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

Thumbnail Image
Official URL
Full text at PDC
Publication Date
Advisors (or tutors)
Journal Title
Journal ISSN
Volume Title
Google Scholar
Research Projects
Organizational Units
Journal Issue
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.
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.
Unesco subjects
Bergstrom C. (2007), Eigenfactor: Measuring the value and prestige of scholarly journals, C&RL News, 68, 314-316. Bergstrom, C.T. and. J.D. West (2008), Assessing citations with the Eigenfactor™ metrics, Neurology, 71, 1850–1851. Bergstrom, C.T., J.D. West and M.A. Wiseman (2008), The Eigenfactor™ metrics, Journal of Neuroscience, 28(45), 11433–11434 (November 5, 2008). Chang, C.-L. and M. McAleer (2012), Citations and impact of ISI tourism and hospitality journals, Tourism Management Perspectives, 1(1), 2-8. Chang, C.-L. and M. McAleer (2013a), Ranking journal quality by harmonic mean of ranks: An application to ISI statistics & probability, Statistica Neerlandica, 67(1), 27-53. Chang, C.-L. and M. McAleer (2013b), What do experts know about forecasting journal quality? A comparison with ISI research impact in finance, Annals of Financial Economics, 8(1), 1-30. Chang, C.-L. and M. McAleer (2013c), Ranking leading econometrics journals using citations data from ISI and RePEc, Econometrics, 1, 217-235. Chang, C.-L. and M. McAleer (2014a), How should journal quality be ranked? An application to agricultural, energy, environmental and resource economics, Journal of Reviews on Global Economics, 3, 33-47. Chang, C.-L. and M. McAleer (2014b), Quality weighted citations versus total citations in the sciences and social sciences, Tinbergen Institute Discussion Paper 14-023/III, Tinbergen Institute, The Netherlands. Chang, C.-L. and M. McAleer (2014c), Ranking economics and econometrics ISI journals by quality weighted citations, to appear in Review of Economics. Chang, C.-L., E. Maasoumi and M. McAleer (2014), Robust ranking of journal quality: An application to economics, to appear in Econometric Reviews. Chang, C.-L., M. McAleer and L. Oxley (2011a), What makes a great journal great in economics? The singer not the song, Journal of Economic Surveys, 25(2), 326-361. Chang, C.-L., M. McAleer and L. Oxley (2011b), What makes a great journal great in the sciences? Which came first, the chicken or the egg?, Scientometrics, 87(1), 17-40. Chang, C.-L., M. McAleer and L. Oxley (2011c), Great expectatrics: Great papers, great journals, great econometrics, Econometric Reviews, 30(6), 583-619. Chang, C.-L., M. McAleer and L. Oxley (2011d), How are journal impact, prestige and article influence related? An application to neuroscience, Journal of Applied Statistics, 38(11), 2563-2573. Chang, C.-L., M. McAleer and L. Oxley (2013), Coercive journal self citations, impact factor, journal influence and article influence, Mathematics and Computers in Simulation, 93, 190-197. Hirsch, J.E. (2005), An index to quantify an individual’s scientific research output, Proceedings of the National Academy of Sciences of the United States of America, 102(46), 16569-15572 (November 15, 2005). ISI Web of Science (2013), Journal Citation Reports, Essential Science Indicators, Thomson Reuters ISI. Wilhite, A.W. and E.A. Fong (2012), Coercive citation in academic publishing, Science, 335 (6068), 542-543.