A citation analysis of risk, insurance, and actuarial research: 2001 through 2005.
The bibliographies of 17 risk journals were evaluated to determine the relative influence of these risk journals on risk, insurance, and actuarial ac·tu·ar·y
n. pl. ac·tu·ar·ies
A statistician who computes insurance risks and premiums.
[Latin research published during the years 2001 through 2005. Tables are provided that show the frequency with which each of these journals cites itself and the other sample journals. The journals are ranked, within two groups (risk and insurance group and actuarial group), based on their total influence (total citations including and excluding self-citations) and their per article influence (per article citations including and excluding self-citations). Finally, the most frequently cited articles from each risk journal are reported.
Given the central importance of scholarly journals to the growth, development, and legitimacy LEGITIMACY. The state of being born in wedlock; that is, in a lawful manner.
2. Marriage is considered by all civilized nations as the only source of legitimacy; the qualities of husband and wife must be possessed by the parents in order to make the offspring of any academic discipline, it is critical that relevant parties understand the relative quality of journals within a discipline. Researchers need objective information on journal quality in making decisions regarding where to submit their work for possible publication. Those involved with making decisions regarding a faculty member's tenure tenure, in education
tenure, in education, a guarantee of the permanence of a college or university teacher's position, awarded upon successful completion of a probationary period, usually seven years. , promotion, or merit pay Noun 1. merit pay - extra pay awarded to an employee on the basis of merit (especially to school teachers)
pay, remuneration, salary, wage, earnings - something that remunerates; "wages were paid by check"; "he wasted his pay on drink"; "they saved a quarter of all need to understand relative journal quality in the faculty member's discipline in order to properly evaluate his or her research productivity. Since such decisions often involve scholars from disciplines other than that of the person being evaluated, objective analysis of journal quality can be invaluable in helping a faculty member document the quality of his or her publication outlets. Journal editors can also benefit from objective information regarding the quality of their journal relative to other journals in the field, potentially using this information to shape future editorial decisions. Finally, libraries and other institutions needing to make decisions about which journals to purchase in a particular discipline, given limited resources, also benefit from an understanding of relative journal quality. Ferguson Ferguson, city (1990 pop. 22,286), St. Louis co., E Mo., a suburb of St. Louis; inc. 1894. It is primarily residential. , Dorfman Dorfman is a surname and may refer to:
Considering such potential import to numerous stakeholders Stakeholders
All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , it is not surprising that studies in various academic disciplines have evaluated the quality of journals. Over the years, for example, numerous such studies have been published in the finance discipline (see Mabry and Sharplin, 1985; Alexander and Mabry, 1994; Zivney and Reichenstein, 1994; McNulty McNulty is a surname, and may refer to:
American public official who served as U.S. secretary of defense (1961-1968) during the Kennedy and Johnson administrations. and Kolbe Kolbe is a surname, and may refer to:
1. To examine methodically by separating into parts and studying their interrelations.
2. To separate a chemical substance into its constituent elements to determine their nature or proportions.
3. journal subscription practices at universities. Hollman and Zietz (1998) analyze citations appearing in the Journal of Insurance Issues (JII JII Journey Into Imagination (Disney ride)
JII Joint Integration Interface
JII Jupiter II (ship on "Lost In Space" TV series) ). Ferguson, Dorfman, and Ferguson (2005) survey risk and insurance academics to assess journal quality categorized cat·e·go·rize
tr.v. cat·e·go·rized, cat·e·go·riz·ing, cat·e·go·riz·es
To put into a category or categories; classify.
cat by perceived utility and examined individual, institutional, and journal-related factors influencing expert opinion of journal quality.
Finally, Colquitt (1997, 2003) evaluates the impact that various insurance and actuarial journals and articles have had on research in the discipline by examining citations to leading insurance and actuarial journals found in a sample of insurance, actuarial, and finance journals. Colquitt (1997) analyzes citations during the period 1991 through 1995, while Colquitt (2003) analyzes citations appearing during the years 1996 through 2000. While citation analysis Citation Analysis is the most common method of bibliometrics. Citation analysis uses citations in scholarly works to establish links to other works or other researchers.
Co-citation coupling and bibliographic coupling are specific kinds of citation analysis. is common in other disciplines and generally considered to be the most comprehensive method of evaluating the quality of academic journals (see footnote Text that appears at the bottom of a page that adds explanation. It is often used to give credit to the source of information. When accumulated and printed at the end of a document, they are called "endnotes." 1 of Colquitt, 2003), the Colquitt studies are the only extensive citation Citation
(foaled 1945) U.S. Thoroughbred racehorse. In four seasons he won 32 of 45 races, finished second in ten, and third in two. He won the 1948 Triple Crown, and became the first horse to win $1 million. He set a world record in 1950 by running a mile in 1:33 3/5. analyses in the insurance and actuarial fields. Presumably pre·sum·a·ble
That can be presumed or taken for granted; reasonable as a supposition: presumable causes of the disaster. , a major reason for this is that many insurance and actuarial journals are not indexed by the Social Science Citation Index Science Citation Index (SCI ®) is a citation index originally produced by the Institute for Scientific Information (ISI) in 1960, which is now owned by Thomson Scientific. (SSCI SSCI Social Sciences Citation Index (Thompson Scientific)
SSCI Senate Select Committee on Intelligence
SSCI Steel Service Center Institute (Cleveland, Ohio)
SSCI Self Service Check-In
SSCI Scientific Systems Co. ), making data collection much more cumbersome cum·ber·some
1. Difficult to handle because of weight or bulk. See Synonyms at heavy.
2. Troublesome or onerous.
cum . (1)
The purpose of this article is to update the studies of Colquitt (1997, 2003) using citation data from the years 2001 through 2005. Periodic updates of citation studies are important because of the potential for changes in the relative quality of journals (as measured by citations) over time. In addition, the entrance of new journals in the discipline necessitates updated studies to evaluate the impact of these newer journals. For example, both the Risk Management and Insurance Review (RMIR RMIR Radioactive Material Incident Report ) and the North American North American
named after North America.
North American blastomycosis
see North American blastomycosis.
North American cattle tick
see boophilusannulatus. Actuarial Journal (NAAJ NAAJ North American Actuarial Journal ) commenced publication during the sample period of the Colquitt (2003) study. An updated study provides a more accurate picture of the relative impact of these journals now that they are more established. This study also includes the Proceedings of the Casualty Actuarial Society The Casualty Actuarial Society (CAS) is a professional society of actuaries. Its members are mainly involved in the property and casualty areas of the actuarial profession. (PCAS), which was not included in the previous study.
METHODOLOGY AND DATA
As in Colquitt (2003), the analysis is focused on citations to articles published in 17 risk, insurance, and actuarial journals (hereafter In the future.
The term hereafter is always used to indicate a future time—to the exclusion of both the past and present—in legal documents, statutes, and other similar papers. , referred to as the risk journals) from these same journals during the years 2001 through 2005. As in the previous Colquitt studies, 16 finance journals also were reviewed for citation to the sample risk journals. The inclusion of citations from finance journals to risk journals seems warranted for purposes of completeness, given the close relationship of the disciplines; however, the impact is not very significant, and results would not likely change meaningfully with the inclusion of additional finance journals. In the 1997 and 2003 Colquitt studies, only 3.8 percent and 3.6 percent, respectively, of the citations to the risk journals were found in the finance journals. See the Appendix appendix, small, worm-shaped blind tube, about 3 in. (7.6 cm) long and 1-4 in. to 1 in. (.64–2.54 cm) thick, projecting from the cecum (part of the large intestine) on the right side of the lower abdominal cavity. for a complete list of all journals included in the study.
Citation data were gathered by looking at the references listed in each article published during 2001 through 2005 in the 17 risk journals and recording information about all citations to the 17 risk journals. Citations to working papers working papers
Legal documents certifying the right to employment of a minor or alien.
Noun 1. working papers were not included, even if the papers were subsequently published in a risk journal. Data gathered for each citation include the journal name, author name(s), journal edition, and page numbers of the cited article, as well as the journal name of the citing article. The data only include citations from feature articles, invited articles, shorter articles, and notes and communications regarding research. Opinion pieces and regular columns were not reviewed for citations.
As in Colquitt (2003), in recognition of the distinction between actuarial journals and other insurance-related journals, the 17 risk journals are further subcategorized as either risk and insurance journals or actuarial journals for purposes of journal rankings. The journals included in each category are listed in the Appendix.
The citations recorded are used to evaluate the impact that each sample journal has on the risk, insurance, and actuarial literature over the years 2001 through 2005. Each journal's influence is compared to the other journals in its subcategory sub·cat·e·go·ry
n. pl. sub·cat·e·go·ries
A subdivision that has common differentiating characteristics within a larger category. . This influence is measured in the aggregate (i.e., total citations) and on a per article basis (i.e., citations per article published). Also, the data are used to determine which articles published in the sample journals have been the most influential between the years 2001 through 2005.
