@TechReport{iza:izadps:dp9121,
            	author={Elsner, Benjamin and Isphording, Ingo E.},
            	title={A Big Fish in a Small Pond: Ability Rank and Human Capital Investment},
            	year={2015},
	month={Jun},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={9121},
            	url={https://www.iza.org/publications/dp9121},
	abstract={We study the impact of a student's ordinal rank in a high school cohort on educational attainment several years later. To identify a causal effect, we compare multiple cohorts within the same school, exploiting idiosyncratic variation in cohort composition. We find that a student's ordinal rank significantly affects educational outcomes later in life. If two students with the same ability have a different rank in their respective cohort, the higher-ranked student is significantly more likely to finish high school, attend college, and complete a 4-year college degree. These results suggest that low-ranked students under-invest in their human capital even if they have a high ability compared to most students of the same age. Exploring potential channels, we find that students with a higher rank have higher expectations about their future career, a higher perceived intelligence, and receive more support from their teachers.},
	keywords={ordinal rank;peer effects;educational attainment;human capital},
            }