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An analysis of risk, insurance, and actuarial research: citations from 1996 to 2000.

ABSTRACT

This article evaluates the relative significance of research published in 16 risk, insurance, and actuarial journals by examining the frequency of citations in these risk, insurance, and actuarial journals and 16 of the leading finance journals during the years 1996 through 2000. First, the article provides the frequency with which each sample risk, insurance, and actuarial journal cites itself and the other sample journals so as to communicate the degree to which each journal's published research has had an influence on the other sample journals. Then the article divides the 16 journals into two groups: (1) the risk and insurance journal group, and (2) the actuarial journal group, and ranks them within their group based on their total number of citations, including and excluding self-citations. A ranking within each group is based on the journals' influence on a per article published basis. Finally, this study observes and reports on the most frequently cited articles from the sample risk, insurance, and act uarial journals.

INTRODUCTION

The importance of evaluating journal quality is noted in the finance literature (see Alexander and Mabry [1994], Zivney and Reichenstein [1994], McNulty and Boekeloo [1999], Borokhovich et al. [2000], and Chung et al. [2001]), In the risk, insurance, and actuarial literature, a number of studies have been conducted to provide information on the relative quality of journals and articles in this field, including Outreville and Malouin (1985, analysis of the opinions of American Risk and Insurance Association [ARIA] members), McNamara and Kolbe (1996, analysis of the opinions of business school deans), Baur et al. (1996, analysis of journal subscription practices of universities), and Hoilman and Zietz (1998, citation analysis of Journal of Insurance Issues articles). In 1997, the Journal of Risk and Insurance published an article titled "Relative Significance of Insurance and Actuarial Journals and Articles: A Citation Analysis" (Colquitt [1997]--also subsequently referred to in this article as "the previous st udy"). The purpose of the study was to determine the impact that various insurance and actuarial journals and articles have had on research in that field by examining citations to 13 insurance and actuarial journals found in 29 of the leading insurance, actuarial, and finance journals between 1991 and 1995. (1) According to Colquitt (1997), reasons for assessing journal quality include its significance to (1) those conducting risk, insurance, and actuarial research; (2) faculty and administrators who are charged with evaluating the work of those conducting this research; (3) the editors of the journals being evaluated; and (4) the institutions that are making purchasing decisions that involve the journals being evaluated.

There are two main reasons why an update of the Colquitt (1997) study would yield interesting and meaningful results. First, as of the close of 2000, there will be five in-ore recent years of articles to evaluate. As noted in Colquitt (1997, p. 509), an unavoidable time lag exists between the time period that is actually evaluated and the period of data collected. As a result (as shown in Table 1 of Colquitt [1997]), the citations found in journals from 1991 to 1995 give us information on the significance of research conducted in the late 1980s and early 1990s. A study using more recent data (citations from articles published between 1996 and 2000) would provide a more up-to-date evaluation of the journals being reviewed. Second, given that three new journals have been introduced in recent years (the Journal of Actuarial Practice, beginning in 1993, and the North American Actuarial Journal and Risk Management and Insurance Review, both beginning in 1997), a more recent study would allow us to see what initial impact these journals have had on risk, insurance, and actuarial research. (2)

RESEARCH METHODOLOGY AND DATA

The study is based on citations found in 32 sample journals (16 risk, insurance, and actuarial journals and 16 finance journals) only to articles published in the 16 risk, insurance, and actuarial journals (see the Appendix for a list of the sample journals). As a result, this study only assesses the significance of the research published in these 16 risk, insurance, and actuarial journals. The sample risk, insurance, and actuarial journals analyzed include the 13 journals found in Colquitt (1997) as well as the Journal of Actuarial Practice, the North American Actuarial Journal, and Risk Management and Insurance Review. The sample finance journals analyzed are also the same ones included in Colquitt (1997). (3) The data include the total number of citations in the 32 sample journals during the years 1996 through 2000.

Given that the Social Sciences Citation Index (SSCI) does not include all of the risk, insurance, and actuarial journals relevant to this study, the citation data were gathered by reviewing the bibliographies of each of the sample journals for references to the risk, insurance, and actuarial journals included in the study. Unless an article was stated as being "forthcoming" in one of the sample risk, insurance, or actuarial journals, citations to working papers that were published in one of these journals subsequent to the citation were not recorded. Data gathered include the author, journal edition, and page numbers of the cited article as well as the journal edition and page numbers of the citing article. The data include only citations from feature articles, short articles, and notes and communications regarding research. Opinion pieces and regular columns such as those found in the Journal of Financial Service Professionals (formerly the CLU Journal) and the CPCU Journal were not reviewed for citations.

For the purposes of ranking the 16 risk, insurance, and actuarial journals, the journals were separated into two groups: the risk and insurance journal group and the actuarial journal group. (4) The risk and insurance journal group includes Benefits Quarterly (BQ), the CPCU Journal (CPCU), the Geneva Papers on Risk and Insurance Issues and Practice (GPIP), the Geneva Papers on Risk and Insurance Theory (GPT), the Journal of Financial Services Professionals (JFSP), the Journal of Insurance Issues (JII), the Journal of Insurance Regulation (JIR), the Journal of Risk and Insurance (JRI), the Journal of Risk and Uncertainty (JRU), and Risk Management and Insurance Review (RMIR). The actuarial journal group includes the Astin Bulletin (AB), the British Actuarial Journal (BAJ), Insurance: Mathematics and Economics (IME), the Journal of Actuarial Practice (JAP), the North American Actuarial Journal (NAAJ), and the Scandinavian Actuarial Journal (SAJ).

The citation data collected were used to evaluate the citation patterns of the sample journals and the relative impact that each journal has on risk, insurance, and actuarial research in total and on a per article published basis. In addition, the data were used to provide information on which of the articles published in the sample journals have been the most influential in recent years.

DISCUSSION OF RESULTS

Table 1 provides the distribution of citations by the year in which the cited article was published. The unavoidable time lag that exists between the time period that is evaluated and the period of data collected that was described in the previous study is supported by the results found in Table 1. Almost 50 percent of the citations recorded were to articles published between 1992 and 1997. Significant improvements in a journal's quality or in the distribution and electronic availability of a journal's research made during the most recent three years leading up to this study are not likely reflected in the results.

