Previous research has concluded that an institution's ranking in the annual "U.S. News and World Report" "Best Colleges" issue impacts admission outcomes and pricing decisions at schools in the Consortium for Financing Higher Education. This article expands on the previous work by analyzing the effects of the "U.S. News and World Report" rankings across a broader range of universities and variables. The results show that many schools' admission outcomes are responsive to movements in the rankings; however changes in rank are more significant at certain locations in the rankings and affect public and private schools differently. The results also show that the socioeconomic and racial demographics of highly ranked universities may also be affected by changes in rank.