DISCUSSION OF RESULTS
Before proceeding with the detailed citation analysis, it is important to recognize that citation studies such as this do not primarily reflect the quality or impact of articles published during the sample period. In fact, although the sample period of this study is 2001 through 2005, almost 80 percent of the cited articles during this period were published prior to 2001, with just over 50 percent of all citations being to articles published between 1991 and 1997. Thus, the results of this study, while as up to date as possible, are unlikely to fully reflect very recent changes in the quality or impact of journals. The impact of this citation time lag phenomenon also is important in evaluating the impact of young journals, which are obviously at an inherent disadvantage In policy debate, a disadvantage (abbreviated as DA, and sometimes referred to as a Disad) is an argument that a team brings up against a policy action that is being considered. Structure
A DA usually has four key elements. in citation studies relative to their more established counterparts, regardless of quality.
Another interesting finding, when comparing this study with the previous two Colquitt studies, is the percentage of citations to articles published over 15 years prior to the latest sample year (i.e., citations to articles published before 1991 for this study). In the first and second Colquitt studies, the percentages of citations to articles 15 years prior to the latest sample year were 18.19 percent and 20.72 percent, respectively. In this study, 22.03 percent of the total citations are to articles published before 1991.
Table 1 and Table 2 contain a summary of all the citation data collected. Table 1 provides actual citation data and Table 2 provides this information on a normalized basis (per 1,000 citations). (2) For each of the risk journals, Table 1 provides the number of citations received by the journal during the 2001 through 2005 sample period from the journal itself, from the other 16 risk journals and from the sample finance journals.
The left-hand left-hand
1. Of, relating to, or located on the left.
2. Relating to, designed for, or done with the left hand.
1. column of Table 1 lists each of the source journals. Then, across each row is the number of times the source journal cites each of the sample journals. So, for example, during the sample period, the Astin Bulletin (AB) cited itself 220 times, the British Actuarial Journal (BAJ BAJ Belarusian Association of Journalists
BAJ Brewers Association of Japan
BAJ Bristol Aerojet (UK) ) 25 times, the Geneva Geneva, canton and city, Switzerland
Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. Papers on Risk and Insurance Issues and Practice (GPIP GPIP general-purpose IP
GPIP Glide Path Intercept Point (aviation)
GPIP General Purpose Image Processor
GPIP Graduate Preparation Internship Program
GPIP Genetics and Public Issues Program ) twice, and so on. The far right-hand column indicates the total citations to any source found in the journal during the years 2001 through 2005, and the column just before that indicates how many cites there were during that time to sources other than the sample risk and insurance journals. The finance journals are combined into one entry labeled FIN fin, organ of locomotion characteristic of fish and consisting of thin tissue supported by cartilaginous or bony rays. In some fish, e.g., the eel, a single fin extends from the back, around the tail, and along the ventral surface. .
Each row of Table 1, except for the row representing the finance journals, contains two highlighted citation numbers, indicating the two sample journals that are most frequently cited by the corresponding source journal. One clear finding, consistent with previous studies, is that the sample journals tend to have high rates of self-citation. In 11 out of 17 cases, the sample source journal cites itself more times than it cites any other sample journal. The journals that do not cite themselves with the greatest frequency are Geneva Papers on Risk and Insurance Theory (GPT GPT glutamic-pyruvic transaminase; see alanine transaminase.
glutamic-pyruvic transaminase. ), the Journal of Actuarial Practice (JAP Jap
n. Offensive Slang
Used as a disparaging term for a person of Japanese birth or descent.
Noun 1. Jap - (offensive slang) offensive term for a person of Japanese descent
Nip ), the JII, the Journal of Insurance Regulation (JIR JIR Juventud de Izquierda Revolucionaria
JIR Journal of Irreproducible Results
JIR Journal of Improbable Results
JIR Jumper for Infra Red ), RMIR, and the Scandinavian Actuarial Journal (SAJ). Among these, the JII, the JIR, and RMIR all cited the Journal of Risk and Insurance (JRI JRI Journaliste Reporter d'Images (French: Image Reporter Journaliste)
JRI John Ray Initiative
JRI James Redford Institute for Transplant Awareness (Los Angeles, CA) ) with the greatest frequency. Both the JAP and the SAJ cited Insurance: Mathematics and Economics (IME IME Input Method Editor
IME Instituto de Matemática e Estatistica (Portugese and Spanish; USP, Sao Paulo, Brazil)
IME In My Experience
IME Instituto Militar de Engenharia (Rio de Janeiro, Brazil) ) with the greatest frequency, and GPT cited the Journal of Risk and Uncertainty (JRU JRU Jose Rizal University (Manila, Philippines) ) with the greatest frequency. The only journal that does not have itself as either the first or second most frequently cited journal is the JAP, which has IME and the AB as the two most frequently cited journals.
The results of Table 1 also reinforce re·in·force
1. To give more force or effectiveness to something; strengthen.
2. To reward an individual, especially an experimental subject, with a reinforcer subsequent to a desired response or performance.
3. the logic of separating the risk journals into the subcategories of risk and insurance journals and actuarial journals. For all but one risk and insurance (actuarial) source journal, the top three most cited sample journals are also in the risk and insurance (actuarial) subcategory. The only journal for which this is not true is Benefits Quarterly (BQ) (a risk and insurance journal), which has the NAAJ (an actuarial journal) as its third most frequently cited journal. Overall, of the 2,479 total nonfinance citations to the risk and insurance journals, 88.22 percent are from risk and insurance journals, while only 11.78 percent are from the actuarial journals. Similarly, of the 4,500 nonfinance citations to the actuarial journals, 94.27 percent are from actuarial journals and only 5.73 percent are from risk and insurance journals. It is also clear that finance journals are much more likely to cite the risk and insurance journals than the actuarial journals. Of the total finance journal cites to the risk journals, 91.71 percent are to journals in the risk and insurance subcategory.
Table 1 provides clear evidence that the JRI continues to be the most influential journal among the risk and insurance journals. The JRI was either the most frequently cited or second most frequently cited sample journal by eight of the 10 risk and insurance journals. Only the CPCU CPCU Chartered Property Casualty Underwriter
CPCU Cardiac Progressive Care Unit
CPCU Custody Pending Completion of Use Journal (CPCU) and GPT cited two other journals with greater frequency than the JRI. The JRI also was the most frequently cited risk and insurance journal by each of the seven sample actuarial journals. Also, as was the case in the two previous Colquitt studies, the JRI was the only journal to have been cited at least once by each of the 17 sample journals.
Consistent with the most recent Colquitt (2003) study, IME is the most frequently cited of all of the actuarial journals. As in the previous study, IME was either the first or second most frequently cited journal by all of the sample actuarial journals. The only other journal to be either the first or second most frequently cited actuarial journal more than once is the AB, which in three cases was either the first or second most frequently cited actuarial journal (by the AB, IME, and the JAP).
Table 1 and Table 2 also provide each journal's self-citation rate and self-citation index, respectively. (3) The higher the self-citation index, the higher a journal's frequency of self-citations as compared to the frequency with which it was cited by the other sample journals. Presumably, a more influential journal will have a lower self-citation index. As noted in Colquitt (2003), it is entirely possible that the cause for a high self-citation index might be that the journal publishes research that is of a specialized spe·cial·ize
v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es
1. To pursue a special activity, occupation, or field of study.
2. nature, the type not commonly found in the other sample journals. For example, while the JRU has a reputation as being an outstanding journal, over 70 percent of the citations to the JRU found in the sample journals were JRU self-citations. (4) The high relative frequency of self-citations resulted in a self-citation index of 2.29 (seventh out of 10 risk and insurance journals). The strong reputation that the JRU enjoys is due primarily to its influence on research published in the JRU and other journals not considered to be in the risk and insurance discipline.
As seen in Table 2, the JRI's self-citation index of .34 is by far the lowest among the risk and insurance group. The other risk and insurance journals with self-citation indices lower than 2 are the JIR (1.37), the GPIP (1.67), the JII (1.72), the GPT (1.74), and RMIR (1.83). Not surprisingly, the three highest self-citation indices in the risk and insurance group were BQ (3.55), the CPCU (3.57), and the Journal of Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. Professionals (JFSP JFSP Joint Fire Science Program
JFSP Journal of Financial Service Professionals ) (5.97); the research published in these journals is more narrowly focused on issues related to employee benefits, property-casualty insurance, and financial planning Financial planning
Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against , respectively. As was the case in the previous study, IME's self-citation index of .54 is the lowest among all of the actuarial journals. However, actuarial journals with self-citations indices below 2 include the AB (.65), the NAAJ (.72), the SAJ (.93), and the BAJ (1.88).