Journal Results

Table 2 provides the citation patterns for all of the sample journals. Table 3 provides the same citation pattern information on a normalized basis (per one thousand citations). Essentially, these tables allow one to view the frequency with which each sample journal cites the other risk, insurance, and actuarial journals. In addition, the frequency with which the 16 finance journals cite the sample risk, insurance, and actuarial journals can be observed. Finally, the tables provide the total source articles and the number of references to sources other than the sample journals.

The first column on the far left of Table 2 contains the journals that were reviewed for citations. By reading across each row, one can see the journals that were cited by the journal listed in the first column. For example, the first journal listed at the top of the first column is the AB. There were 92 articles during 1996--2000 from the AB that were reviewed for citations. These 92 articles cited the AB 177 times, the BAJ 21 times, the CPCU once, and so on. The AB cited sources other than the sample risk, insurance, and actuarial journals 951 times, for a total of 1,327 citations. The two bold numbers across each row denote the two most frequently cited journals by the journal reviewed. As can be seen in Table 2, the AB (177) and the IME (105) were the two journals most frequently cited by the AB.

One interesting change from the previous study is the total number of citations from the sample risk, insurance, and actuarial journals found during the five-year window of 1996-2000 as compared to the five-year window of 1991-1995. During the period 1991-1995, the sample journals produced 21,625 total citations. The same set of journals (excluding the JAP, RMIR, and the NAAJ from the current study) produced 25,626 citations during the period 1996-2000, for an increase of 18.5 percent. In order to control for the difference in the number of articles published by the journals during the two sample periods, a per article citation count was conducted, revealing that the citations per article published increased 12 percent from 1991-1995 to 1996-2000. In addition, nine of the 13 original journals had an increase in citations per article. The increase in total citations and citations per article likely are the result of advances in technology and the resulting increase in the speed and breadth in which articles ar e now made available to those conducting research. Future citation studies likely will see increases as well.

When looking at the same journals for both sets of years (once again, excluding the JAP, RMIR, and the NAAJ from the current study), citations to the sample risk, insurance, and actuarial journals also increased by 39.31 percent (from 3,391 citations found during 1991-1995 to 4,724 citations found in 1996-2000). In addition, of the 12 risk, insurance, and actuarial journals in the previous study (the GP was counted as one journal when receiving citations in the previous study), all but BQ saw an increase in the total number of citations received. Interestingly, the rate at which the sample risk, insurance, and actuarial journals cited themselves and one another increased from 15.68 percent (3,391/21,625) to 18.43 percent (4,724/25,626).

Overall, the general citation patterns of most journals were not substantially different than what was reported five years ago. As was found during the previous study, the journal most frequently cited by the majority of the citing journals was the citing journal itself. This can be seen by observing that the cells starting from the top left corner of the grid and proceeding down to the right bottom corner are bold (indicating that the journal cited was either the first or second most frequently cited journal). The exception to this was the GPT, the JAP, the JII, the NAAJ, and RMIR. Among those, all but the JAP and the NAAJ cited the JRI with the most frequency. The most frequently cited journal by the JAP was the BAJ, and the most frequently cited journal by the NAAJ was IME. In addition, the actuarial journals and the risk and insurance journals tended to cite the journals within their same group with the most frequency, with the only meaningful overlap being the frequency with which the JRI is cited by IME and the NAAJ. Finally, the vast majority (158 out of 182) of citations found in the 16 sample finance journals were to journals in the risk and insurance group. This result is not surprising, given the overlap of risk and insurance and finance research topics, which does not likely exist to the same degree between the actuarial sciences and mainstream finance.

Tables 2 and 3 demonstrate why the JRI was included among the risk and insurance journal group and also show the influence of the JRI among those journals. The JRI was either the first or second most frequently cited journal of all ten of the risk and insurance journals. However, not one of the actuarial journals had the JRI as either its first or second most frequently cited journal. One finding that is consistent with that found in the previous study is that the JRI was the only journal to have been cited at least once by each of the other sample journals. In addition, the JRI was still the most frequently cited journal by the 16 sample finance journals, by an overwhelming margin. In addition to illustrating the continued influence of the JRI, Tables 2 and 3 also show the increasing influence of IME, which was either the first or second most frequently cited journal of all six actuarial journals.

There are a few important differences between the findings in this study and those of the previous one. First, the GP has been two separate journals (the GPT and the GPIP) long enough to warrant its separation in this table. The previous study kept the two journals together because of the frequency with which the GP was cited prior to 1990, the year of its separation into the two journals. As can now be seen, the GPIP was more frequently cited than the GPT, but that is due in large part to the number of articles published by the GPIP as compared to the GPT. The actual "research impact" on a per article basis will be seen in a table to follow. As for the other journals' citations to both the GPT and the GPIP, IME, the JRI, and the JRU cited the GPT with greater frequency, and the JII, the JIR, and RMJR cited the GPIP with greater frequency. The differences in these citation patterns clearly point to the contrast in the focus of the two journals.

The second significant difference between the findings in Table 2 and the findings of the comparable table in the previous study is the inclusion of the JAP, RMIR, and the NAAJ. The inaugural issue of the JAP states that "the aim of this international journal is to publish articles pertaining to the 'art' or 'science' involved in contemporary actuarial practice. In addition, the Journal of Actuarial Practice provides a forum for the presentation and discussion of issues pertaining to the education of actuaries and the future of the actuarial profession." The stated objective of the JAP explains the frequency with which its articles cite the other sample actuarial journals. The only sample risk and insurance journal cited with any frequency by the JAP was the JRI, with 17 citations. To date, the JAP is the least cited of the sample actuarial journals. Reasons for this likely include its relative newness, the pedagogical nature of some of its articles, and its relatively low subscription rate. (5)

RMIR's stated objective is consistent with the citations that are found in RM!R. A stated goal of ARIA, the Southern Risk and Insurance Association (SRIA), and the Western Risk and Insurance Association (WRIA) in starting KMJR was to "provide a new forum for the scholarly discussion of practical, public policy and pedagogical (see Palmer, 1997). They state further that "[RMIR] provides an excellent medium for the presentation, discussion and evaluation of ideas and concepts that can be applied in the business community, in the regulatory arena, and in the classroom" (Palmer, 1997, p. ii). Finally, they state that it is their hope that "[RMIR] will play an integral role in bridging the gap between risk management and insurance practitioners and the academic community" (Palmer, 1997, p. ii). These statements help explain the relative frequency with which we find RMLR citing both the CPCU and the JIR, given that these journals have a practitioner and regulatory leaning, respectively. Interestingly, although the JFSP has a practitioner leaning as well, there were no citations to the JFSP by RM!R. This suggests that the focus of RMIR's articles has been more on property-liability issues rather than financial services issues. Finally, given that RMJR is the sister journal of the JRI and that the JRI has been found to be the core journal among all risk and insurance journals (see Colquitt, 1997), the frequency with which the JRI was cited by RMJR is not surprising. While the number of citations to RMTR is not substantial at this point, note that a significant number of citations to a journal as new as RMJR are not expected. As was seen in Table 1, only 16.92 percent of all citations found in the sample journals were to articles that were as recent as 1997 (the year of RMJR's inception).

