"University Rankings" - or "League Tables", as they are known in the United Kingdom - have in a short period of time become an important feature in policy-making and practice in higher education. They are now a global phenomenon serving different purposes for different and varied audiences. Even if they are not necessarily universally appreciated, there is an increasing understanding that they have become the "third arm of the quality-assurance tool, together with accreditation, government regulation and licensing" and they are clearly here to stay. Indisputably university ranking has changed the way higher education institutions and their activities are being presented, perceived and assessed at the institutional, local, national and international levels. In our research we will try to answer some questions concerning this topic: is university ranking an inflexible tool, which favors traditional universities, with resources and experience?; what types of performance indicators, procedures, and ethical considerations should be included in a conceptual framework or typology for higher education ranking systems?