Table 3 provides a different perspective on the data. It separates the sample journals into the two subcategories of risk and insurance journals and actuarial journals, and ranks journals within each subgroup sub·group
1. A distinct group within a group; a subdivision of a group.
2. A subordinate group.
3. Mathematics A group that is a subset of a group.
tr.v. by the total number of citations from all journals in the study. In addition to the rankings based on absolute numbers of citations received, an adjusted rank is also provided, which is based on the number of non-self-citations received. Among the risk and insurance journals, the JRI is the most frequently cited journal, with 1,222 total citations and 815 non-self-citations. The total number of citations was almost twice that of the JRU's 631 total citations and its number of non-self-citations was almost five times that of the JRU's. Below the JRI and JRU on the list of total citations are the JIR (222), the GPIP (165), the GPT (135), the JFSP (75), the CPCU (71), the JII (56), BQ (47), and RMIR (42). This list is similar to the previous Colquitt (2003) study, with the exception of the shuffling of spots between the CPCU, the GPT, and the JFSP. When looking only at non-self-citations, the JRI and the JRU were followed by the JIR (124), the GPT (104), the GPIP (50), the JII (36), the CPCU (26), RMIR (25), the IFSP IFSP Individualized Family Service Plan
IFSP ITA Fluid Service Pallet (24), and BQ (17).
Among the actuarial journals, IME was the most frequently cited journal in the group. The 1,669 IME citations are approximately ap·prox·i·mate
1. Almost exact or correct: the approximate time of the accident.
2. twice the number of the next journal, the AB, with 875 citations. Following IME and the AB are the NAAJ (634), the SAJ (586), the BAJ (528), the PCAS (185), and the JAP (41). In addition, IME also has approximately twice the number of citations than it did in the most recent Colquitt (2003) study (840) and over four-and-a-half times as many as in the first Colquitt (1997) study (360). Interestingly, all of the actuarial journals had a significant increase in total citations from the previous study, with the lowest percentage increase being over 30 percent. Finally, when looking at non-self-citations only, the list remains almost exactly the same as that of the total citations, with the exception of the NAAJ and the SAJ swapping Replacing one segment of a program in memory with another and restoring it back to the original when required. In virtual memory systems, it is called "paging."
swapping - swap places.
Perhaps the most remarkable finding regarding the actuarial journal ranking Static Journal Ranking
Journal ranking is widely used in academic circles in the evaluation of a journal's impact. Although there are several websites that release rankings of journals in specific areas of research, their audiences have only static access to ranking reports. is the rather quick rise in the influence of the NAAJ. The NAAJ was only 8 years old in 2005 (the last year of data collection) and yet it is already the third most frequently cited (out of seven) actuarial journal in the sample. This phenomenon also was noted in the Ferguson, Dorfman, and Ferguson (2005) survey, as the NAAJ was determined to be a primary ("frequently useful") journal on a write-in write-in
1. A vote cast by writing in the name of a candidate not on the ballot.
2. A candidate voted for in this manner.
Noun 1. basis. Also, just over 45 percent of all citations recorded are to articles published before the NAAJ began in 1997. As a result, in future years, the NAAJ's measured influence will likely increase. In addition, the NAAJ's third-place ranking is two spots higher than the last Colquitt (2003) study, passing both the SAJ and the BAJ in the process. Finally, the increase in total citations for the NAAJ was over 450 percent of what it was in the previous study (from 137 total citations to 634), which is explained largely by the fact that the NAAJ commenced publication I year into the previous study's sample period.
The rankings in Table 3 give every citation to a sample journal equal weight, regardless of the source journal. For example, a citation from the JRI is given equal weight to a citation from the CPCU. Depending on their purpose and perspective, readers may desire to apply different weights to citations from different source journals. For example, if an institution values citations from practitioner-oriented journals only half as much as citations from academic journals, such weighting could be applied to the detailed citation data provided in Table 2 to produce new rankings.
As noted in the previous studies, the total citation count measures the overall impact of a journal's research, but it does not take into account the number of articles published by each journal. Obviously, a journal that publishes more articles would have more opportunity to be cited than a journal with fewer articles published. So, while one journal may be more influential overall than another, its influence on a per article basis is not known without controlling in some way for the number of articles published by the journal. Table 4 measures the relative impact of the articles in each of the sample journals by measuring each journal's insurance impact factor (IIF IIF Institute of International Finance
IIF Irish Insurance Federation
IIF Immediate IF
IIF Innovation Investment Fund (investment supporting R&D new technology/science ventures)
IIF Intuit Interchange Format ) and adjusted insurance impact factor (AIIF AIIF Automated Installation Intelligence File ). (5) Both the IIF and the AIIF were calculated as in the previous two Colquitt (1997, 2003) studies. (6) Essentially, the IIF measures the average number of citations to an article published in the journal during the last 10 years/Given that only the influence of articles published in the most recent 10-year period are evaluated, these measures also remove much of the disadvantage that newer journals might experience when looking at total citation counts.
As was the case with the risk and insurance journals in the first two studies, the JRI and the JRU were the first and second most influential journals on a per article basis, with IIFs of 1.9564 and 1.1328, respectively. This means that the average JRI (JRU) article published during the years 1996 through 2005 is cited 1.9564 (1.1328) times by the sample journals during the period 2001 through 2005. Following these two journals are the JIR (.7914), the GPT (.6250), the JII (.5111), the GPIP (.3243), RMIR (.3118), the CPCU (.2463), the JFSP (.1779), and BQ (.1288). As for the AIIF, the risk and insurance journal rankings are much like what they were in the previous Colquitt (2003) study, with no journal changing more than one position. The JRU and the CPCU both drop one spot and the GPIP and the JII climb one spot from the previous study to the current one. The most dramatic difference between one journal's IIF and AIIF is with the JRU. When removing the self-citations, the JRU falls from its second place ranking in per article influence among the risk and insurance journals to fifth place.
Table 4 shows a considerably higher number of average citations per article for the actuarial group of journals. The actuarial journal with the highest IIF is IME (2.6102), followed by the NAAJ (2.3643), the AB (2.0526), the SAJ (1.6275), the BAJ (1.1107), the PCAS (.8351), and the JAP (.3864). When looking at the per article impact using only non-self-citations, the order changes somewhat, with IME (1.5790) still leading the list, followed by the AB (1.5052), the NAAJ (1.3643), the SAJ (1.1373), the PCAS (.4639), the BAJ (.3852), and the JAP (.2614). The top three actuarial journals (IME, the NAAJ, and the AB) all had higher IIFs and AIIFs than did the highest risk and insurance journal (the JRI). This result is noticeably no·tice·a·ble
1. Evident; observable: noticeable changes in temperature; a noticeable lack of friendliness.
2. Worthy of notice; significant. different than what was found in the previous Colquitt (2003) study, when the JRI's IIF led all journals of both groups by a considerable distance. The other significant difference in the current study and the previous Colquitt (2003) study is the increase in the IIFs and AIIFs of both IME and the NAAJ. The increases in the IIF of IME and the NAAJ from the previous study to the current one are 63 percent and 117 percent, respectively. Also, IME's and the NAAJ's AIIF increased by 121 percent and 91 percent, respectively.
Tables 5 and 6 provide comparisons between this study and the previous two Colquitt studies (1997, 2003) for the risk and insurance and actuarial groups in the areas of total citations, total non-self-citations, IIFs, and AIIFs. Among the risk and insurance journals, the most consistent pattern is found with the JRI. With the exception of the IIF in the 1997 study, the JRI was atop the rankings in every category for each of the three studies. Among the actuarial journals, the top three have remained fairly consistent, with IME and the AB being the highest ranking journals for most categories in each of the three studies and the NAAJ being the in the top three in most categories for this and the 2003 studies.
Tables 7 through 10 provide information on the specific risk and insurance and actuarial articles most frequently cited by the sample journals. As was noted in Colquitt (1997), such information is useful to (1) researchers, who are interested in knowing the subjects, methodology, style, etc. that have been used in research deemed to be the most influential in recent years; (2) editors, who are making assessments on the research submitted for publication in their journals; and (3) those responsible for creating reading lists of the most influential research for their graduate-level seminars in risk and insurance and actuarial programs.
As was done in the previous Colquitt studies, we should highlight a point regarding an important limitation of a study conducted using these data. While this study accurately identifies many of the most influential risk and insurance and actuarial articles, it is possible that there are other highly influential risk and insurance and actuarial articles that were not published in any of the sample journals. For example, a risk and insurance article published in a highly regarded finance or business journal would not be identified in our study. So, while the tables provided do identify many of the risk and insurance and actuarial articles that have been the most influential in recent years, it will not constitute a comprehensive list of the most influential articles published.
Table 7 shows the list of the most frequently cited JRI articles published in each year from1990 through 2003.8 The most frequently cited articles are generally found between the years 1996 and 2000, with the exception being the frequently cited Mayers and Smith article published in 1994. A similar table was produced in both of the previous Colquitt (1997, 2003) studies. In these tables, there are 9 years that overlap o·ver·lap
1. A part or portion of a structure that extends or projects over another.
2. The suturing of one layer of tissue above or under another layer to provide additional strength, often used in dental surgery.
v. between the first and second Colquitt studies and also the second Colquitt and the current study. Between the first and second Colquitt studies, there were 3 years (out of 9) where the same article was the most frequently cited for its year by both sample periods. However, between the second Colquitt and this study, there was only one article (out of nine) that was the most frequently cited for its year by both sample periods. The article that was the most frequently cited for its year in both the second Colquitt study and current study is Browne and Kim's 1993 article, "An International Analysis of Life Insurance Demand." The fact that so few articles are the most frequently cited for their year among the three studies speaks to the considerable change that takes place in research focus in a time period of only 5 years. Interestingly, several authors (Cummins This article is about the diesel engine manufacturer. For other uses, see Cummins (disambiguation).