A stated objective of the NAAJ, as found in its initial issue, is to "scientifically address the domestic and international problems, interests and concerns of actuaries, their customers and public policy decision-makers" (see Cox, 1997). Clearly, the citation patterns of the NAAJ and the journals citing the NAAJ articles reflect this objective. The journals that cited the NAAJ with the most frequency were the AB, the BAJ, IME, the JAP, the JRI, and the NAAJ. Incidentally, the journals cited with the most frequency by the NAAJ were the AB, the BAJ, IME, the JRI, the NAAJ, and the SAJ. One very impressive finding in this table, and more dearly seen in a following table, is the relative frequency with which the NAAJ was cited by the sample journals, in spite of its relative newness.

Table 2 also provides each journal's self-citation rate, and Table 3 provides each journal's self-citation index.6 The higher the self-citation index, the higher a journal's frequency of self-citations relative to the frequency with which it was cited by the other sample journals. The lower the self-citation index, the more influential the journal is presumed to be. While a high self-citation index could suggest that a journal is guilty of self-promotion, it also could be that a journal with a high self-citation index publishes research on topics that are of a specialized nature and, as a result, is most frequently referenced by other articles within that same journal (see Colquitt, 1997).

Among the risk and insurance journals, the JRI clearly had the lowest self-citation index (0.39). In addition, it was just below the level found in the previous study (0.40). The two risk and insurance journals with the next lowest self-citation indices were the fIR (1.00) and the GPT (1.05). Among the actuarial journals, the NAAJ (0.47) had the lowest self-citation index, with IME (0.70), the SAJ (0.92), and the AB (1.01) following close behind.

Table 4 provides a ranking of the sample journals based on total citations, including and excluding self-citations. Among the risk and insurance journals, theJRI was easily the most frequently cited journal with (1,352) or without (848) self-citations. This is consistent with the previous study, when the number of citations to the JRJ was greater than citations to any other journal by a margin of almost 2.5 to 1. When including all citations, the risk and insurance journals following the fRI were the JRU (420) and the fIR (228). When excluding self-citations, the ranking of the JRU (107) fell below that of the fIR (129). The fIR's increase of 70.1 percent in total citations (from 134 in the previous study to 228) was the greatest among the risk and insurance journals. Perhaps those responsible for the promotion of the fIR are taking a more aggressive approach toward the distribution and electronic availability of the research published in that journal.

RMIR ranked last among the risk and insurance journals (19), but it is important to acknowledge, once again, that the newness of RMJR is likely contributing greatly to this result. Another factor that could contribute to a low ranking for RMIR in future studies is that a portion of RMIR is dedicated to pedagogical issues, which are not addressed by other journals on a regular basis. This likely will result in fewer opportunities for citations to the pedagogical articles published in RM[R.

For total citations for the actuarial journals, IME was the most frequently cited journal, with 840, followed by the AB (609), SAJ (450), and the BAJ (412). When excluding selfcitations, the only change in the order was a switch in the first and second positions between IME (399) and the AB (432). While most journals experienced an increase in total citations from the amount registered in the previous study using 1991-1995 journals, the increase to 840 is a considerable jump for IME. The 840 citations for IME resulted in an increase of more than 133 percent from the 360 it registered in the previous study. As was speculated for the fIR, an explanation for this jump might be an increase in both IME's subscription rates and the electronic availability of its articles in recent years. The actuarial journals with the fewest total citations were the NAAJ, with 137 citations and the JAP, with 24 citations.

While the total number of citations for the sample journals provides a measure of the total impact that each journal has on risk, insurance, and actuarial research, the total number of citations was greatly affected by the number of citable articles published by the sample journals. Table 5 provides the Insurance Impact Factor (IIF) for both the risk and insurance journals and the actuarial journals. The IIF follows Colquitt (1997) and captures the relative research impact of a journal on a per article basis. (7)

For the research impact of a journal on a per article basis, the JRI was ranked first among all journals, with an IIF of 2.3549. This essentially means that the JRI articles published between 1991 and 2000 were cited an average of 2.3549 times per article by the sample risk, insurance, actuarial, and finance journals analyzed. This IIF of 2.3549 for the JRI surpasses its IIF of 1.7162 from the previous study. In the risk and insurance group, the JRU (1.2266), the GPT (0.9490), and the JIR (0.8238) follow. When looking at the Adjusted Insurance Impact Factor (8) (AIIF) for the risk and insurance group, the only change observed in the top four was the move of the JRU from second to fourth position.

Although the JRI and the JRU finished as numbers one and two among all risk and insurance journals for both total citation count and IIF, a number of differences exist between the two rankings. The three journals that increased considerably in rank when looking at the IIF were the GPT (from sixth on total citations to third when using the IIF), the JII (from eighth to fifth), and RMIR (from tenth to seventh). The journals losing the most ground when going from total citations to the IIF included the GPIP (from fourth to eighth) and the JFSP (from seventh to ninth).

While not shown here, the IIFs of the risk and insurance journals were also calculated using the period 1997 through 2000. This was done to compare the initial impact of RMIR with the other sample journals over a time horizon that was fair to RMIR, given that 1997 was the first year of publication for RMIR. Interestingly, among the risk and insurance journals, the IIF of RMIR placed it in fourth position (out of ten), behind the JRI, the JIR, and the JRU. RMIR's AIIF placed it in third, moving it ahead of the JRU. In addition to highlighting RMIR's fairly impressive start, these results also suggest that the JIR's recent research (1997 through 2000) is having a more significant impact than did its research over the first six years of the sample period (1991 through 1996). Future citation studies are likely to find the RMJR and the JIR making a more significant impact.

