| Rank | Institution |
1 | Tinbergen Instituut, Amsterdam, Netherlands | 2 | Finance Department, Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania (USA) | 3 | Department of Finance, Kellogg Graduate School of Management, Northwestern University, Evanston, Illinois (USA) | 4 | Finance Unit, Harvard Business School, Harvard University, Cambridge, Massachusetts (USA) | 5 | Centro de Estudios Monetarios y Financieros (CEMFI), Madrid, Spain | 6 | Finance Department, Stern School of Business, New York University, New York City, New York (USA) | 7 | Centro Studi di Economia e Finanza (CSEF), Fisciano, Italy | 8 | Finance Area, Fuqua School of Business, Duke University, Durham, North Carolina (USA) | 9 | Center for Research in Security Prices (CRSP), Graduate School of Business, University of Chicago, Chicago, Illinois (USA) | 10 | Financial Markets Group (FMG), London School of Economics and Political Science (LSE), University of London, London, United Kingdom | 11 | Finance Group, Faculteit Economie, Universiteit van Amsterdam, Amsterdam, Netherlands | 12 | Financial Institutions Center, Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania (USA) | 13 | Dipartimento di Studi Economico-Finanziari e Metodi Quantitativi (SEMEFEQ), Facoltà di Economia, Università degli Studi di Roma "Tor Vergata", Roma, Italy | 14 | Department of Finance, College of Business, University of Illinois, Urbana-Champaign, Illinois (USA) | 15 | Department of Finance, Fisher College of Business, Ohio State University, Columbus, Ohio (USA) | 16 | Quantitative Finance Research Centre, School of Finance and Economics, University of Technology, Sydney, Australia | 17 | Center for Nonlinear Dynamics in Economics and Finance (CeNDEF), Faculteit Economie, Universiteit van Amsterdam, Amsterdam, Netherlands | 18 | Economics and Organization, School for Advanced Studies in Venice, Venezia, Italy | 19 | Finance Department, Boston College, Chestnut Hill, Massachusetts (USA) | 20 | Bendheim Center for Finance, Department of Economics, Princeton University, Princeton, New Jersey (USA) | 21 | Finance Group, Warwick Business School, University of Warwick, Coventry, United Kingdom | 22 | Dipartimento di Scienze Economiche e Finanziarie "Giuseppe Prato", Facoltà di Economia, Università degli Studi di Torino, Torino, Italy | 23 | Finance Research Centre, Oxford University, Oxford, United Kingdom | 24 | Swiss Finance Institute, Genève/Zürich, Switzerland | 25 | Center for Financial Studies, Frankfurt, Germany | 26 | Department of Finance and Business Economics, University of Notre Dame, South Bend, Indiana (USA) | 27 | School of Management, Boston University, Boston, Massachusetts (USA) | 28 | Finance Research Center, Faculty of Management, McGill University, Montréal, Canada |
