Significant Contributions to Finance Literature

Abstract

Interest in the evolution of financial research has motivated the study of institutional sources of financial research [13], research productivity of doctoral programs [14], and geographic distribution of papers presented at finance association meetings [18]. A more recent empirical study sought to uncover differences in quality among finance articles by using citation counts as an index of significance [10]. The proposition that literature can be identified by how frequently it is referenced has also been invoked for analysis of literature in economics [16], psychology [5], and physics [6]. An alternate way of identifying the literature thought to be significant is to survey professional opinion. A study of this sort has been done on graduate programs in business [3]. Myopia may prevent recognition of works recently published, and time may erode positive perceptions of early works. Nonetheless, what represents seminal financial research ultimately will be determined by a jury of informed opinion. This study identifies through a survey of professional opinion those finance articles that have made significant contributions to the literature of finance. Accompanying the survey findings are an estimate of the number of years required for full recognition of significance, the criteria for significance, and several characteristics of the authors of distinguished articles.

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