Cummins Inc. (NYSE: CMI) is a maker of diesel and natural gas engines whose corporate headquarters is located in Columbus, Indiana. , Derrig, Grosen, Jorgensen Jorgensen or Jørgensen, meaning "the son of Jorgen", may refer to:
A trademark used for a screw with a head having two intersecting perpendicular slots and for a screwdriver with a tip shaped to fit into these slots. ) were represented multiple times on the list.
The JRI articles most frequently cited by the sample journals, regardless of the year published, are found in Table 8. The JRI article most frequently cited by the sample journals is Grosen and Jorgensen's 1997 article, "Valuation of Early Exercisable Interest Rate Guarantees." As was the case in the previous table, only one article appears in both this list and the corresponding list from the previous Colquitt (2003) study, that being Mayers and Smith's 1994 article, "Managerial Discretion, Regulation and Stock Insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual.
An insurer is frequently an insurance company and is also known as an underwriter. Ownership Structure." In contrast, between the first and second Colquitt studies, five articles appeared on both lists.
Again, most of the articles found in Table 8 were published during the mid to late 1990s. The most notable exception to this is the 1977 Boyle and Schwartz Schwartz is a Canadian spices brand. It is also a common surname and may refer to:
Table 9 provides a list of the articles from each of the risk and insurance and actuarial journals that were the most frequently cited by the sample journals. (9) Only three journals (the BAJ, the JRU, and the NAAJ) had the same article as its most frequently cited in the current study and the previous Colquitt (2003) study. The 1992 article, "Advances in Prospect Theory: Cumulative Representation of Uncertainty," by Tversky and Kahneman was the most frequently cited JRU article in both previous Colquitt studies and the current study. Authors that appear in multiple articles on the list are Grosen, Jorgensen, and Wang (Wang Laboratories, Inc., Lowell, MA) A computer services and network integration company. Wang was one of the major early contributors to the computing industry from its founder's invention that made core memory possible, to leadership in desktop calculators and word processors. .
Table 10 contains the most frequently cited articles in any of the actuarial journals. (10) As further evidence of the NAAJ's impressive increase in influence in recent years, Gerber Gerber may refer to:
of the Perverse perversity as motive for men’s actions. [Am. Lit. is the most frequently represented journal on the list with six of the top 11 most frequently cited articles. The AB and the BAJ are represented with three and one article, respectively. Panjer's 1981 AB article, "Recursive See recursion.
recursive - recursion Evaluation of a Family of Compound Distribution" is the only article that was on the corresponding list in the previous Colquitt (2003) study. Incidentally, it was also on the list of the most frequently cited actuarial articles in the first Colquitt (1997) study. Also, articles in the same issue of IMP, "The Concept of Comonotonicity in Actuarial Science Actuarial science applies mathematical and statistical methods to finance and insurance, particularly to risk assessment. Actuaries are professionals who are qualified in this field through examinations and experience. and Finance: Theory" and "The Concept of Comonotonicity in Actuarial Science and Finance: Application," both by Dhaene et al. (2002), were numbers 2 and 5 on the list of the most frequently cited actuarial articles.
The bibliographies of articles from 17 of the leading risk journals and 16 of the leading finance journals during the years 2001 through 2005 were reviewed and the citations to these same risk journals found in these bibliographies were recorded. Following Colquitt (2003), the risk journals were then broken down into two groups: 10 risk and insurance journals and seven actuarial journals. Using the citation data collected, the journals within each of these two groups were ranked based on the total number of citations (overall research impact) as well as on the citations per article published (per article research impact). The most substantial difference in this study and Colquitt (2003) is a more comprehensive set of available data for RMIR and the NAAJ along with the inclusion of the PCAS.
Among the risk and insurance journals, including and excluding self-citations, the JRI was the most frequently cited journal, followed by the JRU and the JIR. When evaluating the journals on a per article impact, the order remains the same when including self-citations but the JRU falls from second place to fifth when excluding self-citations. RMIR is last among the risk and insurance journals on the basis of total citations but increases to seventh (sixth) when evaluating its impact on a per article basis including self-citations (excluding self-citations). The low overall impact of RMIR is likely due to the fact that it is the youngest of all the sample journals; RMIR was first published in 1997 (approximately 45 percent of all sample citations are to articles published before 1997). The lowest ranking journals of the risk and insurance group on a per article basis are the CPCU, the JFSP, and BQ. This is likely due to the specialized nature of these journals.
Consistent with the two previous Colquitt (1997, 2003) studies as well as other studies of risk and insurance journals, the JRI holds its position as the core journal among the risk and insurance group. It clearly stands far above the other risk and insurance journals in both overall impact (with and without self-citations) and on a per article basis (with and without self-citations). The JRI was either the most frequently or second most frequently cited risk and insurance journal by eight of the 10 risk and insurance journals (the exception being the CPCU and the GPT). Also, the JRI is the most frequently cited risk and insurance journal by every journal in the actuarial group and also the only risk and insurance journal cited by each of the journals in the actuarial group. These results are consistent with the previous Colquitt (2003) study.
In terms of total citations, IME is the top journal in the actuarial group, followed by the AB and the NAAJ. Excluding self-citations, IME and the AB remain the top two most frequently cited journals, but the SAJ finishes third, ahead of the NAAJ. When ranking the journals on a per article impact, IME remains the highest ranking journal, followed by the NAAJ when including self-citations and the AB when excluding self-citations. IME is to the actuarial group what the JRI is to the risk and insurance group, being the most influential of all journals in its group. IME is either the most frequently or second most frequently cited journal by six of the seven actuarial journals (the exception being the PCAS, which cites itself and the JRI with the most frequency) as well as being the second most frequently cited journal by the JRI. These results are somewhat different from the previous Colquitt (2003) study, where the AB was arguably ar·gu·a·ble
1. Open to argument: an arguable question, still unresolved.
2. That can be argued plausibly; defensible in argument: three arguable points of law. the most influential among the actuarial journals. Apart from IME, the most notable finding with this study as compared to the previous Colquitt (2003) study is the relative impact of the NAAJ. Its regular position as a top three actuarial journal is impressive, considering it was first published in 1997. As is the case with RMIR, the relative newness of the NAAJ likely will result in its overall ranking increasing in future studies.
The most frequently cited JRI articles, the most frequently cited articles from each risk journal, and the most frequently cited articles from the actuarial group were reported. There is very little overlap between the most frequently cited JRI articles in this study and those of the previous Colquitt (2003) study, with only one article appearing on both lists. This is in contrast to the overlap of the most frequently cited JRI articles from the first two Colquitt studies (1997, 2003), where five articles were common to both. This may suggest a shift in the focus of the JRI during the years of the most recent sample (2001 through 2005). Two articles share the position as the most frequently cited JRI article, each with 16 citations: Grosen and Jorgensen's 1997 article, "Valuation of Early Excercisable Interest Rate Guarantees" and Boyle and Schwartz's 1977 article, "Equilibrium Prices of Guarantees Under Equity-Linked Contracts: Two Approaches." The most frequently cited article from the risk and insurance group is Tversky and Kahneman's 1992 JRU article, "Advances in Prospect Theory: Cumulative Representation of Uncertainty."
The most frequently cited articles found in any of the actuarial group journals are Gerber and Shiu's 1998 NAAJ article, "On the Time Value of Ruin" (47 citations); Dhaene et al.'s 2002 IME article, "The Concept of Comonotonicity in Actuarial Science and Finance: Theory" (29 citations); and Wilkie's 1995 BAJ article, "More on a Stochastic By guesswork; by chance; using or containing random values.
stochastic - probabilistic Asset Model for Actuarial Use" (28 citations). The influence of the Dhaene et al. article is particularly impressive, given that it was published in 2002, 2 years into the sample period (meaning that it was a citable article in only 3 of the 5 years of data collection). Six of the top 11 most frequently cited articles published in the journals that make up the actuarial group are from IME, highlighting again the high regard in which the actuarial community holds the research published in IME. Of the remaining five articles on the list, three of them are from the AB, reinforcing re·in·force also re-en·force or re·en·force
tr.v. re·in·forced, re·in·forc·ing, re·in·forc·es
1. To give more force or effectiveness to; strengthen: The news reinforced her hopes. previous findings that it is one of the most influential actuarial journals as well.
