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A citation analysis of risk, insurance, and actuarial research: 2001 through 2005.

ABSTRACT

The bibliographies of 17 risk journals were evaluated to determine the relative influence of these risk journals on risk, insurance, and actuarial 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.

INTRODUCTION

Given the central importance of scholarly journals to the growth, development, and legitimacy 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, promotion, or merit pay 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, Dorfman, and Ferguson (2005) provide greater detail and discussion of issues such as these, as well as other theoretical and practical problems in determining scholarly journal quality.

Considering such potential import to numerous stakeholders, 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 and Boekeloo, 1999; Borokhovich, Bricker, and Simkins, 2000; Chung, Cox, and Mitchell, 2001; Pinkowitz, 2002; Oltheten, Theoharakis, and Travlos, 2005). A number of journal quality studies have also been performed in the insurance field. Outreville and Malouin (1985) evaluate journal quality based on the opinions of American Risk and Insurance Association members. McNamara and Kolbe (1996) base their study on a survey of business school deans. Baur, Zivney, and Wells (1996) analyze journal subscription practices at universities. Hollman and Zietz (1998) analyze citations appearing in the Journal of Insurance Issues (JII). Ferguson, Dorfman, and Ferguson (2005) survey risk and insurance academics to assess journal quality categorized 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 is common in other disciplines and generally considered to be the most comprehensive method of evaluating the quality of academic journals (see footnote 1 of Colquitt, 2003), the Colquitt studies are the only extensive citation analyses in the insurance and actuarial fields. Presumably, a major reason for this is that many insurance and actuarial journals are not indexed by the Social Science Citation Index (SSCI), making data collection much more cumbersome. (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) and the North American Actuarial Journal (NAAJ) 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 (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, 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 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 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. 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 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.

Journal Results

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 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) 25 times, the Geneva Papers on Risk and Insurance Issues and Practice (GPIP) 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.

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), the Journal of Actuarial Practice (JAP), the JII, the Journal of Insurance Regulation (JIR), RMIR, and the Scandinavian Actuarial Journal (SAJ). Among these, the JII, the JIR, and RMIR all cited the Journal of Risk and Insurance (JRI) with the greatest frequency. Both the JAP and the SAJ cited Insurance: Mathematics and Economics (IME) with the greatest frequency, and GPT cited the Journal of Risk and Uncertainty (JRU) 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 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 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 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 Professionals (JFSP) (5.97); the research published in these journals is more narrowly focused on issues related to employee benefits, property-casualty insurance, and financial planning, 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 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 (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 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 places.

Perhaps the most remarkable finding regarding the actuarial journal ranking 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 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) and adjusted insurance impact factor (AIIF). (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 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.

Article Results

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 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, Derrig, Grosen, Jorgensen, and Phillips) 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 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 article, "Equilibrium Prices of Guarantees Under Equity-Linked Contracts: Two Approaches," which was tied for first as the most frequently cited JRI article during the 2001 to 2005 period. No author appears in this list more than once.

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.

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 and Shiu's 1998 NAAJ article, "On the Time Value of Ruin" is the most frequently cited actuarial article with 47 citations (18 more than the second most frequently cited actuarial article). IMP 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 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 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.

CONCLUSION

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 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 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 previous findings that it is one of the most influential actuarial journals as well.

DOI: 10.1111/j.1539-6975.2009.01331.x

APPENDIX

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)

Actuarial Journals

Astin Bulletin (AB) Insurance: Mathematics and Economics (IME) North American Actuarial Journal (NAAJ)

Scandinavian Actuarial Journal (SAJ)

Finance Journals

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 Journal of Financial Research Journal of Futures Markets Journal of Money, Credit and Banking Review off Financial Studies

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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 and Impact: Evidence from Web Site downloads, Journal of Finance, 57(1): 485-499.

Zivney, T. L., and W. Reichenstein, 1994, The Pecking Order 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 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 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 the ISI Web of Knowledge Journal Citation Reports 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, 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, 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 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" (10 citations).

L. Lee Colquitt is in the Department of Finance, Auburn University. David W. Sommer is in the Bill Greehey School of Business, St. Mary's University. William L. Ferguson is in the B. I. Moody College of Business, University of Louisiana. The authors can be contacted via e-mail: colquitt@business.auburn.edu, dsommer@stmarytx.edu, and ferguson@louisiana.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.
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Author:Colquitt, L. Lee; Sommer, David W.; Ferguson, William L.
Publication:Journal of Risk and Insurance
Geographic Code:1USA
Date:Dec 1, 2009
Words:11089
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