There was a time when US B schools attracted a major chunk of students. Their reputation was enough to attract the best of talents.
Times are changing. Now students consider some more parameters before they zero in on a B School. Reputation of a school is no doubt an important aspect, but two more factors have increasingly started to influence the decision of students.
First is the country and its financial stability. Second is the job availability.
Germany and China have become new favourite destinations of international students.
Similarly schools that offer better placement services get better intake. Placement statistics have become a key component in deciding the ranking of a B School.
An article from Business week touches similar idea: http://www.businessweek.com/articles/2013-07-29/mba-applicants-target-b-schools-in-the-strongest-economies