DOI (Digital Object Identifier) A method of applying a persistent name to documents, publications and other resources on the Internet rather than using a URL, which can change over time. : 10.1111/j.1539-6975.2009.01331.x
Journals Included in the Study
Risk and Insurance Journals Benefits Quarterly (BQ)
Geneva Papers on Risk and Insurance Issues and Practice (GPIP)
Journal of Financial Services Professionals (JFSP)
Journal of Insurance Regulation (JIR)
Journal of Risk and Uncertainty (JRU)
Astin Bulletin (AB) Insurance: Mathematics and Economics (IME) North American Actuarial Journal (NAAJ)
Scandinavian Actuarial Journal (SAJ)
Financial Analysts Journal Financial Review Journal of Business Journal of Finance Journal of Financial Economics Journal of Financial Services Research Journal of International Money and Finance Journal of Portfolio Management
CPCU Journal (CPCU)
Geneva Papers on Risk and Insurance Theory (GPT) Journal of Insurance Issues (JII)
Journal of Risk and Insurance (JRI)
Risk Management and Insurance Review (RMIR)
British Actuarial Journal (BAJ)
Journal of Actuarial Practice (JAP)
Proceedings of the Casualty Actuarial Society (PCAS)
Financial Management Journal of Banking and Finance Journal of Business Finance and Accounting Journal of Financial and Quantitative Analysis Quantitative Analysis
A security analysis that uses financial information derived from company annual reports and income statements to evaluate an investment decision.
Notes: Journal of Financial Research Journal of Futures Markets Journal of Money, Credit and Banking Review off Financial Studies
Alexander, J. C., Jr., and R. H. Mabry, 1994, Relative Significance of Journals, Authors, and Articles Cited in Financial Research, Journal of Finance, 49: 697-712.
Baur, M. N., T. L. Zivney, and G. J. Wells, 1996, The Academic Communitys Revealed Preferences Among Insurance Periodicals, Journal of Risk and Insurance, 63: 485-500.
Borokhovich, K. A., R. J. Bricker, and B. J. Simkins, 2000, An Analysis of Finance Journal Impact Factors, Journal of Finance, 55: 1457-1469.
Chung, K. H., R. A. K. Cox, and J. B. Mitchell, 2001, Citation Patterns in the Finance Literature, Financial Management, 30: 99-118.
Colquitt, L. L., 1997, Relative Significance of Insurance and Actuarial Journals and Articles: A Citation Analysis, Journal of Risk and Insurance, 64: 505-527.
Colquitt, L. L., 2003, An Analysis of Risk, Insurance, and Actuarial Research: Citations from 1996-2000, Journal of Risk and Insurance, 70: 315-338.
Ferguson, T. D., M. S. Dorfman, and W. L. Ferguson, 2005, Risk Management and Insurance-Related Journals: A Survey of Risk and Insurance Academics, Risk Management and Insurance Review, 8: 65-101.
Hollman, K. W., and E. J. N. Zietz, 1998, A Citational Analysis of Journal of Insurance Issues Articles, Journal of Insurance Issues, 21: 35-45.
Mabry, R. H., and A. D. Sharplin, 1985, The Relative Importance of Journals Used in Finance Research, Journal of Financial Research, 8: 287-296.
McNamara, M. J., and P. T. Kolbe, 1996, The Rankings of Risk Management and Insurance Journals and Tenure and Promotion Requirements at Business Schools, Journal of Insurance Issues, 19: 183-191.
McNulty, J. E., and J. Boekeloo, 1999, Two Approaches to Measuring Journal Quality: Application to Finance Journals, Journal of Economics and Finance, 23: 30-38.
Oltheten, E., V. Theoharakis, and N. G. Travlos, 2005, Faculty Perceptions and Readership Patterns of Finance Journals: A Global View, Journal of Financial and Quantitative Analysis, 40: 223-239.
Outreville, J. F., and J. L. Malouin, 1985, What Are the Major Journals That Members of ARIA Read? Journal of Risk and Insurance, 52: 723-733.
Pinkowitz, L., 2002, Research Dissemination dissemination Medtalk The spread of a pernicious process–eg, CA, acute infection Oncology Metastasis, see there and Impact: Evidence from Web Site downloads, Journal of Finance, 57(1): 485-499.
Zivney, T. L., and W. Reichenstein, 1994, The Pecking Order pecking order
Basic pattern of social organization within a flock of poultry in which each bird pecks another lower in the scale without fear of retaliation and submits to pecking by one of higher rank. For groups of mammals (e.g. in Finance Journals, Financial Practice and Education, Fall/Winter: 77-87.
(1) Ferguson, Dorfman, and Ferguson (2005) provide a detailed discussion of the strengths and limitations of the SSCI with respect to risk and insurance research in particular, as well as citation studies in general.
(2) The normalization In relational database management, a process that breaks down data into record groups for efficient processing. There are six stages. By the third stage (third normal form), data are identified only by the key field in their record. process is designed to control for variation in the total number of citations that appear in each journal by providing a measure of relative frequency with which journals cite each other. For Table 2, we multiply each number in the body of Table 1 by the fraction 1,000/(Overall Total), where Overall Total can be found in the far right column of Table 1. This yields the number of citations from Journal X (left column) to Journal Y (top row) per 1,000 total cites appearing in Journal X.
(3) The self-citation rates and indices were calculated as in the previous two Colquitt studies (1997, 2003). The self-citation rate is the number of self-citations from a journal divided by the total number of citations found in that journal. The self-citation index is the self-citation rate x 100/normalized average citation rate excluding self-citations (per thousand citations).
(4) It should be emphasized em·pha·size
tr.v. em·pha·sized, em·pha·siz·ing, em·pha·siz·es
To give emphasis to; stress.
Adj. 1. again that this study is only looking at citations from the 17 sample risk journals and a collection of other finance journals. The JRU, in particular, receives a large number of citations from journals outside the insurance and actuarial fields. For example, according to according to
1. As stated or indicated by; on the authority of: according to historians.
2. In keeping with: according to instructions.
3. the ISI ISI International Sensitivity Index, see there Web of Knowledge Journal Citation Reports Journal Citation Reports (JCR) is an annual publication by the Institute of Scientific Information, a division of Thomson Scientific. It provides information about academic journals in the sciences and social sciences. website, the five journals that cited the JRU most frequently in 2004, aside from the JRU itself, were Organizational Behavior and Human Decision Processes, Journal of Economic Psychology, Journal of Transport Economics and Policy, Vanderbilt Law Review The Vanderbilt Law Review is Vanderbilt University Law School's flagship academic journal. The law review is published six times per year.  The Vanderbilt Law Review is ranked tenth among general-topic law reviews, based upon the number of times its articles are , and Journal of Mathematical Psychology. Since the aim of this study is to focus on citations from the journals most relevant to insurance and actuarial research, citations from journals in fields other than insurance, actuarial science, or finance are not included.
(5) The IIF equals citations to a journal's articles published in a certain period divided by the number of citable articles during the same period. The period used for all of the journals was 1996 through 2005. The AIIF is the IIF calculated excluding self-citations.
(6) At the suggestion of a referee A judicial officer who presides over civil hearings but usually does not have the authority or power to render judgment.
Referees are usually appointed by a judge in the district in which the judge presides. , we also calculated the IIF using the period of 2001-2005. Results were not dramatically different from those reported in Table 4. For the risk and insurance journals, rankings 1-3 and 8-10 remain unchanged. In the middle range, the GPT and GPIP move down from numbers 4 and 6 to 6 and 7, respectively.
(7) At the suggestion of an anonymous Nameless. See anonymous post and anonymous Web surfing. referee, we also looked at the median number of citations per article for all sample journals. Every journal in the sample has a median number of citations per article of either zero or one. For the risk and insurance journals, the JRI and the JRU have median citations per article of one, while the others all have medians of zero. All the actuarial journals have median citations per article of one except for the JAP and the PCAS, which have medians of zero.
(8) No articles published in the JRI during the years 2004 and 2005 were cited by the sample journals more than twice.
(9) The most frequently cited articles from BQ, the CPCU, the JFSP, and the JII were not included because in each case there were multiple articles with either two or three citations.
(10) A listing of the most frequently cited articles published in any of the risk and insurance articles is not provided because it would so closely resemble Table 9, with the only difference being the inclusion of three articles from the JRU; Tversky and Kahneman's 1992 article "Advances in Prospect Theory: Cumulative Representation of Uncertainty" (49 citations), Viscusi and Aldy's 2003 article, "The Value of a Statistical Life: A Critical View of Market Estimates Throughout the World" (13 citations), and Wakker and Tversky's 1993 article, "An Axiomatization of Cumulative Prospect Theory Cumulative Prospect Theory is a model for descriptive decisions under risk which has been introduced by Amos Tversky and Daniel Kahneman in 1992 (Tversky, Kahneman, 1992). It is a further development and variant of prospect theory. " (10 citations).
