European Financial Management Association (EFMA) Annual Meetings: a Retrospective Evaluation

Date01 September 2015
Published date01 September 2015
European Financial Management
Association (EFMA) Annual Meetings:
a Retrospective Evaluation
John A. Doukas
Graduate School of Business, Old Dominion University, Norfolk, VA 235290222, USA and Judge
Business School, University of Cambridge, UK
Andreas Walter
Department of Financial Services, University of Giessen, Germany
We provide a retrospective evaluation of the European Financial Management
Association (EFMA) annual meetings from 2001 to 2010. In the 10year
investigation period, 2,986 papers have been presented at the annual EFMA
meetings. Presented research has, in accordance with the objective of the EFMA,
a strong focus on European nancial topics, and most accepted papers were
written by European authors. Our analysis reveals that empirical papers
analysing European datasets have a positive impact on the likelihood of being
published in the European Financial Management (EFM), the journal of the
EFMA, compared to other peerreviewed journals. This evidence appears to be
consistent with the EFM objectives to foster more research on European nance
Keywords: finance conference, publication analysis, retrospective evaluation
JEL classification: G0
1. Introduction
The European Financial Management Association (EFMA) was founded in 1994 by John
A. Doukas to encourage research and disseminate knowledge about nancial decision
making in all areas of nance as it relates to European corporations, nancial institutions
and capital markets.
To achieve this objective, the EFMA holds an annual meeting and
Helpful comments from two anonymous referees are gratefully acknowledged.
See the associations website under
European Financial Management, Vol. 21, No. 4, 2015, 790810
doi: 10.1111/j.1468-036X.2013.12037.x
© 2013 John Wiley & Sons Ltd
provides its membership with a refereed journal, the European Financial Management
(EFM), founded in 1995 by John A. Doukas, which sponsors EFM symposiums on
different topics (since 2005).
The objective of this paper is to provide a retrospective evaluation of the EFMA
annual meetings from 2001 to 2010 in an attempt to determine whether its annual
meetings help to promote the EFMAsaim of encouraging research on European
nance issues. To the best of our knowledge, an analysis of nance conferences with
respect to the aim and scope of the hosting associations has not been conducted before.
However, there are a number of studies on retrospective evaluations of nance journals
(e.g., Schwert (1993) for the Journal of Financial Economics, Altman et al. (1997) for
the Journal of Banking and Finance, Thakor (1998) for the Journal of Financial
Intermediation, Borokhovich et al. (1999) for Financial Management, Chan (2001) for
the International Review of Economics and Finance, and Otchere (2003) for
Accounting and Finance). These studies evaluate research trends for publications in the
relevant journals with respect to JEL codes, authors and institutions. In addition, many
of the publications cited above contain a list of the most actively cited papers in the
respective journal.
Most closely related to our work is a publication by Chan et al. (2009), which analyses
publications in the EFM during the period 19952008. The authors nd the journal to be,
consistent with the mission of the EFMA, a prominent publication outlet for authors
afliated with European institutions and for European research content. In addition, they
note that the EFM has achieved a highly respectable status among all nance journals.
Our paper contributes to the literature in sever al ways. First, we document the
afliation characteristics of co ntributors to the EFMA annual meetings and nd that
about two out of every three papers ar e afliated with authors from Euro pean
universities. Thus, as far as author s are concerned, the objective of the EFMA is fullled.
In addition, we nd that authors from No rth America (18.3% of contributions), Australia
(7.5% of contributions) and Asia (7.0% of cont ributions) are also important contributors
to the EFMA annual meetings. In conseque nce, the EFMA annual meeting has
established itself as a truly global na nce conference. We also nd that many of the
empirical papers explore data from Europe, anoth er nding that is consistent with the
associations mission. Second, we an alyse whether papers presented at the EFMA
conferences are subsequently pub lished in journals. Our ndings reveal that E FMA
conference papers written by Europe an authors and on European datasets ar e equally
likely to be published in any peerreviewed jour nal. However, publications analys ing
European datasets appear in less reputab le journals compared to the remaining empirical
papers. Accordingly, the mission of the EFMA to promote research on Eur opean nance
issues is still a valid task; internati onal nance journals still seem to promo te studies on
nonEuropean research content, most pr ominently on the US capital market. Finally, we
explore whether the EFM journal encourag es research on European nance issues with
its editorial decisions. We nd that em pirical papers using European datasets and studies
written by European researchers have a positive impact on being pu blished in the EFM
journal compared to publications in other peerreviewed journals. Thus, not only the
EFMA annual meetings but also the EFM jour nal plays an important role to encourage
research on European nance issues.
The remainder of the paper is structured as follows. Section 2 describes the compilation
of the database. Empirical ndings are presented in Section 3. Section 4 concludes the
© 2013 John Wiley & Sons Ltd
European Financial Management Association (EFMA) Annual Meetings 791

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