Description:
This paper examines the long-run impacts of expanding the range of subjects in higher education admission examinations using a historical event, the reform of Japanese entrance examinations in 1979. Our results show that an increase in the number of subjects increases the probability of graduates being appointed onto the board of directors of publicly traded companies, whereas it reduces the measured average intellectual ability of students in the program. This suggests that by broadening the range of subjects, colleges can select students who can master a wide range of knowledge, and transform them into future business leaders