L. Lee Colquitt is in the Department of Finance, Auburn University Auburn University, main campus at Auburn, Ala.; land-grant and state supported; opened 1859 as East Alabama Male College, reorganized 1872 as the Agricultural and Mechanical College of Alabama; became coeducational 1892; renamed Alabama Polytechnic Institute 1899, . David W. Sommer Sommer is a surname, from the German and Danish word for the season "summer".
It may refer to:
William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack L. Ferguson is in the B. I. Moody mood·y
1. Given to frequent changes of mood; temperamental.
2. Subject to periods of depression; sulky.
3. Expressive of a mood, especially a sullen or gloomy mood. College of Business, University of Louisiana At present, no single institution exists with the specific, official name of the University of Louisiana. Historical and modern references
1 City (1990 pop. 33,830), Lee co., E Ala.; inc. 1839. The city's economy centers around Auburn Univ.; there is some manufacturing.
2 City (1990 pop. 24,309), seat of Androscoggin co. .edu See .edu.
(networking) edu - ("education") The top-level domain for educational establishments in the USA (and some other countries). E.g. "mit.edu". The UK equivalent is "ac.uk". , email@example.com, and ferguson@louisiana Louisiana (ləwē'zēăn`ə, lē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. .edu.
TABLE 1 Journal Citation Patterns Citations to the Sample Risk, Insurance, and Actuarial Journals Citations From AB BAJ BQ CPCU GPIP GPT AB 220 25 0 0 2 1 BAJ 38 294 0 0 0 0 BQ 0 0 30 0 0 0 CPCU 0 0 0 45 5 0 GPIP 2 4 0 3 115 15 GPT 3 0 0 0 1 31 IME 290 61 0 0 0 16 JAP 31 19 0 0 0 0 JFSP 0 0 6 0 0 0 JII 2 0 2 0 2 0 JIR 0 3 0 13 8 0 JRI 26 10 3 2 13 35 JRU 0 0 0 0 2 10 NAAJ 117 61 3 0 1 4 PCAS 18 14 0 3 0 2 RMIR 2 0 2 1 12 5 SAJ 123 34 0 0 0 8 FIN 3 3 1 4 4 8 Total 875 528 47 71 165 135 Self-citation 0.1029 0.1373 0.0245 0.0357 0.0260 0.0315 rate Citations to the Sample Risk, Insurance, and Actuarial Journals Citations From IME JAP JFSP JII JIR JRI AB 150 2 0 0 0 24 BAJ 67 4 0 0 0 7 BQ 0 0 1 0 0 6 CPCU 0 1 10 2 5 6 GPIP 2 0 0 1 16 46 GPT 10 0 0 0 1 24 IME 815 12 0 1 2 70 JAP 51 12 0 0 1 15 JFSP 0 0 51 3 5 6 JII 7 0 1 20 13 109 JIR 2 0 1 4 98 134 JRI 75 5 5 13 46 407 JRU 0 0 0 1 1 19 NAAJ 249 2 1 1 3 69 PCAS 8 0 0 2 10 23 RMIR 4 0 3 4 11 136 SAJ 221 3 0 0 0 14 FIN 8 0 2 4 10 107 Total 1,669 41 75 56 222 1,222 Self-citation 0.1378 0.0179 0.0526 0.0182 0.0584 0.0978 rate Citations to the Sample Risk, Insurance, and Actuarial Journals Citations From JRU NAAJ PCAS RMIR SAJ AB 0 48 20 0 72 BAJ 3 25 8 0 15 BQ 1 5 0 0 0 CPCU 0 0 0 2 0 GPIP 17 5 0 1 1 GPT 33 1 2 0 5 IME 3 164 10 1 204 JAP 0 18 8 0 15 JFSP 2 0 0 1 0 JII 4 3 2 2 0 JIR 5 0 3 6 0 JRI 52 28 5 10 22 JRU 448 0 0 0 2 NAAJ 1 269 33 1 77 PCAS 0 4 86 0 7 RMIR 16 11 1 17 4 SAJ 0 49 7 0 162 FIN 46 4 0 1 0 Total 631 634 185 42 586 Self-citation 0.1061 0.0653 0.1807 0.0126 0.0840 rate Total Outside Citations the Sample Overall From Journals Total AB 1,573 2,137 BAJ 1,681 2,142 BQ 1,183 1,226 CPCU 1,184 1,260 GPIP 4,203 4,431 GPT 872 983 IME 4,266 5,915 JAP 502 672 JFSP 895 969 JII 933 1,100 JIR 1,402 1,679 JRI 3,405 4,162 JRU 3,738 4,221 NAAJ 3,228 4,120 PCAS 299 476 RMIR 1,117 1,346 SAJ 1,308 1,929 FIN Total Self-citation rate Notes: AB = Astin Bulletin; BAJ = British Actuarial Journal; BQ = Benefits Quarterly; CPCU = CPCU Journal; FIN = sample finance journals; GPIP = Geneva Papers on Risk and Insurance Issues and Practice; GPT = Geneva Papers on Risk and Insurance Theory; IME = Insurance: Mathematics and Economics; JAP = Journal of Actuarial Practice; JFSP = Journal of Financial Services Professionals; JII = Journal of Insurance Issues; JIR = Journal of Insurance Regulation; JRI = Journal of Risk and Insurance; JRU = Journal of Risk and Uncertainty; NAAJ = North American Actuarial Journal; PCAS = Proceedings of the Casualty Actuarial Society; RMIR = Risk Management and Insurance Review; SAJ = Scandinavian Actuarial Journal; Total Outside the Sample Journals = the number of citations in the journal that are to articles not published in one of the 17 sample risk, insurance, or actuarial journals; self-citation rate = the percentage of a journal's = citations attributable to its own articles. Citations to the Geneva Papers prior to 1990 (the year that the Geneva Papers were split into two journals, the GPIP and the GPT) are attributed to the GPIP and the GPT in the proportion that the GPIP and the GPT received their own citations from that journal during 1990 and beyond. TABLE 2 Normalized Journal Citations Normalized Citations (per Thousand) to the Sample Risk, Insurance and Actuarial Journals Citations From AB BAJ BQ CPCU GPIP GPT JAP AB 103 12 0 0 1 0 70 BAJ 18 138 0 0 0 0 32 BQ 0 0 24 0 0 0 0 CPCU 0 0 0 36 4 0 0 GPIP 0 1 0 1 26 3 0 GPT 3 0 0 0 1 32 10 IME 49 10 0 0 0 3 138 JAP 46 28 0 0 0 0 76 JFSP 0 0 6 0 0 0 0 JII 2 0 2 0 2 0 6 JIR 0 2 0 8 5 0 1 JRI 6 2 1 0 3 8 18 JRU 0 0 0 0 0 2 0 NAAJ 28 15 1 0 0 1 60 PCAS 38 29 0 6 0 4 17 RMIR 1 0 1 1 9 4 3 SAJ 64 18 0 0 0 4 115 Avg. over 21.06 15.00 2.06 3.06 3.00 3.59 32.12 journals Avg. with no 15.94 7.31 0.69 1.00 1.56 1.81 25.50 self-citations Self-citation 0.65 1.88 3.55 3.57 1.67 1.74 0.54 index Normalized Citations (per Thousand) to the Sample Risk, Insurance and Actuarial Journals Citations From JFSP JII JIR JRI JRU NAAJ AB 1 0 0 0 11 0 22 BAJ 2 0 0 0 3 1 12 BQ 0 1 0 0 S 1 4 CPCU 1 8 2 4 5 0 0 GPIP 0 0 0 4 10 4 1 GPT 0 0 0 1 24 34 1 IME 2 0 0 0 12 1 28 JAP 18 0 0 1 22 0 27 JFSP 0 53 3 5 6 2 0 JII 0 1 18 12 99 4 3 JIR 0 1 2 58 80 3 0 JRI 1 1 3 11 98 12 7 JRU 0 0 0 0 5 106 0 NAAJ 0 0 0 1 17 0 65 PCAS 0 0 4 21 48 0 8 RMIR 0 2 3 8 101 12 8 SAJ 2 0 0 0 7 0 25 Avg. over 1.59 3.94 2.06 7.41 32.53 10.59 12.41 journals Avg. with no 0.56 0.88 1.06 4.25 28.44 4.63 9.13 self-citations Self-citation 3.20 5.97 1.72 1.37 0.34 2.29 0.72 index Normalized Citations (per Thousand) to the Sample Risk, Insurance and Actuarial Journals Total Outside Citations the Sample Overall From PCAS RMIR SAJ Journals Total AB 9 0 34 736 1,000 BAJ 4 0 7 783 1,000 BQ 0 0 0 965 1,000 CPCU 0 2 0 940 1,000 GPIP 0 0 0 949 1,000 GPT 2 0 5 887 1,000 IME 2 0 34 721 1,000 JAP 12 0 22 747 1,000 JFSP 0 1 0 924 1,000 JII 2 2 0 848 1,000 JIR 2 4 0 835 1,000 JRI 1 2 5 818 1,000 JRU 0 0 0 886 1,000 NAAJ 8 0 19 783 1,000 PCAS 181 0 15 628 1,000 RMIR 1 13 3 830 1,000 SAJ 4 0 84 678 1,000 Avg. over 13.41 1.41 13.41 journals Avg. with no 2.94 0.69 9.00 self-citations Self-citation 6.15 1.83 0.93 index Notes: AB = Astin Bulletin; BAJ = British Actuarial Journal; BQ = Benefits Quarterly; CPCU = CPCU Journal; GPIP = Geneva Papers on Risk and Insurance Issues and Practice; GPT = Geneva Papers on Risk and Insurance Theory; IME = Insurance: Mathematics and Economics; JAP = Journal of Actuarial Practice; JFSP = Journal of Financial Services Professionals; JII = Journal of Insurance Issues; JIR = Journal of Insurance Regulation; JRI = Journal of Risk and Insurance; JRU = Journal of Risk and Uncertainty; NAAJ = North American Actuarial Journal; PCAS = Proceedings of the Casualty Actuarial Society; RMIR = Risk Management and Insurance Review; SAJ = Scandinavian Actuarial Journal; Total Outside the Sample Journals = the number of citations in the journal that are to articles not published in one of the 17 sample risk, insurance, or actuarial journals; self-citation index = the self-citation rate x 100-normalized average