nep-sog New Economics Papers
on Sociology of Economics
Issue of 2014‒08‒16
five papers chosen by
Jonas Holmström
Axventure AB

  1. Just How Good are the Top Three Journals in Finance? An Assessment Based on Quantity and Quality Citations By Chia-Lin Chang; Michael McAleer
  2. Publish or Perish? Incentives and Careers in Italian Academia By Checchi, Daniele; De Fraja, Gianni; Verzillo, Stefano
  3. Dominance relations and ranking when quantity and quality both matter: Applications to US universities and econ. departments worldwide By Nicolas CARAYOL; Agenor LAHATTE
  4. Does Tenure Make Researchers Less Productive? The Case of the “Specialist†By Joao Ricardo Faria; Peter McAdam
  5. A Few Goodmen: Surname-Sharing Economist Coauthors By Allen C. Goodman; Joshua Goodman; Lucas Goodman; Sarena Goodman

  1. By: Chia-Lin Chang (Department of Applied Economics, Department of Finance, National Chung Hsing University, Taiwan); Michael McAleer (Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam and Tinbergen Institute, The Netherlands, Department of Quantitative Economics, Complutense University of Madrid, and Institute of Economic Research, Kyoto University.)
    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.
    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.
    JEL: C18 C81 Y10
    Date: 2014–05
  2. By: Checchi, Daniele (University of Milan); De Fraja, Gianni (University of Nottingham); Verzillo, Stefano (University of Milan)
    Abstract: We derive a theoretical model of effort in the presence of career concern based on the multi-unit all-pay auction, and closely inspired by the Italian academic market. In this model, the number of applicants, the number of new posts, and the relative importance of the determinants of promotion determine academics' effort. Because of the specific characteristics of Italian universities, where incentives operate only through promotion, and where all appointment panels are drawn from strictly separated and relatively narrow scientific sectors, the model fits well Italian academia, and we test it in a newly constructed dataset which collects the journal publications of all Italian academics working in universities. We find that individual researchers respond to incentives in the manner predicted by the theoretical model: more capable researchers respond to increases in the importance of the measurable determinants of promotion and in the competitiveness of the scientific sector by exerting more effort; less able researchers do the opposite.
    Keywords: career concerns, applied auction theory, publications, academic job market, nepotism
    JEL: D44 I23 I21 M51
    Date: 2014–07
  3. By: Nicolas CARAYOL; Agenor LAHATTE
    Abstract: In this article, we propose to extend the concept of stochastic dominance, extensively used in decision theory and social choice, to the comparison of composite outcomes, both the quality and quantity of which do matter. Unanimity of judgment among new classes of functions is also studied. We introduce and characterize axiomatically a new index, called Importance, which allows us to rank institutions on clear grounds using the information contained in any set of available unanimous bilateral comparisons (an incomplete tournament). This theory is applied to the ranking of U.S. research universities taking into account both the volume of publications and their impact. We also compare and rank academic departments in economics taking both the size of the department and the prestige of its members into account.
    Keywords: Stochastic Dominance, Ranking, Tournaments, Axiomatics, Citations.
    JEL: D63 I23
    Date: 2014
  4. By: Joao Ricardo Faria (University of Texas at El Paso); Peter McAdam (University of Surrey)
    Abstract: Many studies suggest that research productivity falls after tenure is granted. We have however limited choice-theoretic understanding of why this should occur. With some simplifying assumptions, we rationalize this as follows. Scholars are assumed to be “specialistsâ€: their research productivity consists in transforming Ph.D. chapters into publishable papers. We show how a department that hired such a scholar provides incentives to maximize research productivity. We show his research productivity and publication paths are then characterized by a “bang-bang†solution, i.e., either he works with maximum or minimum effort. The department sets the scholar’s wages proportional to the department’s impatience to spur his productivity, and only succeeds if he turns out to be more impatient than the department. The paper provides a novel perspective on academic productivity and the tenure system.
    JEL: D29 A29 M51
    Date: 2014–08
  5. By: Allen C. Goodman; Joshua Goodman; Lucas Goodman; Sarena Goodman
    Abstract: We explore the phenomenon of coauthorship by economists who share a surname. Prior�research has included at most three economist coauthors who share a surname. Ours is the first�paper to have four economist coauthors who share a surname, as well as the first where such�coauthors are unrelated by�marriage, blood or current campus.

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