Ranking of Institutions in Economic Research: a Threshold Citation Approach
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Ranking of Institutions in Economic Research: a Threshold Citation Approach Kam C. Chana and Kartono Lianob a
Department of Finance, Western Kentucky University, Bowling Green, KY 42101, USA. E-mail: [email protected] b Department of Finance and Economics, Box 9580, Mississippi State University, Mississippi State, MS 39762-9580, USA. E-mail: [email protected]
Using a threshold citation approach, we rank institutions in economic research based on the influence of research works produced by their staff or faculty members. The top five economics departments are the University of Chicago, Harvard University, Princeton University, MIT, and Northwestern University with research works by scholars at the University of Chicago having the most influence on economic research. Eastern Economic Journal (2008) 34, 347–363. doi:10.1057/palgrave.eej.9050035 Keywords: ranking of institutions; economic journals JEL: A10; A14; A20
The objective of this study is to examine the ranking of institutions in economic research using a threshold citation approach. Arnold et al. [2003] rank financerelated journals based on the number of important papers published by a set of leading finance journals. In Arnold et al. they define an important paper as a paper with five or more citations in the six leading finance journals. Chan et al. [2005] apply the concept in Arnold et al. to rank finance departments, Hardin et al. [2006] use it to rank real estate departments, and Chan and Liano [2007] use it to rank insurance programs. The threshold citation approach is similar to the methodology in Chan et al. [2005], Hardin et al. [2006], and Chan and Liano [2007]. Specifically, we examine the citations by articles published in American Economic Review, Econometrica, Economic Journal, Journal of Economic Theory, Journal of Monetary Economics, Journal of Political Economy, Journal of Public Economics, Quarterly Journal of Economics, Review of Economic Studies, and Review of Economics and Statistics from 2000 to 2005 and identify a set of highly cited (12 times or more) research work. Once these frequently cited research works are identified, we collect the affiliations of all authors and the institutions are credited for these important research works. Consequently, this study ranks the institutions based on the influence of research works produced by their staff or faculty members, as gauged by the number of citations in leading economic journals. The threshold citation approach offers several advantages when compared to other conventional citation analyses. First, the threshold citation analysis adjusts for coauthorship in allocating author and institutional credits. Many citation analyses in economics use Social Science Citation Index (SSCI) as the source of citations. Since SSCI reports only the first author, other coauthors and their respective institutions are not credited for their publications. Second, the threshold citation analysis focuses only on quality citations by examining citations in leading economic journals and hence, avoid
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