Review of Quantitative Finance and Accounting

, Volume 46, Issue 3, pp 605–631 | Cite as

A quality-based global assessment of financial research

  • Nianhang Xu
  • Kam C. Chan
  • Chih-Hsiang Chang
Original Research


We conduct rankings on finance programs based on a rich database of citations for all articles from a set of 23 quality finance journals during 1990–2010. Our work represents a new perspective on the evaluation of faculty research as compared to the traditional counting of total number of publications in the literature. Our findings show that the top-five institutions are the University of Chicago, Harvard University, New York University, the University of Pennsylvania, and Duke University. In general, the top programs are able to produce a large number of high impact articles and a majority of their citations are drawn from premier finance journals. In addition, European and Asia–Pacific institutions are doing very well during the recent years. Our author assessment suggests that for an author with at least five normalized citations per year from articles that appeared in the 23 finance journals, she will be in the top 1.7 % of all authors.


Research Ranking Quality Google Scholar 

JEL Classification

G10 A11 J44 



We acknowledge the helpful comments from an anonymous reviewer. Nianhang Xu would like to thank financial support from the National Natural Science Foundation of China (Grant No. 71172180), the Foundation for the Author of National Excellent Doctoral Dissertation of the People’s Republic of China (Grant No. 201085), and the Outstanding Youth Talent Support Program by the Organization Department of the CPC Central Committee. The usual caveats apply.


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Copyright information

© Springer Science+Business Media New York 2014

Authors and Affiliations

  1. 1.School of BusinessRenmin University of ChinaBeijingChina
  2. 2.Department of FinanceWestern Kentucky UniversityBowling GreenUSA
  3. 3.Department of FinanceNational University of KaohsiungKaohsiungTaiwan

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