nep-sog New Economics Papers
on Sociology of Economics
Issue of 2014‒11‒12
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. Opening Access to Research By Armstrong, Mark
  3. On Publication, Refereeing and Working Hard By Baghestanian, Sascha; Popov, Sergey
  4. On the Rise of Bayesian Econometrics after Cowles Foundation Monographs 10, 14 By Nalan Basturk; Cem Cakmakli; S. Pinar Ceyhan; Herman K. van Dijk
  5. Schumpeter y la Historia del Pensamiento Económico By Estrada, Fernando

  1. By: Chia-Lin Chang (National Chung Hsing University, Taiwan); Michael McAleer (National Tsing Hua University, Taiwan; Erasmus University Rotterdam, the Netherlands; and Complutense University of Madrid, Spain)
    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: 2014–05–23
  2. By: Armstrong, Mark
    Abstract: Traditionally, the scholarly journal market operates so that research institutions are charged high prices and the wider public is often excluded altogether, while authors can usually publish for free and commercial publishers enjoy high profits. Two forms of open access regulation can mitigate these problems: (i) authors are required to publish in a journal which allows readers free and immediate access to their article, or (ii) authors are required to make freely available an inferior substitute to the published paper (and to publish in a journal which permits this). The former policy is likely to result in authors paying to publish, which may lead to a reduction in the quantity of published papers and may make authors less willing to publish in selective journals. The latter policy makes freely available only an inferior version of the published article, but may be consistent with authors publishing for free.
    Keywords: publishing, journals, open access, two-sided markets, regulation
    JEL: D4 D8 L5 L82
    Date: 2014–11
  3. By: Baghestanian, Sascha; Popov, Sergey
    Abstract: We present a model for academia with heterogeneous author types and endogenous effort to explain changes in the publication process in Economics. We analyze the implications of these developments on research output. Lowering the precision of refereeing signals has a negative impact on able authors but invites more submissions from less able authors. Increasing the number of journals stimulates less able authors to submit their papers. The editor can improve the journal's pool of submitted manuscripts by improving the precision of refereeing, but not by lowering quality standards. The submission strategy of an author is informative of his ability.
    Keywords: academia; publishing; effort; refereeing; journals
    JEL: I23
    Date: 2014–07–31
  4. By: Nalan Basturk (Erasmus University Rotterdam); Cem Cakmakli (Koc University, Turkey); S. Pinar Ceyhan (Erasmus University Rotterdam); Herman K. van Dijk (Erasmus University Rotterdam, the Netherlands)
    Abstract: This paper starts with a brief description of the introduction of the likelihood approach in econometrics as presented in Cowles Foundation Monographs 10 and 14. A sketch is given of the criticisms on this approach mainly from the first group of Bayesian econometricians. Publication and citation patterns of Bayesian econometric papers are analyzed in ten major econometric journals from the late 1970s until the first few months of 2014. Results indicate a cluster of journals with theoretical and applied papers, mainly consisting of Journal of Econometrics , Journal of Business and Economic Statistics and Journal of Applied Econometrics which contains the large majority of high quality Bayesian econometric papers. A second cluster of theoretical journals, mainly consisting of Econometrica and Review of Economic Studies contains few Bayesian econometric papers. The scientific impact, however, of these few papers on Bayesian econometric research is substantial. Special issues from the journals Econometric Reviews , Journal of Econometrics and Econometric Theory received wide attention. Marketing Science shows an ever increasing number of Bayesian papers since the middle nineties. The International Economic Review and the Review of Economics and Statistics show a moderate time varying increase. An upward movement in publication patterns in most journals occurs in the early 1990s due to the effect of the 'Computational Revolution'. … More abstract in the paper.
    Keywords: History, Bayesian Econometrics
    JEL: C01
    Date: 2014–07–08
  5. By: Estrada, Fernando
    Abstract: The History Schumpeter´s of Economic Analysis, is a tour de forcé of scholarship. The display of erudition is 'truly unbelievable. How could one man have acquired and then digested so much knowledge? Not only does the History offer two thousand years of economics, from Aristotle to Paul Samuelson, but also it ranges most expertly over all the other social sciences, history and belles lettres as well. For more than 1,100 pages the prose flows on in a way that one has come to expect from Schumpeterthe fluent style, the vivid analogy, the striking metaphor, the arresting aside. Our goal is to present the central ideas of Schumpeter on the complex relationships between Economic History and Epistemology of Science. This design has three aspects that interest us: (a) its amplitude to conceive the economy as part of the overall development of scientific knowledge; (b) its relevance applied and the examples used by the author; (c) its currently facing tremendous methodological problems facing the economy with the other sciences.
    Keywords: Schumpeter, History of economics, Epistemology, Economtric, Industrial
    JEL: B12 B13 B15 B25 B31 H5 P12 P14 P16 Z1 Z13
    Date: 2014

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