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Just How Good are the Top Three Journals in Finance? An Assessment Based on Quantity and Quality Citations

Author

Listed:
  • Chang, C-L.
  • McAleer, M.J.

Abstract

__Abstract__ The paper is concerned with ranking academic journal quality and research impact in Finance, based on the widely-used Thomson Reuters ISI (2013) Web of Science citations database (hereafter ISI). The paper analyses the 89 leading international journals in the ISI category of “Business – Finance” using quantifiable Research Assessment Measures (RAMs). The analysis highlights the similarities and differences in various RAMs, all of which are based on alternative transformations of journal citations and impact. Alternative RAMs may be calculated annually or updated daily to determine the citations frequency of published papers that are cited in journals listed in ISI. The RAMs include the classic 2-year impact factor including journal self citations (2YIF), 2-year impact factor excluding journal self citations (2YIF*), 5-year impact factor including journal self citations (5YIF), Immediacy including journal self citations, Eigenfactor (or Journal Influence), Article Influence, h-index, PI-BETA (Papers Ignored - By Even The Authors), Self-citation Threshold Approval Rating (STAR), 5YD2 (namely, 5YIF divided by 2YIF), Escalating Self Citations (ESC), and ICQ (Index of Citation Quality). The paper calculates the harmonic mean of the ranks of up to 16 RAMs. It is shown that emphasizing 2YIF to the exclusion of other informative RAMs can lead to a misleading evaluation of journal quality and impact relative to the harmonic mean of the ranks. The analysis of the 89 ISI journals in Finance makes it clear that there are three leading journals in Finance, namely Journal of Finance, Journal of Financial Economics and Review of Financial Studies, which form an exclusive club in terms of the RAMs that measure journal quality and impact based on alternative measures of journal citations. The next two journals in Finance in terms of overall quality and impact are Journal of Accounting and Economics and Journal of Monetary Economics.

Suggested Citation

  • Chang, C-L. & McAleer, M.J., 2014. "Just How Good are the Top Three Journals in Finance? An Assessment Based on Quantity and Quality Citations," Econometric Institute Research Papers EI2014-18, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
    • Handle: RePEc:ems:eureir:51744
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    References listed on IDEAS

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    1. Chia-Lin Chang & Michael McAleer & Les Oxley, 2011. "What makes a great journal great in the sciences? Which came first, the chicken or the egg?," Scientometrics, Springer;Akadémiai Kiadó, vol. 87(1), pages 17-40, April.
    2. Chia-Lin Chang & Michael McAleer, 2013. "Ranking journal quality by harmonic mean of ranks: an application to ISI statistics & probability," Statistica Neerlandica, Netherlands Society for Statistics and Operations Research, vol. 67(1), pages 27-53, February.
    3. Chia-Lin Chang & Michael Mcaleer, 2013. "What Do Experts Know About Forecasting Journal Quality? A Comparison With Isi Research Impact In Finance," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 1-30.
    4. Chia-Lin Chang & Michael McAleer & Les Oxley, 2011. "Great Expectatrics: Great Papers, Great Journals, Great Econometrics," Econometric Reviews, Taylor & Francis Journals, vol. 30(6), pages 583-619.
    5. Chia-Lin Chang & Esfandiar Maasoumi & Michael McAleer, 2016. "Robust Ranking of Journal Quality: An Application to Economics," Econometric Reviews, Taylor & Francis Journals, vol. 35(1), pages 50-97, January.
    6. Chang Chia-Lin & McAleer Michael, 2014. "Ranking Economics and Econometrics ISI Journals by Quality Weighted Citations," Review of Economics, De Gruyter, vol. 65(1), pages 35-52, April.
    7. Chang, Chia-Lin & McAleer, Michael & Oxley, Les, 2013. "Coercive journal self citations, impact factor, Journal Influence and Article Influence," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 93(C), pages 190-197.
    8. Chia-Lin Chang & Michael McAleer, 2013. "Ranking Leading Econometrics Journals Using Citations Data from ISI and RePEc," Econometrics, MDPI, vol. 1(3), pages 1-19, November.
    9. Unknown, 2013. "Global Rice Science Partnership: Women in Motion," IRRI Books, International Rice Research Institute (IRRI), number 164501.
    10. Chia-Lin Chang & Michael McAleer, 2014. "How Should Journal Quality be Ranked? An Application to Agricultural, Energy, Environmental and Resource Economics," Journal of Reviews on Global Economics, Lifescience Global, vol. 3, pages 33-47.
    11. Michael McAleer & Chia-Lin Chang, 2011. "Citations and Impact of ISI Tourism and Hospitality Journals," KIER Working Papers 781, Kyoto University, Institute of Economic Research.
    12. Chia‐Lin Chang & Michael McAleer & Les Oxley, 2011. "What Makes A Great Journal Great In Economics? The Singer Not The Song," Journal of Economic Surveys, Wiley Blackwell, vol. 25(2), pages 326-361, April.
    13. Chia-Lin Chang & Michael McAleer & Les Oxley, 2011. "How are journal impact, prestige and article influence related? An application to neuroscience," Journal of Applied Statistics, Taylor & Francis Journals, vol. 38(11), pages 2563-2573, January.
    14. -, 2011. "Pro memoria," Экономика региона, CyberLeninka;Федеральное государственное бюджетное учреждение науки «Институт экономики Уральского отделения Российской академии наук», issue 2, pages 252-255.
    15. Chia-Lin Chang & Michael McAleer, 2014. "Quality Weighted Citations Versus Total Citations in the Sciences and Social Sciences," Documentos de Trabajo del ICAE 2014-06, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
    16. Caveen, Alex J. & Gray, Tim S. & Stead, Selina M. & Polunin, Nicholas V.C., 2013. "MPA policy: What lies behind the science?," Marine Policy, Elsevier, vol. 37(C), pages 3-10.
    17. -, 2011. "Information for the authors," Вестник Саратовского государственного социально-экономического университета, CyberLeninka;Государственное образовательное учреждение высшего профессионального образования "Саратовский государственный социально-экономического университет", issue 3, pages 179-180.
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    Cited by:

    1. Chia-Lin Chang & Michael McAleer, "undated". "Quality Weighted Citations Versus Total Citations in the Sciences and Social Sciences, with an Application to Finance and Accounting," Documentos de Trabajo del ICAE 2015-01, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico, revised Jan 2015.
    2. William C. Horrace & Christopher F. Parmeter, 2017. "Accounting for Multiplicity in Inference on Economics Journal Rankings," Southern Economic Journal, John Wiley & Sons, vol. 84(1), pages 337-347, July.
    3. Luh-Yu (Louie) Ren, 2016. "A Note about the Finance Journal Rankings and Citation Counts," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, vol. 12(Suppl. 1), pages 183–194-1.
    4. Chia-Lin Chang & Michael McAleer, 2019. "Modeling Latent Carbon Emission Prices for Japan: Theory and Practice," Energies, MDPI, vol. 12(21), pages 1-21, November.

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    More about this item

    Keywords

    Research assessment measures; Impact factor; IFI; C3PO; PI-BETA; STAR; Eigenfactor; Article Influence; h-index; 5YD2; ICQ; ESC; harmonic mean of the ranks; finance; journal rankings;
    All these keywords.

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • C81 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Microeconomic Data; Data Access
    • Y10 - Miscellaneous Categories - - Data: Tables and Charts - - - Data: Tables and Charts

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