citation rate excluding self-citations (per thousand citations). Totals may not add due to rounding. TABLE 3 Journals Ranked by Total Number of Citations by the Sample Journals During the Years 2001 through 2005 Total Self- Rank Risk and Insurance Journals Citations Citations 1 Journal of Risk and Insurance 1222 407 2 Journal of Risk and Uncertainty 631 448 3 Journal of Insurance Regulation 222 98 4 Geneva Papers on Risk and Insurance 165 115 Issues and Practice 5 Geneva Papers on Risk and Insurance 135 31 Theory 6 Journal of Financial Services 75 51 Professionals 7 CPCU Journal 71 45 8 Journal of Insurance Issues 56 20 9 Benefits Quarterly 47 30 10 Risk Management and Insurance Review 42 17 Total Self- Rank Actuarial Journals Citations Citations 1 Insurance: Mathematics and Economics 1669 815 2 Astin Bulletin 875 220 3 North American Actuarial Journal 634 269 4 Scandinavian Actuarial Journal 586 162 5 British Actuarial Journal 528 294 6 Proceedings of the Casualty Actuarial 185 86 Society 7 Journal of Actuarial Practice 41 12 Non-Self- Adj Rank Risk and Insurance Journals Citations Rank (a) 1 Journal of Risk and Insurance 815 1 2 Journal of Risk and Uncertainty 183 2 3 Journal of Insurance Regulation 124 3 4 Geneva Papers on Risk and Insurance 50 5 Issues and Practice 5 Geneva Papers on Risk and Insurance 104 4 Theory 6 Journal of Financial Services 24 9 Professionals 7 CPCU Journal 26 7 8 Journal of Insurance Issues 36 6 9 Benefits Quarterly 17 10 10 Risk Management and Insurance Review 25 8 Non-Self- Adj Rank Actuarial Journals Citations Rank (a) 1 Insurance: Mathematics and Economics 854 1 2 Astin Bulletin 655 2 3 North American Actuarial Journal 365 4 4 Scandinavian Actuarial Journal 424 3 5 British Actuarial Journal 234 5 6 Proceedings of the Casualty Actuarial 99 6 Society 7 Journal of Actuarial Practice 29 7 (a) Ranking based upon total number of non-self-citations. The rankings do not control for journal age, putting younger journals at a disadvantage. For example, about 45 percent of the total citations in the study are to articles published prior to 1997, when RMIR and the NAAJ did not even exist. TABLE 4 Relative Impact of Risk, Insurance, and Actuarial Journals (Insurance Impact Factor-Period 1996-2005) All Citations Insurance Impact Risk and Insurance Journals Factor Rank Journal of Risk and Insurance 1.9564 1 Journal of Risk and Uncertainty 1.1328 2 Journal of Insurance Regulation 0.7914 3 Geneva Papers on Risk and Insurance 0.6250 4 Theory Journal of Insurance Issues 0..5111 5 Geneva Papers on Risk and Insurance 0.3243 6 Issues and Practice Risk Management and Insurance Review 0.3118 7 CPCU Journal 0.2463 8 Journal of Financial Services Professionals 0.1779 9 Benefits Quarterly 0.1288 10 All Citations Insurance Impact Actuarial Journals Factor Rank Insurance: Mathematics and Economics 2.6102 1 North American Actuarial Journal 2.3643 2 Astin Bulletin 2.0526 3 Scandinavian Actuarial Journal 1.6275 4 British Actuarial Journal 1.1107 5 Proceedings of the Casualty Actuarial 0.8351 6 Society Journal of Actuarial Practice 0.3864 7 No Self-Citations Adj Insurance Adj Risk and Insurance Journals Impact Factor Rank Journal of Risk and Insurance 1.4116 1 Journal of Risk and Uncertainty 0.3173 5 Journal of Insurance Regulation 0.3554 3 Geneva Papers on Risk and Insurance 0.4423 2 Theory Journal of Insurance Issues 0.3333 4 Geneva Papers on Risk and Insurance 0.0885 7 Issues and Practice Risk Management and Insurance Review 0.1514 6 CPCU Journal 0.0844 8 Journal of Financial Services Professionals 0.0460 9 Benefits Quarterly 0.0397 10 No Self-Citations Adj Insurance Adj Actuarial Journals Impact Factor Rank Insurance: Mathematics and Economics 1.5790 1 North American Actuarial Journal 1.3643 3 Astin Bulletin 1.5052 2 Scandinavian Actuarial Journal 1.1373 4 British Actuarial Journal 0.3852 6 Proceedings of the Casualty Actuarial 0.4639 5 Society Journal of Actuarial Practice 0.2614 7 Notes: Impact Factor = citations to a journal's = articles published in a certain period divided by the number of citable articles published during the same period; Adj Insurance Impact Factor = the insurance impact factor calculated using only the non-self-citations. The period used is 1996 through 2005. TABLE 5 Risk and Insurance Journal Ranking Comparisons Over Time Total Total Citations Non-Self-Citations Journal/ Study 1997 2003 Current 1997 2003 Current JRI 1 1 1 1 1 1 JRU 2 2 2 5 3 2 JIR 4 3 3 4 2 3 GPIP (a) 3 4 4 3 6 5 GPT (a) 3 6 5 3 4 4 JFSP 6 7 6 7 8 9 CPCU 5 5 7 2 5 7 JII 7 8 8 6 7 6 BQ 8 9 9 8 9 10 RMIR (b) n/a 10 10 n/a 10 8 Insurance Impact Adjusted Insurance Factor Impact Factor Journal/ Study 1997 2003 Current 1997 2003 Current JRI 2 1 1 1 1 1 JRU 1 2 2 2 4 5 JIR 4 4 3 3 3 3 GPIP (a) 3 8 6 5 8 7 GPT (a) 3 3 4 5 2 2 JFSP 7 9 9 7 9 9 CPCU 6 6 8 4 7 8 JII 5 5 5 6 5 4 BQ 8 10 10 8 10 10 RMIR (b) n/a 7 7 n/a 6 6 Notes: BQ = Benefits Quarterly; CPCU = Chartered Property Casualty Underwriter; GPIP = Geneva Papers on Risk and Insurance Issues and Practice; GPT = Geneva Papers on Risk and Insurance Theory; JFSP = Journal of Financial Services Professionals; JII = Journal of Insurance Issues; JIR = Journal of Insurance Regulation; JRI = Journal of Risk and Insurance; JRU = Journal of Risk and Uncertainty; RMIR = Risk Management and Insurance Review. (a) In the Colquitt (1997) study, the GPIP and the GPT were one journal. (b) RMIR was established in 1997. TABLE 6 Actuarial Journal Ranking Comparisons Over Time Total Insurance Impact Total Citations Non-Self-Citations Journal/ Study 1997 2003 Current 1997 2003 Current IME 2 1 1 3 2 1 AB 1 2 2 1 1 2 NAAJ (a) n/a 5 3 n/a 5 4 SAJ 3 3 4 2 3 3 BAJ 4 4 5 4 4 5 PCAS (b) n/a n/a 6 n/a n/a 6 JAP (c) n/a 6 7 n/a 6 7 Adjusted Insurance Factor Impact Factor Journal/ Study 1997 2003 Current 1997 2003 Current IME 4 2 1 3 4 1 AB 1 1 3 1 1 2 NAAJ (a) n/a 5 2 n/a 3 3 SAJ 2 3 4 2 2 4 BAJ 3 4 5 4 5 6 PCAS (b) n/a n/a 6 n/a n/a 5 JAP (c) n/a 6 7 n/a 6 7 Notes: AB = Astin Bulletin; BAJ = British Actuarial Journal; IME = Insurance: Mathematics and Economics; JAP = Journal of Actuarial Practice; NAAJ = North American Actuarial Journal; PCAS = Proceedings of the Casualty Actuarial Society; SAJ = Scandinavian Actuarial Journal. (a) The NAAJ was established in 1997 and, therefore, was not included in the first Colquitt (1997) study. (b) The PCAS was not included in the previous two Colquitt (1997, 2003) studies. (C) The JAP was not included in the first Colquitt (1997) study. TABLE 7 The Journal of Risk and Insurance Articles Published During Each Year, 1990 Through 2003, Which Are the Most Frequently Cited by the Sample Journals During the Years 2001 Through 2005 Year Author(s) Pages Title Citations 2003 Bacinello 461-487 Fair valuation of a 4 guaranteed life insurance participating contract embedding a surrender option 2002 Grosen and 63-91 Life insurance 8 Jorgensen liabilities at market value: An analysis of insolvency risk, bonus policy, and regulatory intervention rules in a barrier option framework 2001 Myers and Read 545-580 Capital allocation for 8 insurance companies 2000 Wang 15-36 A class of distortion 12 operators for pricing financial and insurance risks 1999 Cummins, Grace, 417-458 Regulatory solvency 14 and Phillips prediction in property-liability insurance: Risk-based capital, audit ratios, and cash flow simulation 1998 Brockett, Xia, 245-274 Using Kohonen's 10 and Derrig self-organizing