The other media: books, cases, magazines and newspapers cited in the top four finance journals.

AuthorNasseh, Alireza
  1. INTRODUCTION

    Though rarely, if ever conducted, a ranking, by total citations in the top four finance journals, of the top books, articles in books, magazines and trade publications, newspapers, and cases (the other media) is of research and pedagogical value. While journal articles and working paper are more heavily cited for evident reasons, the other media selected by the top researchers in finance for citation can also provide guidance for finance researchers and educators. We collect all of the citations in the reference sections of articles published in the top four finance journals (Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Journal of Financial and Quantitative Analysis) between 2003 and 2008, inclusively. We then select all books and articles in books, which accumulate ten or more citations over this time period. (The citations collected for articles in books also include working paper citations of articles that later appeared in books.) We also collect all magazines, trade publications, and newspapers that are cited more than twice and all cases or case notes that are cited.

    We find thirty-three books and eighteen articles in books with more than ten citations. Nine of the top ranked books are econometric texts. A list of highly ranked books can provide a guide to empiricists in finance on which econometric texts to first consult when faced with econometric questions. Both the list of highly ranked books and articles of books can also provide guidance to educators in selecting texts for Ph.D. and Masters in Finance or Economics seminars. However, the causation of the selection of the most cited books (and other media) for use in seminars is not readily evident. Researchers may cite texts with which they are familiar from seminars they took as graduate students.

    Magazines and trade publications; and newspapers are ranked separately. There is value in observing which publications top finance researchers use to obtain timely information of financially-related events and facts. The trade publication, Risk, has the most citations in the top four finance journals, most likely due to the many recent financial events involving lack of proper risk management. The more broadly oriented Business Week is second in citations of magazine and trade journals. Not surprisingly, the Wall Street Journal, New York Times, and the Financial Times are the most cited newspapers.

    A number of studies have ranked articles by total number of citations in the top finance, e. g., (Alexander and Mabry, 1994), (Arnold, Butler, Crack, and Altintig, 2003), (Chung, Cox, and Mitchell, 2001), and (Zivney and Reichenstein, 1994). Out of these studies, only "Citation Patterns in the Finance Literature" (Chung, Cox, and Mitchell. 2001) rank articles published in books in their top 100 most cited articles/books (in their Table IV) in the Journal of Finance, Journal of Financial Economics and Journal of Financial and Quantitative Analysis between 1974 and 1998. No rankings of top books cited, magazines and trade publications cited, newspapers cited, or cases cited are conducted in any of these studies.

  2. HIGHLY CITED BOOKS IN TOP FINANCE RESEARCH

    Overall, the top four finance journals cited books 2,680 times between 2003 and 2008. The total citations of books by journal are: Journal of Finance, 859; Journal of Financial Economics, 927; Review of Financial Studies, 565; and the Journal of Financial and Quantitative Analysis, 329. Since the books with ten or more citations are cited 722 times, the top cited books show a disproportionate influence as they are about 25% of all books cited. Additionally, the oldest cited book was The Decades of the neue worlde or west India, conteynyng the nauigations and conquestes of the Spanyardes, with the particular description of the moste ryche and large landes and Ilandes lately founde in the west Ocean, perteynyng to the inheritaunce of the kinges of Spayne (Eden, 1555), which was used for an opening quotation in "Maximum Likelihood Estimation of Latent Affine Processes," (Bates, 2006). Two other pre-twentieth century classics cited at least once are An Inquiry into the Nature and Causes of the Wealth of Nations (Smith, 1776) and Lombard Street: A Description of the Money Market (Bagehot, 1873).

    Table 1 provides a list of the thirty-three books that are cited ten or more times in the top four finance journals between 2003 and 2008, inclusively. Besides the books in Table 1, various combinations and editions of Statistics of Random Processes I and Statistics of Random Processes II (Liptser and Shiryaev) are also heavily cited. We list the year of the mostly recently cited edition in Table 1. Econometric Analysis (Greene, 2007) has, by far, the most citations with a total of seventy-eight. Many of the cited books are being used as references by empirical finance researchers, as nine of the cited texts are in econometrics. Asset Pricing, Revised Edition (Cochrane, 2005) is cited fifty-six times, an endorsement for its use in a Ph.D., seminar in Asset Pricing or Investments.

    Two classic works, The General Theory of Interest, Employment and Money (Keynes, 1936) and The Modern Corporation and Private Property (Berle and Means...

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