By Dr. Ayub Mehar
Nov 29 - Dec 05, 1999

The authorities of those who profess to teach is often a positive hindrance to those who desire to learn. (Cicero)

Knowledge is the only instrument of production that is not subject to diminishing return (J.M. Clark)

The trouble about man is twofold. He cannot learn truths, which are too complicated; He forgets truths, which are too simple.

Periodicals and regular publications in economics and finance can be classified into three categories:

J. The research journals, which have the boards of external editors and referees: They use technical language and scientific notations. Common peoples can not understand the articles in those journals. They are belonged to the academic research. Pure (or academic) research in finance is the type of research, which provides new dimensions. This type of research establishes new models, derives new formulae, develops new theories, and provides new findings in finance. These types of works are usually published in research journals, which have a 'Blind Referral System'. The External Editors work as referees and evaluate each article before publishing it. The external editors are highly qualified researchers or research professors at reputable universities. 'Journal of Finance (American Finance Association)', 'Journal of Financial Economics (Harvard Business School)' and 'Journal of Financial and Quantitative Analysis (University of Washington) are included in those journals. 'Pakistan Economic and Social Review (Punjab University)', 'Pakistan Development Review (PIDE)' and 'Pakistan Journal of Applied Economics (Karachi University) are those Pakistani journals who qualify for this category. Unfortunately, not a single journal in finance is published in Pakistan. No Pakistani has been selected as external referee or editor for any finance journal. Only a few Pakistani authored papers have been published in top finance journals, during the fifty-two years of Pakistan.

J. Second category belongs to the 'Research Based Magazines'. Such magazines publish the summary of new researches for common peoples. They also publish recent data, trends, and statistical surveys. The Economist London, Fortune Magazine, Time Magazine, Harvard Business Review and Far Eastern Economic Review are included in this category. The published articles in those journals are not considered as 'Research Publications' for academic reward and seniority.

J. Third category covers the periodicals that publish the economic news and views. They belong to economic and financial journalism. Columns and article in those journals are not treated as piece of research due to lack of scientific approach.

The academic (or pure research) only is being discussed in the present study. It is hoped that the effort will be useful for planners and governors of the academic institutions.

It is concluded in a research that a full professor affiliated with a top 20 business schools / department placed an average of 1 out of 3 articles in either Journal of Finance, Review of Financial Studies or Journal of Financial Economics compared to 1 out of 6 articles for professors at lower-ranked schools. It indicates that publication in the top journals by the faculty members is highly correlated with the school ranking. The top finance journals include 'The Journal of Finance', 'The Journal of Business', 'The Journal of Financial Economics' and The Review of Financial Studies'. Those journals correspond to the top four finance journals as ranked by a citation-based "Finance impacts factor".

Per Faculty Average Number of Publication

Chair Professor Associate Assistant Overall

Person

Top Four Journals 7.4 3.6 2.3 0.9 3.2

Other Top Six Journals 3.0 1.2 0.6 0.1 1.0

Other Journals 14.7 10.1 5.8 1.5 7.0

The list of top 100 Research Scholars in Finance is being presented in the article. The list is based on the 1997-98 Prentice Hall Guide to Finance Faculty, which is a directory of full time finance faculty at more than 800 educational institutions including American, Canadian and other international business schools.

The research professors have been selected on the basis of cumulative citations during the last five years. Their publications and citations are based on top 15 journals on finance research. Unfortunately not a single Pakistani (or Muslim) name could be included in the list of top "100" Research Scholars of Finance. Are we running on a right track? What is the future of "Islamic Finance" without Muslims in the list of top scholars in finance?

Citation and research output rates are important variables in the promotion process at most universities. Citations to articles published are indicator of how a scholar's research affects other research in the discipline. They indicate both research impact and reputation. The more citations, the more people are aware of the work.

Faculty and University administration confront many decisions over time, but promotion and tenure decisions must rank two of the most difficult and important. Typically, the Board of Governors of the Research Institutions, the External Reviewers, and various administrators review research papers, teaching evaluations, and additional material prior to voting or otherwise expressing an opinion on the merits of a professor. The question that is frequently asked is whether a candidate's research productivity and quality are sufficiently high to justify a positive decision.