feature map to uncover automobile bodily injury claims fraud Phillips, 597-36 Financial pricing of 10 Cummins, insurance in the and Allen multiple-line insurance company 1997 Grosen and 481-503 Valuation of early 16 Jorgensen exercisable interest rate guarantees 1996 Frees, 229-261 Annuity valuation with 10 Carriere, dependent mortality and Valdez 1995 Derrig and 447-482 Fuzzy techniques of 9 Ostaszewski pattern recognition in risk and claim classification 1994 Mayers and 638-55 Managerial discretion, 13 Smith regulation, and stock insurer ownership structure 1993 Browne and 616-34 An international 9 Kim (a) analysis of life insurance demand 1992 McNamara and 221-238 Ownership structure and 7 Rhee performance: The demutualization of life insurers 1991 Cummins 261-302 Statistical and 8 financial models of insurance pricing and the insurance firm 1990 Truett and 321-328 The demand for life 6 Truett insurance in Mexico and the United States: A comparative study Outreville 487-498 The economic 6 significance of insurance markets in developing countries Note: No article published in the JRI during the years 2004 or 2005 was cited more than twice. (a) This article also was among the most cited in the previous study conducted using citations from the sample journals during the years 1996-2000. TABLE 8 The Journal of Risk and Insurance Articles Most Frequently Cited by the Sample Journals During the Years 2001 Through 2005, Regardless of the Year Published Year/ Rank Author(s) Volume Pages T1 (a) Grosen and 1997/64 481-503 Jorgensen T1 Boyle and Schwartz 1977/44 639-680 3 Jaffee and Russell 1997/64 205-230 T4 Briys and de 1997/64 673-694 Varenne T4 Mayers and Smithb 1994/61 638-655 T6 Wang 2000/67 15-36 T6 Santomero and 1997/64 231-270 Babbel T8 Brockett, Xia, and 1998/65 245-274 Derrig T8 Phillips, Cummins, 1998/65 597-636 and Allen T8 Persson and Aase 1997/64 599-617 T8 Frees, Carriere, and 1996/63 229-261 Valdez T12 Seven others papers Rank Title Citations T1 (a) Valuation of early exercisable 16 interest rate guarantees T1 Equilibrium prices of 16 guarantees under equity-linked contracts: Two approaches 3 Catastrophe insurance, 14 capital markets, and uninsurable risks T4 On the risk of insurance 13 liabilities: Debunking some common pitfalls T4 Managerial discretion, 13 regulation, and stock insurer ownership structure T6 A class of distortion operators 12 for pricing financial and insurance risks T6 Financial risk management by 12 insurers: An analysis of the process T8 Using Kohonen's 10 self-organizing feature map to uncover automobile bodily injury claims fraud T8 Financial pricing of insurance 10 in the multiple-line insurance company T8 Valuation of the minimum 10 guaranteed return embedded in life insurance products T8 Annuity valuation with 10 dependent mortality T12 9 (a) T represents a tie for this rank. (b) This article also was among the most cited in the previous study conducted using citations from the sample journals during the years 1996-2000. TABLE 9 The Article From Each Risk and Insurance and Actuarial Journal That Is the Most Frequently Cited by the Sample Journals During the Years 2001 Through 2005 Year/ Journal Author(s) Pages Astin Bzdletin Wang 1996/ 71-92 British Actuarial Wilkie 1995/ Journal (a) 777-964 Geneva Papers on Risk Belhadji, Dionne, 2000/ and Insurance Issues and Tarkhani 517-539 and Practice Geneva Papers on Risk Jensen, Jorgensen, 2001/ and Insurance and Grosen 57-84 Theory Insurance: Dhaene, Denuit, 2002/ Mathematics and Goovaerts, Kaas, 3-33 Economics and Vyncke Journal of Actuarial Chang 2000/ Practice 5-42 Journal Insurance Weisberg and 1991/ Regulation Derrig 497-541 Journal of Risk and Grosen and 1997/ Insurance Jorgensen 481-503 Boyle and Schwartz 1977/ 639-680 Journal Risk and Tversky and 1992/ Uncertainty (a) Kahneman 297-323 North American Gerber and Shiu 1998/ Actuarial Journal (a) 48-72 Proceedings of the Wang 1998/ Casualty Actuarial 848-939 Society Risk Management and Colquitt, Hoyt, 1999/ Insurance Review and Lee 43-61 Scandinavian Aase and Persson Actuarial Journal 26-52 Journal Title Citations Astin Bzdletin Premium calculation by 26 transforming the layer premium density British Actuarial More on a stochastic asset 28 Journal (a) model for actuarial use Geneva Papers on Risk A model for the detection of 4 and Insurance Issues insurance fraud and Practice Geneva Papers on Risk A finite difference approach 8 and Insurance to the valuation of Theory path-dependent life insurance liabilities Insurance: The concept of 29 Mathematics and comonotonicity in Economics actuarial science and finance: Theory Journal of Actuarial Realistic pension funding: A 6 Practice stochastic approach Journal Insurance Fraud and automobile 9 Regulation insurance: A report on the baseline study of bodily injury claims in Massachusetts Journal of Risk and Valuation of early 16 Insurance exercisable interest rate guarantees Equilibrium prices of 16 guarantees under equity-linked contracts: Two approaches Journal Risk and Advances in prospect 49 Uncertainty (a) theory: Cumulative representation of uncertainty North American On the time value of ruin 47 Actuarial Journal (a) Proceedings of the Aggregation of correlated 10 Casualty Actuarial risk portfolios: Models Society and algorithms Risk Management and Integrated risk management Insurance Review and the role of the risk manager Scandinavian Pricing of unit-linked life 16 Actuarial Journal insurance policies Note: The most frequently cited article from BQ, the CPCU, the JFSP, and the JII are not listed because there were multiple articles among these that received no more than three citations each. (a) These articles also were among the most cited in the previous study conducted using citations from the sample journals during the years 1996-2000. TABLE 10 The Most Frequently Cited Articles Published in Any of the Actuarial Journals Journal/ Rank Author(s) Year Pages 1 Gerber and Shiu NAAJ/98 48-72 2 Dhaene, Denuit, IME/02 3-33 Goovaerts, Kaas, and Vyncke 3 Wilkie BAJ/95 777-964 4 Wang AB/96 71-92 T5 Dhaene, Denuit, IME/02 133-161 Goovaerts, Kaas, and Vyncke T5 Gerber, Goovaerts, AB/87 151-162 and Kaas T7 Dickson and Hipp IME/01 333-344 T7 Wang, Young, and IME/97 173-183 Panjer T7 Gerber and Shiu IME/97 129-137 T7 Panjer (a) AB/81 22-26 11 Grosen and IME/O0 37-57 Jorgensen Rank Title Citations 1 On the time value of ruin 47 2 The concept of comonotonicity in 29 actuarial science and finance: Theory 3 More on a stochastic asset model 28 for actuarial use 4 Premium calculation by 26 transforming the layer premium density T5 The concept of comonotonicity in 24 actuarial science and finance: Applications T5 On the probability and severity of 24 ruin T7 On the time to ruin for Erlang (2) 23 risk processes T7 Axiomatic characterization of 23 insurance prices T7 The joint distribution of the time 23 of ruin, the surplus immediately before ruin, and the deficit at ruin T7 Recursive evaluation of a family of 23 compound distribution 11 Fair valuation of life insurance 22 liabilities: The impact of interest rate guarantees, surrender options, and bonus policies Notes: AB = Astin Bulletin; BAJ = British Actuarial Journal; IME = Insurance: Mathematics and Economics; NAAJ = North American Actuarial Journal. (a) This article also was among the most cited in the previous study conducted using citations from the sample journals during the years 2001-2005.