The actuarial journals' IIFs indicated a much tighter margin between the first and fifth journals, with the JAP considerably lower than the others. The AB (1.8714) led all actuarial journals, followed by the IME (1.6005), the SAJ (1.5410), the BAJ (1.3784), the NAAJ (1.0873), and the JAP (0.2366). When ranking the journals based on their AIIF, the AB (1.3100) continued to lead, but the order of the others changed somewhat. Second on the AJIF list of actuarial journals was the SAJ (1.1230), followed by the NAAJ (0.7143), IME (0.7135), the BAJ (0.4054), and the JAP (0.0753).

As was done with the risk and insurance journals, the IIFs of the actuarial journals were also calculated using the period 1997 through 2000. As was mentioned earlier, 1993 was the first year that the JAP was published, and 1997 was the first year that the NAAJ was published. When evaluating the IIFs during this period, the NAAJ moved to third (out of six) among the actuarial journals. In addition, when evaluating the AIIF for this same period, the NAAJ moved to second among the actuarial journals. In the event that future NAAJ articles are as influential as the first four years' articles have been, the NAAJ soon will likely be viewed as among the more influential of the actuarial journals.

Article Results

In addition to knowing the relative impact of the risk, insurance, and actuarial journals, it is also helpful for many to know which of the articles published in the past have been the most influential in recent years. Reasons provided by Colquitt (1997) include the importance of this knowledge to (1) researchers who can use this information to determine the subjects, methodology, style, etc., that have been a part of the most influential research; (2) editors who use this information to form opinions on the value of future research submitted for publication; and (3) those responsible for developing reading lists for graduate-level seminar courses in the areas of risk, insurance, and actuarial science.

When highlighting the most frequently cited articles published in the sample risk, insurance, and actuarial journals, it is important to remind readers of a significant point. Many risk, insurance, and actuarial articles have been published in journals whose focus is not solely risk, insurance, or actuarial in nature, and they are therefore not included in the sample. For example, although many find Mayers and Smith's 1982 article "On the Corporate Demand for Insurance" to be a very influential article on a risk and insurance topic, it was published in the Journal of Business. As a result of the Journal of Business not being a part of the sample risk, insurance, and actuarial journals, this article (and perhaps others), while very influential, is not included in the results of this study.

Table 6 shows the most frequently cited JRI articles published in each year, 1985 through 1998. (9) The most frequently cited JRI articles published in each year, 1980 through 1993, were listed in the previous study. Although there is an overlap of nine years between the current and previous studies, only three articles were the most frequently cited articles for their year in both studies. Those found to be the most frequently cited for their year in both studies included Grabowski et al. (1989), Ambrose and Seward (1988), and Harrington and Nelson (1986). The fact that no more than three out of nine articles were found in both studies suggests that the risk and insurance literature's focus with regard to subject matter has changed considerably over a fairly short period of time. Interestingly, Harrington (1998. with Grace and Klein, and 1986, with Nelson), Klein (1998, with Grace and Harrington, and 1995) and BarNiv (1997, with Hathorn, and 1990 with Hershbarger) are the only authors credited with two of th e most frequently cited articles for a particular year.

Table 7 lists the JRI articles that were the most frequently cited by the sample journals regardless of the year in which they were published. Of the 15 articles on the list, ten of them were published between 1992 and 1996. This is consistent with the Table 1 results showing that nearly 40 percent of all citations found in the sample journals were to articles published during these five years. In addition, of the 15 articles listed in Table 7, only five were also found to be among the most frequently cited JRI articles in the previous study.

The most recently published article on the list is Sommer (1996), and the oldest article on the list is Harrington and Nelson (1986). In addition, only four of the 15 articles on the list were published during the 1980s. Finally, almost half (seven out of 15) of the articles deal with predicting and identifying insolvency or financial distress. Clearly, this subject has been a dominant theme among the most influential articles published in risk and insurance journals in recent years and is one that should receive close attention from graduate programs in risk and insurance. Of course, as the popularity of a research topic increases, the number of citations to articles related to the topic increase accordingly.

Table 8 contains the most frequently cited article from each of the 16 sample risk, insurance, and actuarial journals. (10) Only three journals, the AB, the JII, and the JRU, had the same article as the most frequently cited by the sample journals in both the current and previous study. Two of these articles, Panjer's "Recursive Evaluation of a Family of Compound Distributions" (Panjer, 1981, from the AB) and Hershbarger and Miller's "The NAIC Information System and the Use of Economic Indicators in Predicting Insolvencies" (Hershbarger and Miller, 1986, from the JII) were the only ones on the list from the 1980s. Interestingly, Panjer's AR article (with 29 citations) had exactly the same number of citations as it did in the previous study.

Table 9 contains the most frequently cited articles in any of the actuarial journals." All actuarial journals except the JAP and the NAAJ are represented on this list. The AR and IME led the list with five articles each, the BAJ (including the Journal of the Institute of Actuaries article from 1992) had two on the list, and the SAJ had one on the list. However, it is Wilkie's BAJ article, "More on a Stochastic Asset Model for Actuarial Use," that led all actuarial articles, with 33 citations (Wilkie, 1995). Panjer's 1981 article from the AB (listed above), and the Gerber et al. 1987 AB article, "On the Probability and Severity of Ruin," (Gerber et al., 1987) were the only articles to appear among the most frequently cited articles in both the current and previous studies.

The only authors with multiple articles on the list were Panjer (with two) and Wang and Goovaerts (both with three). In addition, the longevity of the actuarial articles with regard to influence appeared to be a bit greater than that of the JRI articles. While the list of the most frequently cited JRI articles includes only four out of 15 (26.67 percent) articles ten years or older, the list of the most frequently cited actuarial articles includes six out of 13 (46.15 percent) articles that are ten years or older, with Buhlman's 1967 AB article, "Experience Rating and Credibility," more than 30 years old. Finally, two themes were common among several of the 13 most influential articles published in the actuarial literature in recent years: both pricing and financial distress were the subject of almost a third of the articles published.

