In this paper, we argue that, as indicators of the educational quality of graduate degree programs, student theses and dissertations are best used in specific contexts. High-quality theses and dissertations, that is, may be the result of factors such as verbal skills students already possessed at admission or of complex interactions between supervisors and students, not only effective class design or offerings. Consequently, this paper recommends ways for programs to avoid making post hoc errors in assessing educational quality and suggests strategies to make the critical appraisal of theses and dissertations a productive, quality-enhancing activity. (Contains 1 figure and 2 notes.)