Relative Impact of Journals on Financial Research

(Borokhovich: 1995)

Journal Rank

Journal of Financial Economics 1

Review of Financial Studies 2

Journal of Finance 3

Journal of Business 4

Journal of Money, Credit and Banking 5

Journal of Financial and Quantitative Analysis 6

Journal of International Money and Finance 7

Financial Management 8

Financial Analysts Journal 9

Journal of Futures Markets 10

Journal of Financial Research 11

Financial Review 12

Journal of Banking and Finance 13

Journal of Portfolio Management 14

Journal of Business Finance and Accounting 15

A big gap between the academia and practitioners in the financial management of corporate sector in Pakistan can be observed. Academicians can not understand and recommend the solutions of the problems at practical fronts. From a surface level knowledge they jump directly into research and conclusion.

The top rnanagement in corporate sector wants to achieve the good targets and they have sufficient resources for research work to achieve the long term targets, but their subordinates at mid level management creates the problems and hurdles mainly due to the following reasons:

1)Majority of the mid level management (employees) do not know and identify the economic and financial research, they have not updated, they are not in touch with the research organizations and international scholars. Their ignorance produce wrong set up of research centers.

2)Sometimes, professional jealousy also plays significant role in deterioration of research activities. Research is a flow of new creations, new ideas, and new knowledge. If the senior persons in research organizations and academia are not updated or have been involved in the political administration, they will discourage to entry of a person who can become a challenge or risk for them. To secure their position they will misguide to the board of governors (or directors) in respect of the requirements and activities of the research organizational personnel.

List of Top 100 Researcher in Finance

(According to cumulative citation)

