied to Penn earned as much, on average, as a student with a 1,400 who went to Penn.

“Even applying to a school, even if you get rejected, says a lot about you,""



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