One-and-a-half decades of global research output in Finance: 1990–2004

  • Kam C. Chan
  • Carl R. Chen
  • Peter P. Lung
Original Paper


We provide a ranking of world finance research output by countries and institutions. Based upon 21 finance journals, the top five most productive countries are in the following order: U.S., U.K., Canada, Hong Kong, and Australia. We find that higher per capita GNP, English-speaking countries, and a capital market that offers her investors more protections are associated with higher level of finance literature production. New York University, the University of Pennsylvania, Harvard University, the University of Chicago, and UCLA take the top five spots among the 1,126 academic institutions with most JF-pages appeared in 21 finance journals during the 15-year period from 1990 to 2004. The share of U.S. in the top-100 institutions is overwhelming; 78 out of the top-100 institutions come from U.S. We also show some factors that help to explain the cross-institutional variations among a sub-sample of the institutions. Specifically, faculty size, catalyst effect, and per capita budget are positively associated with research output.


Finance research Institutional ranking Investor protection 

JEL classification

G00 J40 J62 



We acknowledge helpful comments from an anonymous referee and Christine Lai for her excellent programming assistance.


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Copyright information

© Springer Science+Business Media, LLC 2007

Authors and Affiliations

  1. 1.Department of FinanceWestern Kentucky UniversityBowling GreenUSA
  2. 2.Department of Economics and FinanceUniversity of DaytonDaytonUSA

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