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

The paper is concerned with ranking academic journal quality and research impact in Finance, based on the widely-used Thomson Reuters ISI Web of Science citations database. 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. 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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Paper provided by University of Canterbury, Department of Economics and Finance in its series Working Papers in Economics with number 14/14.

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Length: 36 pages
Date of creation: 23 May 2014
Date of revision:
Handle: RePEc:cbt:econwp:14/14
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  1. 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, 02.
  2. Chia-Lin Chang & Michael McAleer & Les Oxley, 2010. "What Makes a Great Journal Great in Economics? The Singer Not the Song," KIER Working Papers 706, Kyoto University, Institute of Economic Research.
  3. Chia-Lin Chang & Michael McAleer & Les Oxley, 2010. "Great Expectatrics: Great Papers, Great Journals, Great Econometrics," Working Papers in Economics 10/36, 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. 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.
  6. 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.
  7. Chia-Lin Chang & Michael McAleer, 2013. "What Do Experts Know About Forecasting Journal Quality? A Comparison with ISI Research Impact in Finance," Documentos de Trabajo del ICAE 2013-09, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico, revised Feb 2013.
  8. 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.
  9. Chang, C-L. & McAleer, M.J. & Maasoumi, E., 2012. "Robust Ranking of Journal Quality: An Application to Economics," Econometric Institute Research Papers EI 2012-05, Erasmus University Rotterdam, Erasmus School of Economics (ESE), Econometric Institute.
  10. Chia-Lin Chang & Michael McAleer, 2011. "Citations and Impact of ISI Tourism and Hospitality Journals," Working Papers in Economics 11/27, University of Canterbury, Department of Economics and Finance.
  11. Chia-Lin Chang & Michael McAleer, 2014. "Quality Weighted Citations Versus Total Citations in the Sciences and Social Sciences," Tinbergen Institute Discussion Papers 14-023/III, Tinbergen Institute.
  12. 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.
  13. 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.
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