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RISK MANAGEMENT AND INSURANCE REVIEW

We certainly recognize the limitations of our analysis. We do not examine citations of or

publication counts in relation to articles published in otherWOS-listed risk and insurance

journals, or any other journals where RMI scholars publish their work. Consequently,

our study should be of greater relevance for RMI faculty who view the JRI as their

primary top quality target journal. We also do not analyze citations to the JRI in non-

WOS journals.5 The author rankings we present are not meant to make any inferences

beyond the scope of our study. For example, some of the most cited papers in RMI

journals were published in economics journals, such as Rothschild and Stiglitz (1970,

1990) and Kimball (1990).6 In addition, some JRI authors may have made significant

contributions to research niches, but because a niche is relatively small, the number of

citations does not reflect the relative contribution to the research niche when all citations

are equally weighted. And, some prominent RMI scholars have published primarily in

other leading RMI journals, such as the Geneva Risk and Insurance Review, or economics

journals rather than the JRI. As with any study, it must be read in light of its limitations

and context.With that in mind, we think some interesting and valuable findings emerge.7

The article is organized as follows. The next section reviews related literature to provide

the context of our study. The “Sample and Data” section describes our sample and data.

be used to make such a decision? Potential non-WOS insurance journals include the Asia-Pacific

Journal of Risk and Insurance, North American Actuarial Journal, Risk Management and Insurance

Review, Journal of Insurance Issues, and Journal of Insurance Regulation. The list of potential non-

WOS finance, economics, and business journals in which citations to JRI articles appear is much

larger, easily in the dozens, if not hundreds.

5 Since 2006, Google Scholar has made it easier to track citations to non-WOS journals and citations

appearing in non-WOS journals, but because it includes working papers and virtually all types

of publications, it presents a “boundary” problem of its own, and one must verify citations

in reference lists to confirm that a publication does in fact cite another work or author. See

https://en.wikipedia.org/wiki/Google_Scholar. JSTOR a digital library of academic journals

founded in 1995, includes fewer RMI journals than WOS; for example, Insurance Mathematics

and Economics, Astin Bulletin, and Scandinavian Actuarial Journal are in the WOS, but not JSTOR

(see http://about.jstor.org/journals).

6 Chan and Liano (2009) identify the most cited papers appearing in the reference section of

papers published in the Journal of Risk and Insurance (JRI), Geneva Risk and Insurance Review, and

Journal of Insurance Regulation from 2000 to 2004. These authors find that, “in order of impact,

JRI, Econometrica and Journal of Political Economy are considered to be the academic journals that

generate influential works driving risk management and insurance research” (p. 127).

7 Ferguson et al. (2005) use an expert opinion (i.e., survey) approach to identify RMI journal

quality. The authors discuss potential issues related to assessing journal quality and difficulties

using citation counts such as SSCI (see p. 71–72). Among the eight difficulties these authors list

related to using the SSCI for citation counts, our study addresses two (adjustments for articles

published and self-citations) and points out two (equal weighting of citations and low citation

count of important niche research). Four of the eight difficulties these authors list are not related

to a study such as ours because we are not comparing journals; that is, we are not assessing

journal quality. A potential disadvantage of any study that compares citations to specific authors

is that newer academics (i.e., recent PhDs for instance) are likely to have fewer publications in a

lengthy time period such as ours. To some extent, we address this by reporting ranks based on

citations per article and using a period of 4 years beyond the last JRI publication date to count

citations.The “Empirical Findings” section presents our empirical findings. The final section

summarizes and concludes, suggesting potential directions for future research.

PRIOR LITERATURE

We discuss the prior related literature from the oldest to the most recent. Cox Larry and

Gustavson (1990) measure research contribution based on number of pages or number

of articles in 22 sample journals, adjusted for coauthorship in the “strictly proportional”

manner where an author receives credit for an article based on 1/(number of authors).

Their study period was 1976–1986. At the time of their study, the lack of insurance and

actuarial journals in the Social Science Citation Index (SSCI) citation database was a

problem.

Colquitt (1997) performs a citation analysis of 13 insurance and actuarial journals by

examining the frequency of citations appearing in these 13 journals and 16 finance

journals. The author collects citations appearing in the 29 sample journals between 1991

and 1995. Colquitt (1997) observes that documenting journal quality is important because

assessing journal quality is important for performance review, tenure and promotion

decisions, and due to faculty interest in research outlets. He argues that citation analysis

is a better measure of journal’s contributions than other measures used in prior studies.

The number of insurance and actuarial journals in SSCI has increased from only two,

the JRI and Insurance Mathematics and Economics (IME), in 1990, to four at the time of

his study (the additional two are Geneva Risk and Insurance Review (Geneva Review) and

the Journal of Risk and Uncertainty (JRU)). Colquitt (1997) constructs “insurance impact

factors” defined as citations to a journal’s article published in a certain period divided

by the number of citable articles published during the same period using his 29 sample

journals. He reports the 15 most frequently cited JRI articles cited by sample journals

1991–1995. In addition, he notes that “among the four insurance and actuarial journal

studies, the only consistent finding is that the JRI is the top ranked insurance or actuarial

journal among all the journals evaluated” (p. 519).

Colquitt et al. (1998) present various measures of risk and insurance research productiv-

ity for the period 1986–1997 using the “insurance impact factors” from Colquitt (1997)

discussed earlier. These authors rank the top 25 authors by number of article pages and

number of articles, adjusted and unadjusted for coauthorship. The number of insurance

journals authors publish in is reported and almost 95 percent publish in two or fewer

insurance journals. JRI authors have the highest degree of overlap with the Journal of

Insurance Issues (JII) and Journal of Insurance Regulation (JIR).

Colquitt (2003) extends Colquitt (1997) to evaluate citations appearing in the sample

journals between 1996 and 2000. He also adds three risk journals to the Colquitt (1997)

study to bring the total sample journals to 32.

Browne (2003) examines citations appearing in the JRI from 1980 to 2002. A major

difference between our study and Browne (2003) is that we examine citations to JRI

articles that appear in journals indexed by WOS. Browne reports that the top three

journals cited in JRI articles from 1980 to 2002 are: the JRI, Journal of Finance and Journal

of Financial Economics; no other RMI journal is among the top 10. In contrast to Browne

who examines citations appearing in the JRI, we look at the influence of JRI authors and

articles upon a broad set of scholarly journals.

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