CONCLUSION

The bibliographies of articles from 16 risk, insurance, and actuarial journals and 16 of the leading finance journals during 1996 through 2000 were reviewed and recorded. After observing the citation patterns of the sample journals, the journals were put into two separate groups: (1) the risk and insurance journal group, and (2) the actuarial journal group. The journals within each group were then ranked based upon their total number of citations and their research impact on a per article basis. One important difference between this study and Colquitt (1997) is the addition of the JAP, the NAAJ, and RMIR to the sample risk, insurance, and actuarial journals. Their inclusion helps evaluate their focus and to determine the initial impact that they have on other risk, insurance, and actuarial research.

The top risk and insurance journals based on the number of citations from the sample journals, including and excluding self-citations, were the JRI, the JRU, and the JIR. When looking at the rankings based on the journal's research impact on a per article basis, the JRI was still the top risk and insurance journal, and the GPT joined the JRU and the JIR as the next three highest-ranked journals in the group. While RMIR is currently the lowest-ranked risk and insurance journal based on total citations (which was expected because the newness of the journal), its ranking increased to seventh out of ten when considering its impact on a per article basis. When adjusting for the fact that it has only been in existence since 1997, its ranking based on impact per article increased to fourth out of ten journals.

The JRI easily maintains its position as the core journal among the risk and insurance journals (see Colquitt, 1997). The total number of citations (1,352) for the JRI was more than three times that of the next highest journal (the JRU, with 420). In addition, it was either the first or second most frequently cited journal by each of the other risk and insurance journals. And the JRI was the only journal to have been cited at least once by all of the other sample risk, insurance, and actuarial journals. Finally, it was the most frequently cited risk, insurance, or actuarial journal by the sample finance journals, by an overwhelming margin.

The top actuarial journal, based on the total number of citations from the sample journals including self-citations, was IME, while the AB had the second most citations. These journals remained the top two when excluding self-citations, but their positions were reversed. Using the per article impact measure to rank the actuarial journals, the AB was the highest ranked journal, with IME and the SAJ ranking second when including and excluding self-citations, respectively. Considering the relative newness of the NAAJ, it does very well regardless of measurement. In addition, when adjusting for the fact that the NAAJ has only been in existence since 1997, its ranking based on per article impact was third out of six when including self-citations and second out of six when excluding self-citations. In every measure, the JAP was the lowest-ranked actuarial journal.

The most frequently cited articles were also reported. The most frequently cited risk and insurance article was Tversky and Kahneman's 1992 JRU article, "Advances in Prospect Theory: Cumulative Representation of Uncertainty" (not found in a table--see footnote 9), with 27 citations. The JRI article most frequently cited was D'Arcy and France's 1992 article, "Catastrophe Futures: A Better Hedge for Insurers," with 16 citations, and the most frequently cited actuarial article was Wilkie's 1995 BAJ article, "More on a Stochastic Asset Model for Actuarial Use," with 33 citations. While the list of the most frequently cited risk and insurance articles is dominated by the JRI and the JRU, the list of the most frequently cited actuarial articles is represented by all of the actuarial journals except the JAP and the NAAJ. The list of the most frequently cited actuarial articles includes five articles from IME, five from the AB, two from the BAJ, and one from the SAJ.

Finally, at least two possibilities exist for future research. First, one might evaluate if a "country effect" exists among risk, insurance, and actuarial journals. (12) This country effect was shown by Malouin and Outreville (1987) to exist with economics journals in the 1980s. However, it is impossible to use the data analyzed in this study to fully test the same hypothesis. While a country effect resulting from language barriers might still exist in academia, any country effect that was the result of the lack of availability of journals in different parts of the world has likely lessened significantly due to the widespread availability of many of the sample journals through the Internet. The fact that so many more citations were found in the sample journals during this study (presumably as a result of the Internet) as compared to Colquitt (1997) is some evidence that journal availability has been much greater in the most recent years than it was just five or ten years ago.

Second, a survey questionnaire methodology would be helpful in developing an understanding of other journal quality issues that cannot be understood through the analysis of citation data alone. Perhaps it would be interesting to see how correlated the subjective views of researchers, educators, and other readers of risk, insurance, and actuarial science research are with the more objective measures of journal quality.
APPENDIX

Journals Included in the Study

Risk and Insurance Journals


Benefits Quarterly (BQ) CPCU Journal (CPCU)
Geneva Papers on Riskand Insurance Geneva Papers on Risk and
Issues and Practice (GPIP) Insurance Theory (GPT)
Journal of Financial Services Journal of Insurance
Professionals (JFSP) Issues (JII)
Journal of Insurance Journal of Risk and
Regulation (JIR) Insurance (JRI)
Journal of Risk and Risk Management and Insurance
Uncertainty (JRU) Review (RMIR)

Actuarial Journals


Astin Bulletin (AB) British Actuarial Journal (BAJ)
Insurance: Mathematics and Journal of Actuarial
Economics (IME) Practice (JAP)
North American Actuarial Scandinavian Actuarial
Journal (NAAJ) Journal (SAJ)

Finance Journals


Financial Analysts Journal Financial Management
Financial Review Journal of Banking and Finance
Journal of Business Journal of Business Finance
 and Accounting
Journal of Finance Journal of Financial and
 Quantitative Analysis
Journal of Financial Economics Journal of Financial Research
Journal of Financial Journal of Futures Markets
Services Research
Journal of International Journal of Money, Credit
Money and Finance and Banking
Journal of Portfolio Management Review of Financial Studies

TABLE 1

Distribution of Citations by Year of Article Cited

Year Percentage Cumulative Percentage

2000 1.01 1.01
1999 2.84 3.85
1998 4.85 8.70
1997 8.22 16.92
1996 7.78 24.70
1995 8.22 32.92
1994 8.22 41.14
1993 6.23 47.37
1992 7.80 55.17
1991 5.57 60.74
1990 4.61 65.35
1989 3.83 69.18
1988 4.13 73.31
1987 3.41 76.72
1986 2.56 79.28
pre-1986 20.72 100.00

TABLE 2

Journal Citation Patterns

 Citations to the Sample Risk, Insurance, and
 Actuarial Journals
Citations From
(# of source articles) AB BAJ BQ CPCU

