This study investigated differences in student perceptions and performance among three distance learning sites taking the same off-campus M.B.A. course with the same instructor, The sites varied in class size and instructor location. Two classes (one large and one small) were linked using a two-way video system with rotating origination. The third class was small and was taught in person each week. Data were collected over an entire semester. Class size influenced performance more than location of instructor. Performance in the two smaller classes was better than performance in the large class. Student characteristics and site variables accounted for over 50% of variance in performance. One interaction effect was found. Students with initial low perceived value did best when the instructor was physically present each week. For students with high initial perceived value, location of instructor did not matter.