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What do Experts Know About Ranking Journal Quality? A Comparison with ISI Research Impact in Finance

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Abstract

Experts possess knowledge and information that are not publicly available. The paper is concerned with the ranking of academic journal quality and research impact using a survey of experts from a national project on ranking academic finance journals. A comparison is made with publicly available bibliometric data, namely the Thomson Reuters ISI Web of Science citations database (hereafter ISI) for the Business - Finance category. The paper analyses the leading international journals in Finance using expert scores and quantifiable Research Assessment Measures (RAMs), and highlights the similarities and differences in the expert scores and alternative RAMs, where the RAMs are based on alternative transformations of citations taken from the ISI database. Alternative RAMs may be calculated annually or updated daily to answer the perennial questions as to When, Where and How (frequently) published papers are cited (see Chang et al. (2011a, b, c)). The RAMs include the most widely used RAM, namely 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 (or zero-year impact factor (0YIF)), Eigenfactor, Article Influence, C3PO (Citation Performance Per Paper Online), h-index, PIBETA (Papers Ignored - By Even The Authors), 2-year Self-citation Threshold Approval Ratings (2Y-STAR), Historical Self-citation Threshold Approval Ratings (H-STAR), Impact Factor Inflation (IFI), and Cited Article Influence (CAI). As data are not available for 5YIF, Article Influence and CAI for 13 of the leading 34 journals considered, 10 RAMs are analysed for 21 highly-cited journals in Finance. Harmonic mean rankings of the 10 RAMs for the 34 highly-cited journals are also presented. It is shown that emphasizing the 2-year impact factor of a journal, which partly answers the question as to When published papers are cited, to the exclusion of other informative RAMs, which answer Where and How (frequently) published papers are cited, can lead to a distorted evaluation of journal impact and influence relative to the Harmonic Mean rankings. A simple regression model is used to predict expert scores on the basis of RAMs that capture journal impact, journal policy, the number of high quality papers, and quantitative information about a journal.

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File URL: http://www.econ.canterbury.ac.nz/RePEc/cbt/econwp/1202.pdf
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Bibliographic Info

Paper provided by University of Canterbury, Department of Economics and Finance in its series Working Papers in Economics with number 12/02.

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Length: 29 pages
Date of creation: 01 Jan 2012
Date of revision:
Handle: RePEc:cbt:econwp:12/02

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Keywords: Expert scores; Journal quality; Research assessment measures; Impact factor; IFI; C3PO; PI-BETA; STAR; Eigenfactor; Article Influence; h-index;

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  1. Chang, C-L. & McAleer, M.J. & Oxley, L., 2010. "What Makes a Great Journal Great in Economics? The Singer Not the Song," Econometric Institute Report EI 2010-45, Erasmus University Rotterdam, Econometric Institute.
  2. Chia-Lin Chang & Michael McAleer & Les Oxley, 2011. "Great Expectatrics: Great Papers, Great Journals, Great Econometrics," Documentos del Instituto Complutense de Análisis Económico 2011-114, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
  3. Chia-Lin Chang & Michael McAleer, 2011. "Citations and Impact of ISI Tourism and Hospitality Journals," Documentos del Instituto Complutense de Análisis Económico 2011-26, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
  4. Chang, C-L. & McAleer, M.J. & Oxley, L., 2010. "What Makes a Great Journal Great in the Sciences? Which Came First, the Chicken or the Egg?," Econometric Institute Report EI 2010-75, Erasmus University Rotterdam, Econometric Institute.
  5. Philip Hans Franses & Michael McAleer & Rianne Legerstee, 2009. "Expert opinion versus expertise in forecasting," Statistica Neerlandica, Netherlands Society for Statistics and Operations Research, vol. 63(3), pages 334-346.
  6. Chia-Lin Chang & Michael McAleer & Les Oxley, 2011. "How are Journal Impact, Prestige and Article Influence Related? An Application to Neuroscience," KIER Working Papers 756, Kyoto University, Institute of Economic Research.
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Cited by:
  1. Bernardo Bátiz-Lazo & Rasol Eskandari, 2013. "Trends and Directions in the Accounting, Business and Economic History of Spain, 1997-2011," Documentos de Trabajo (DT-AEHE) 1303, Asociación Española de Historia Económica.

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