AB (92) 177 21 0 1
BAJ (115) 11 229 1 0
BQ (166) 0 0 22 0
CPCU (81) 0 0 1 57
GPIP (186) 2 5 0 1
GPT (51) 7 1 0 0
IME (202) 255 53 0 1
JAP (50) 18 44 0 0
JFSP (169) 0 0 3 0
JII (50) 0 1 1 11
JIR (123) 0 1 1 13
JRI (141) 18 1 1 11
JRU (140) 0 0 0 0
NAAJ (126) 50 33 2 1
RMIR (59) 0 0 4 18
SAJ (63) 70 6 0 0
FIN 1 17 0 4

TOTAL 609 412 36 118

Self-citation rate 0.1334 0.1158 0.0246 0.0481

 Citations to the Sample Risk, Insurance, and
 Actuarial Journals
Citations From
(# of source articles) GPIP GPT IME JAP

AB (92) 1 1 105 0
BAJ (115) 3 0 15 0
BQ (166) 0 0 0 0
CPCU (81) 2 0 0 0
GPIP (186) 85 26 5 1
GPT (51) 5 19 10 0
IME (202) 1 12 441 0
JAP (50) 0 0 32 15
JFSP (169) 0 0 0 0
JII (50) 7 0 3 0
JIR (123) 8 0 1 1
JRI (141) 6 29 25 1
JRU (140) 0 9 1 0
NAAJ (126) 2 5 103 6
RMIR (59) 10 0 1 0
SAJ (63) 0 2 93 0
FIN 7 10 5 0

TOTAL 137 113 840 24

Self-citation rate 0.0273 0.0181 0.1277 0.0170

 Citations to the Sample Risk, Insurance, and
 Actuarial Journals
Citations From
(# of source articles) JFSP JII JIR JRI JRU

AB (92) 0 0 0 9 0
BAJ (115) 0 0 0 1 1
BQ (166) 2 0 0 6 3
CPCU (81) 2 0 6 13 1
GPIP (186) 0 0 3 56 9
GPT (51) 0 0 2 35 20
IME (202) 0 0 4 58 4
JAP (50) 1 0 1 17 3
JFSP (169) 68 3 5 15 0
JII (50) 2 25 38 192 5
JIR (123) 6 11 99 168 4
JRI (141) 1 12 37 504 29
JRU (140) 0 1 3 30 313
NAAJ (126) 4 0 3 50 4
RMIR (59) 0 4 17 94 4
SAJ (63) 0 0 0 1 2
FIN 0 3 10 103 21

TOTAL 86 59 228 1352 423

Self-citation rate 0.0705 0.0239 0.0534 0.1372 0.0765

 Citations to the Sample Risk,
 Insurance, and Actuarial
 Journals
Citations From Total Outside the
(# of source articles) NAAJ RMIR SAJ Sample Journals

AB (92) 6 0 55 951
BAJ (115) 5 0 11 1700
BQ (166) 0 0 0 861
CPCU (81) 1 4 0 1097
GPIP (186) 1 0 2 2921
GPT (51) 0 0 12 936
IME (202) 39 0 188 2398
JAP (50) 14 0 23 716
JFSP (169) 0 0 0 870
JII (50) 3 3 0 757
JIR (123) 3 2 0 1537
JRI (141) 15 2 9 2973
JRU (140) 0 1 2 3729
NAAJ (126) 47 0 51 2805
RMIR (59) 0 7 0 853
SAJ (63) 3 0 96 725
FIN 0 0 1 69693 *

TOTAL 137 19 450

Self-citation rate 0.0149 0.0069 0.0962


Citations From Overall
(# of source articles) Total

AB (92) 1327
BAJ (115) 1977
BQ (166) 894
CPCU (81) 1184
GPIP (186) 3116
GPT (51) 1047
IME (202) 3454
JAP (50) 884
JFSP (169) 964
JII (50) 1048
JIR (123) 185
JRI (141) 3674
JRU (140) 4089
NAAJ (126) 3161
RMIR (59) 1012
SAJ (63) 998
FIN 69875 *

TOTAL

Self-citation rate

Notes:

* Estirnates based on the findings of Zivney and Reichenstein (1994). 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; RMIR = Risk Management and Insurance Review; SAJ = Scandinavian
Actuarial Journal; Total Outside the Sample Journals = the number of
citations in the journal to articles not published in one of the 16
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 3

Normalized Journal Citations

 Normalized Citations(per Thousands) tothe
 SampleRisk,Insurance,andActuarialJournals
Citations
From AB BAJ BQ CPCU GPIP

AB 133 16 0 1 1
BAJ 6 116 1 0 2
BQ 0 0 25 0 0
CPCU 0 0 1 48 2
GPIP 1 2 0 0 27
GPT 7 1 0 0 5
IME 74 15 0 0 0
JAP 20 50 0 0 0
JFSP 0 0 3 0 0
JII 0 1 1 10 7
JIR 0 1 1 7 4
JRI 5 0 0 3 2
JRU 0 0 0 0 0
NAAJ 16 10 1 0 1
RMIR 0 0 4 18 10
SAJ 70 6 0 0 0
Avg. over journals 20.75 13.63 2.31 5.44 3.81
Avg. with no 13.27 6.80 0.80 2.60 2.27
self-citations
Self-citation index 1.01 1.70 3.08 1.85 1.20

 Normalized Citations(per Thousands) tothe
 SampleRisk,Insurance,andActuarialJournals
Citations
From GPT IME JAP JFSP

AB 1 79 0 0
BAJ 0 8 0 0
BQ 0 0 0 2
CPCU 0 0 0 2
GPIP 8 2 0 0
GPT 18 10 0 0
IME 3 128 0 0
JAP 0 36 17 1
JFSP 0 0 0 71
JII 0 3 0 2
JIR 0 1 1 3
JRI 8 7 0 1
JRU 2 0 0 0
NAAJ 2 33 2 1
RMIR 0 1 0 0
SAJ 2 93 0 0
Avg. over journals 2.75 25.06 1.25 5.19
Avg. with no 1.73 18.20 0.20 0.80
self-citations
Self-citation index 1.05 0.70 8.50 8.81

 Normalized Citations(per Thousands) tothe
 SampleRisk,Insurance,andActuarialJournals
Citations
From JII JIR JRI JRU NAAJ

