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

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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.

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Bibliographic Info

Paper provided by Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico in its series Documentos de Trabajo del ICAE with number 2014-10.

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Length: 36 pages
Date of creation: May 2014
Date of revision:
Handle: RePEc:ucm:doicae:1410

Note: For financial support, the first author wishes to thank the National Science Council, Taiwan, and the second author wishes to acknowledge the Australian Research Council and the National Science Council, Taiwan. The paper was prepared for presentation at the Annual Meeting of the Taiwan Finance Association, May 2014, Hsinchu, Taiwan.
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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.;

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References

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  1. Chia-Lin Chang & Esfandiar Maasoumi & Michael McAleer, 2012. "Robust Ranking of Journal Quality: An Application to Economics," Documentos de Trabajo del ICAE 2012-05, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico, revised Mar 2012.
  2. Chia-Lin Chang & Michael McAleer, 2013. "Ranking Leading Econometrics Journals Using Citations Data from ISI and RePEc," Econometrics, MDPI, Open Access Journal, vol. 1(3), pages 217-235, November.
  3. Chia-Lin Chang & Michael McAleer, 2011. "How Should Journal Quality be Ranked? An Application to Agricultural, Energy, Environmental and Resource Economics," Working Papers in Economics 11/43, University of Canterbury, Department of Economics and Finance.
  4. Chia-Lin Chang & Michael McAleer & Les Oxley, 2013. "Coercive Journal Self-citations, Impact Factor, Journal Influence and Article Influence," Working Papers in Economics 13/12, University of Canterbury, Department of Economics and Finance.
  5. Chang, C-L. & McAleer, M.J. & Oxley, L., 2010. "What Makes a Great Journal Great in Economics? The Singer Not the Song," Econometric Institute Research Papers EI 2010-45, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
  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.
  7. Chia-Lin Chang & Michael McAleer, 2014. "Quality Weighted Citations Versus Total Citations in the Sciences and Social Sciences," Working Papers in Economics 14/08, University of Canterbury, Department of Economics and Finance.
  8. Chia-Lin Chang & Michael McAleer, 2011. "Citations and Impact of ISI Tourism and Hospitality Journals," Documentos de Trabajo del ICAE 2011-26, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico.
  9. Chia-Lin Chang & Michael McAleer & Les Oxley, 2010. "What Makes a Great Journal Great in the Sciences? Which Came First, the Chicken or the Egg?," KIER Working Papers 746, Kyoto University, Institute of Economic Research.
  10. Chia-Lin Chang & Michael McAleer, 2013. "Ranking Leading Econometrics Journals using Citations Data from ISI and RePEc," Tinbergen Institute Discussion Papers 13-173/III, Tinbergen Institute.
  11. Chia-Lin Chang & Michael McAleer, 2012. "Ranking Journal Quality by Harmonic Mean of Ranks: An Application to ISI Statistics & Probability," Working Papers in Economics 12/11, University of Canterbury, Department of Economics and Finance.
  12. Chia-Lin Chang & Michael McAleer, 2013. "What Do Experts Know About Forecasting Journal Quality? A Comparison with ISI Research Impact in Finance," Working Papers in Economics 13/10, University of Canterbury, Department of Economics and Finance.
  13. Chia-Lin Chang & Michael McAleer & Les Oxley, 2011. "Great Expectatrics: Great Papers, Great Journals, Great Econometrics," Econometric Reviews, Taylor & Francis Journals, Taylor & Francis Journals, vol. 30(6), pages 583-619.
  14. Chia-Lin Chang & Michael McAleer & Les Oxley, 2013. "Coercive Journal Self Citations, Impact Factor, Journal Influence and Article Influence," Tinbergen Institute Discussion Papers 13-040/III, Tinbergen Institute.
  15. Chia-Lin Chang & Michael McAleer, 2014. "Ranking Economics and Econometrics ISI Journals by Quality Weighted Citations," Tinbergen Institute Discussion Papers 14-026/III, Tinbergen Institute.
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