No Scholar University Cumulative Publications in Total Articles

Citation Top 4 Journals Published

1 French,KR Yale University 1498 15 22

2 Stulze, RM. Ohio State University 1043 17 38

3 Diamond, D.W. University of Chicago 1016 7 13

4 Vishney, Robert W. University of Chicago 986 7 27

5 Stambuaugh, R U. of Pennsylvania 856 15 18

6 Keim,Donald B. U.of Pennsylvania 822 10 22

7 Ruback, Richard Harvard University 814 11 15

8 Asquith, Paul MIT 798 9 12

9 Gibbons, M.R U. of Pennsylvania 755 7 11

10 Murphy K.J. U. of SouthernCalifornia 745 2 21

11 Thakor,Anjan U. of Michigan 669 14 52

12 Harris, L.E. U. of Southern California 647 8 14

13 Titman, S.D. Boston College 637 18 29

14 Mikkelson, W.H. U. of Oregon 610 8 14

15 Leftwich, RW. University of Chicago 595 6 20

16 Admati, Anat Stanford University 593 7 16

17 Duffie, Darrell Stanford University 593 3 28

18 Cochrane, J.H. University of Chicago 575 2 10

19 Froot, K. Harvard University 572 4 23

20 Revenscraft D.J. North Carolina 516 1 9

21 Allen, Franklin U. of Pennsylvania 496 5 20

22 Stein, J.C. MIT 495 8 23

23 Ritter, J.R U. Florida 490 9 13

24 Dann, L.Y. U. of Oregon 489 6 8

25 Scharfstein, D.S. MIT 480 5 17

26 Lo, Andrew W. MIT 470 8 13

27 Romano, Roberta Yale University 470 0 23

28 Shanken, JAy U. of Rochester 441 14 19

29 Saunders, Anthony New York University 429 10 63

30 DeAngelo, L.E. U. of Southern California 426 5 16

31 Ferson, Wayne U. of Washington 423 11 19

32 MacKinlay,AC. U. of Pernnsylvania 422 9 10

33 Walking Ralph A. Ohio State University 400 8 16

34 Lehn, Kenneth Pittsburg, 397 2 9

35 Kahn,Charles U.llinois 394 0 17

36 Harvey Campbell Duke University 377 11 33

37 Jorion, Philippe UC-lrvine 374 11 29

38 Calomiris, C.W. Columbia University 373 1 20

39 Pfleiderer, Paul Stanford University 361 6 15

40 Jagannathan, Ravi U.of Minnesota 336 9 15

41 Bhagat, Sanjai Colorado 334 8 15

42 Gorton, Gary U. of Pennsylvania 333 4 19

43 Kaplan, Steven N. University of Chicago 327 10 13

44 Poulsen, A B. U. Georgia 326 7 14

45 Marcus, Allen Boston College 325 6 27

46 Sundaresasn, Suresh Columbia University 315 8 14

47 Karpoff, J.M. U. of Washington 312 5 15

48 Srivastava, Sanjay Carnegie Mellon U. 307 3 19

49 McDonald, RL. Northwestern University 293 4 13

50 Hasbrman, Joel New York University 291 9 18

51 Huberrnan, Gur Colurnbia University 282 6 15

52 Korajczyk, Robert Northwestern University 247 8 12

53 Hirshleifer, David U. of Michigan 225 5 15

54 Butler, Henry Kanas 217 0 16

55 Barclay,MJ. U. of Rochester 215 10 14

56 Gay, G.D. Georgia State U. 198 6 34

57 Caster, Kuldeep Pittsburgh 179 3 27

58 Kaul, Gautam U.ofMichigan 173 11 12

59 Kester, W. Carl Harvard University 155 0 9

60 Wansley, J.W. U. of Tennessee 148 0 20

61 Lewis, K.K. U. of Pennsylvania 146 4 16

62 Green, RC. CarnegieMellonU. 145 8 12

63 Owers, J.E. Georgia State U. 145 2 13

64 Starks, L. T. U. Texas-Austin 143 5 13

65 Seyhun, H.N. U. of Michigan 142 8 11

66 Foster, F.D. Lowa 131 4 6

67 Schlesinger, Harris Alabarna 131 2 30

68 Davidson, W. N. III Southern Illinios 130 1 32

69 Trzcinka, Charles SUNY-Buffalo 130 5 13

70 Lucas, Deborah Northwestern University 127 2 9

71 Chance, DOn Vanderbilt U 126 3 39

72 Ronn, E.I. U. Texas-Austin 124 5 16

73 Conrad, J.S. North Carolina 123 8 9

74 Thibodeau,T.G. SouthernMethodistU 118 0 10

75 SHuang RD. ------ 116 7 25

76 Kracaw, W.A. Penn. State 114 5 13

77 Peterson, D.R Florida State U. 112 7 39

78 Bodurtha, J.N. Georgetown 111 5 8

79 Koch, P.D. Kanas 111 1 15

80 Moore, W.T. South Carolina l09 4 29

81 McDonald, B.D. North Dame U. 108 3 23

82 Rajan,R.G. UnivasityofChicago 105 4 6

83 Ling, D.C. U. Florida 104 0 19

84 Pruitt, S.W. U. Memphis 95 2 24

85 Agrawal, Anup N.C. State U. 94 5 l0

86 Hartzell, D.J. North Cafolina 94 0 14

87 Peterson, P.P. Florida State U. 93 4 22

88 Miles, J.A. Penn. State 92 5 21

89 Talmore, ELi UC-lrvine 90 4 18

90 Kulatilaka, Nalin UC-Irvine 89 1 9

91 Schallheim, J.S. U. Utah 87 4 ll

92 Hansen, RG. Dartmouth College 82 1 8

93 Back, Kerly Washington University 76 3 9

94 Cornett, M.M. Southern Illinois 76 4 13

95 Choi, J.J. Temple University 70 0 15

96 Rao Ramesh Texas Tech. U. 67 1 23

97 Coles, J.L. Arizona State U 65 3 13

98 D'Arcy, S.P U. Illinois 64 1 10

99 Sears, S.R Texas Tech.U. 62 1 21

100 Fisher,J.D. Indiana University 61 0 16