AB 0 0 7 0 5
BAJ 0 0 1 1 3
BQ 0 0 7 3 0
CPCU 0 5 11 1 1
GPIP 0 1 18 3 0
GPT 0 2 35 19 0
IME 0 1 17 1 11
JAP 0 1 19 3 16
JFSP 3 5 16 0 0
JII 24 36 183 5 3
JIR 6 53 91 2 2
JRI 3 1 137 8 4
JRU 0 1 7 77 0
NAAJ 0 1 16 1 15
RMIR 4 17 94 4 0
SAJ 0 0 1 2 3
Avg. over journals 2.50 8.31 41.25 8.13 3.94
Avg. with no 1.07 5.33 34.87 3.53 3.20
self-citations
Self-citation index 2.23 1.00 0.39 2.17 0.47

 Normalized
 Citations(per
 Thousands) tothe
 SampleRisk,Insurance
 ,andActuarialJournal
 s
Citations Total Outside the Overall
From RMIR SAJ Sample Journals Total

AB 0 41 717 1,000
BAJ 0 6 860 1,000
BQ 0 0 963 1,000
CPCU 3 0 927 1,000
GPIP 0 1 937 1,000
GPT 0 11 894 1,000
IME 0 54 694 1,000
JAP 0 26 810 1,000
JFSP 0 0 902 1,000
JII 3 0 722 1,000
JIR 1 0 829 1,000
JRI 1 2 809 1,000
JRU 0 0 912 1,000
NAAJ 0 16 888 1,000
RMIR 7 0 843 1,000
SAJ 0 96 726 1,000
Avg. over journals 0.94 15.81
Avg. with no 0.53 10.47
self-citations
Self-citation index 1.30 0.92

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; RMIR = Risk Management and Insurance Review; SAJ = Scandinavian
Actuarial Journal; Total Outside the Sample Journals = the number of
citations in the journal to articles not published in one of the 16
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 4

Journals Ranked by Total Number of Citations by the Sample Journals
During 1996 Through 2000

 Total Self- Non-Self-
Rank Risk and Insurance Journals Citations Citations Citations

 1 Journal of Risk and Insurance 1352 504 848
 2 Journal of Risk and Uncertainty 420 313 107
 3 Journal of Insurance Regulation 228 99 129
 4 Geneva Papers on Risk
 and Insurance
 Issues and Practice 137 85 52
 5 CPCU Journal 118 57 61
 6 Geneva Papers on Risk 113 19 94
 Insurance Theory
 7 Journal of Financial 86 68 18
 Services Professionals
 8 Journal of Insurance Issues 59 25 34
 9 Benefits Quarterly 36 22 14
10 Risk Management and Insurance 19 7 12
 Review

 Adj.
Rank Risk and Insurance Journals Rank *

 1 Journal of Risk and Insurance 1
 2 Journal of Risk and Uncertainty 3
 3 Journal of Insurance Regulation 2
 4 Geneva Papers on Risk
 and Insurance
 Issues and Practice 6
 5 CPCU Journal 5
 6 Geneva Papers on Risk 4
 Insurance Theory
 7 Journal of Financial 8
 Services Professionals
 8 Journal of Insurance Issues 7
 9 Benefits Quarterly 9
10 Risk Management and Insurance 10
 Review

Note: * Ranking based upon total number of non-self-citations

 Total Self-
Rank Actuarial Journals Citations Citations

1 Insurance: Mathematics and Economics 840 441
2 Astin Bulletin 609 177
3 Scandinavian Actuarial Journal 450 96
4 British Actuarial Journal 412 229
5 North American Actuarial Journal 137 47
6 Journal of Actuarial Practice 24 15

 Non-Self- Adj.
Rank Actuarial Journals Citations Rank *

1 Insurance: Mathematics and Economics 399 2
2 Astin Bulletin 432 1
3 Scandinavian Actuarial Journal 354 3
4 British Actuarial Journal 183 4
5 North American Actuarial Journal 90 5
6 Journal of Actuarial Practice 9 6

Note: * Ranking based upon total number of non-self-citations

TABLE 5

Relative Impact of Risk, Insurance, and Actuarial Journals (Insurance
Impact Factor-Period from 1991 to 2000)

Risk and Insurance Journals

 All Citations
 Insurance Citations
 Impact Factor Rank

Journal of Risk and Insurance 2.3549 1
Journal of Risk and Uncertainty 1.2266 2
Geneva Papers on Risk and 0.9490 3
Insurance Theory
Journal of Insurance Regulation 0.8238 4
Journal of Insurance Issues 0.4078 5
CPCU Journal 0.4035 6
Risk Management and 0.3220 7
Insurance Review
Geneva Papers on Risk and 0.2896 8
Insurance Issues and Practice
Journal of Financial Services 0.2149 9
Professionals
Benefits Quarterly 0.0880 10

 No Self-Citations
 Adj. Insurance Adj.
 Impact Factor Rank

Journal of Risk and Insurance 1.3344 1
Journal of Risk and Uncertainty 0.3238 4
Geneva Papers on Risk and 0.7755 2
Insurance Theory
Journal of Insurance Regulation 0.4625 3
Journal of Insurance Issues 0.2427 5
CPCU Journal 0.1930 7
Risk Management and 0.2034 6
Insurance Review
Geneva Papers on Risk and 0.1093 8
Insurance Issues and Practice
Journal of Financial Services 0.0401 9
Professionals
Benefits Quarterly 0.0320 10

Actuarial Journals

 All Citations
 Insurance Citations
 Impact Factor Rank

Astin Bulletin 1.8714 1
Insurance: Mathematics and 1.6005 2
Economics
Scandinavian Actuarial Journal 1.5410 3
British Actuarial Journal 1.3784 4
North American Actuarial 1.0873 5
Journal
Journal of Actuarial Practice 0.2366 6

 No Self-Citations
 Adj. Insurance Adj.
 Impact Factor Rank

Astin Bulletin 1.3100 1
Insurance: Mathematics and 0.7135 4
Economics
Scandinavian Actuarial Journal 1.1230 2
British Actuarial Journal 0.4054 5
North American Actuarial 0.7143 3
Journal
Journal of Actuarial Practice 0.0753 6

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 for all of the journals except the JAP, the NAAJ, and RMIR was
1991-2000. The JAP was established in 1993, and the period used for this
journal was 1993-2000. The NAAJ and RMIR were established in 1997, and
the period used for these journals was 1997-2000.

