This paper reflects on quality assessment and performance evaluation in higher education, namely by analysing the insufficient link between those two aspects. We start by reviewing the current state of the art regarding different processes and mechanisms of quality assessment and performance evaluation and discuss some of the major issues regarding the implementation of some of them. In particular, we analyse the current limitations regarding data collected, available and publicised on the performance of HEIs and the problems those limitations bring to a fair evaluation of higher education. Through this analysis we intend to contribute to a better understanding of the mechanisms of evaluation in higher education and the way these may lead to the promotion of better quality assessment practices and institutional management. (Contains 1 footnote.)