The Value of a Finance Journal Publication


  • Steve Swidler,

    1. University of Texas at Arlington
    Search for more papers by this author
  • Elizabeth Goldreyer

    1. University of Denver
    Search for more papers by this author
    • Swidler is an Associate Professor at the University of Texas at Arlington and Goldreyer is an Assistant Professor at the University of Denver. The authors would like to acknowledge the thoughtful comments of Chris Barry, Don Cox, Dave Diltz, Mark Eakin, Hirschel Kasper, and Bob Martin. We also thank Jo Agustin, Ruthie Brock, Bruce Bursten, Berri Forman, Patrick Foster, Keith Johnson, Pravaj Kanjanasim, Gary Koppenhaver, Mike Lavin, Tom McCaleb, Tom Mclnish, and Dale Steele who helped with the difficult task of gathering and collating the diverse salary information. Finally, we appreciate the encouragement of the editor, René Stulz, and the insightful remarks of the anonymous reviewer that led to a substantially improved version of the paper. Any remaining errors are solely the responsibility of the authors.


The empirical analysis examines the salary and publication records of 311 finance professors at public research universities to calculate the worth of a top finance journal article. Within rank, salary regressions provide measures of the direct returns of a journal publication, while probit models consider the indirect returns that result from promotion. Ultimately, the analysis uses a reduced form salary equation to measure both the direct and indirect effects of publishing a journal article. Depending on professorial rank, the present value of the first top finance journal article is between $19,493 and $33,754, with the additional result of large returns to subsequent publications.