TABLE 6

Journal of Risk and Insurance Articles Published During Each Year, 1985
Through 1998, That Were the Most Frequently Cited by the Sample Journals
During 1996 Through 2000 *

Year Author(s) Pages Title

1998 Grace, 213-243 Risk-Based Capital and
 Harrington and Solvency Screening in
 Klein Property-Liability Insurance:
 Hypotheses and Empirical Tests

1997 BarNiv and 89-113 The Merger or Insolvency
 Hathom Alternative in the Insurance
 Industry

1996 Sommer 501-514 The Impact of Firm Risk on
 Property-Liability Insurance
 Prices

1995 Carson and Hoyt 764-775 Life Insurer Financial
 Distress: Classification
 Models and Empirical Evidence

 Klein 363-404 Insurance Regulation in
 Transition

1994 Ambrose and 317-327 Using Best's Ratings in Life
 Carroll Insurer Insolvency Prediction

1993 Browne and Kim 616-634 An International Analysis of
 Life Insurance Demand

1992 D'Arcy and 575-601 Catastrophe Futures: A Better
 France Hedge for Insurers

1991 Butler and 191-204 Claims Reporting and Risk
 Worrall Bearing Moral Hazard in
 Workers Compensation

1990 BarNiv and 110-136 Classifying Financial
 Hershbarger Distress in the Life
 Insurance Industry

1989 Grabowski, 275-299 Price and Availability
 Viscusi, and Tradeoffs of Auto-mobile
 Evans ** Insurance Regulation

1988 Ambrose and 229-244 Best's Ratings, Financial
 Seward ** Ratios and Prior probabilities
 in Insolvency Prediction

1987 Mayers and 45-54 Corporate Insurance and the
 Smith Underinvestment Problem

1986 Harrington and 583-605 A Regression-Based
 Nelson ** Methodology for Solvency
 Surveillance in the
 Property-Liability Insurance
 Industry

1985 Weiss 199-221 A Multivariate Analysis of
 Loss Reserving Estimates in
 Property-Liability Insurers

Year Author(s) Citations

1998 Grace, 5
 Harrington and
 Klein


1997 BarNiv and 9
 Hathom


1996 Sommer 12



1995 Carson and Hoyt 14



 Klein 14


1994 Ambrose and 15
 Carroll

1993 Browne and Kim 10


1992 D'Arcy and 16
 France

1991 Butler and 11
 Worrall


1990 BarNiv and 12
 Hershbarger


1989 Grabowski, 11
 Viscusi, and
 Evans **

1988 Ambrose and 13
 Seward **


1987 Mayers and 14
 Smith

1986 Harrington and 12
 Nelson **




1985 Weiss 8



* No article published in the JRI during 1999 or 2000 was cited more
than twice.

** These articles were also among the most cited in the previous study
conducted using citations from the sample journals 1991-1995.

TABLE 7

Journal of Risk and Insurance Articles Most Frequently Cited by the
Sample Journals During 1996 Through 2000, Regardless of the Year
Published

Rank Author(s) Year/Volume Pages Title

1 D'Arcy and 1992/59 575-601 Catastrophe Futures: A
 France Better Hedge for
 Insurers

2 Ambrose and 1994/61 317-327 Using Best's Ratings in
 Carroll Life Insurer Insolvency
 Prediction

T3 Carson and Hoyt 1995/62 764-775 Life Insurer Financial
 Distress: Classification
 Models and Empirical
 Evidence

T3 Klein 1995/62 363-404 Insurance Regulation in
 Transition

T3 BarNiv and 1992/59 543-574 Identifying Financial
 McDonald Distress in the
 Insurance Industry: A
 Synthesis of
 Methodological and
 Empirical Issues

T3 Barrese and 1992/59 375-397 Independent and
 Nelson Exclusive Agency
 Insurers: A
 Reexamination of the
 Cost Differential

T3 Mayers and 1987/54 45-54 Corporate Insurance
 Smith * and the Underinvestment
 Problem

T8 Wells, Cox, and 1995/62 50-66 Free Cash Flow in the
 Gayer Life Insurance Industry

T8 Ambrose and 1988/55 229-244 Best's Ratings,
 Seward * Financial Ratios and
 Prior Probabilities in
 Insolvency Prediction

T10 Sommer 1996/63 501-514 The Impact of Firm Risk
 on Property-Liability
 Insurance Prices

T10 Mayers and Smith 1994/61 638-655 Managerial Discretion,
 Regulation and Stock
 Insurer Ownership
 Structure

T10 Brockett, Cooper, 1994/61 402-424 A Neural Network Method
 Golden, and for Obtaining Early
 Pitaktong Warning of Insurer
 Insolvency

T10 BarNiv and 1990/57 110-136 Classifying Financial
 Hershbarger * Distress in the Life
 Insurance Industry

T10 Cummins and 1987/54 246-262 An International
 Outreville * Analysis of
 Underwriting Cycles in
 Property-Liability
 Insurance

T10 Harrington and 1986/53 583-605 A Regression-Based
 Nelson * Methodology for
 Solvency Surveillance in
 the Property-Liability
 Insurance Industry

Rank Author(s) Citations

1 D'Arcy and 16
 France


2 Ambrose and 15
 Carroll


T3 Carson and Hoyt 14




T3 Klein 14


T3 BarNiv and 14
 McDonald





T3 Barrese and 14
 Nelson




T3 Mayers and 14
 Smith *


T8 Wells, Cox, and 13
 Gayer

T8 Ambrose and 13
 Seward *



T10 Sommer 12



T10 Mayers and Smith 12




T10 Brockett, Cooper, 12
 Golden, and
 Pitaktong


T10 BarNiv and 12
 Hershbarger *


T10 Cummins and 12
 Outreville *




T10 Harrington and 12
 Nelson *




* These articles were also among the most cited in the previous study
conducted using citations from the sample journals during 1991-1995.

TABLE 8

The Article From Each Risk and Insurance and Actuarial Journal That Was
the Most Frequently Cited by the Sample Journals During 1996 Through
2000

Journal Author(s) Year/Pages

Astin Bulletin * Panjer 1981/22-26


Benefits Quarterly Myers 1992/41-55


British Actuarial Wilkie 1995/777-964
Journal

Geneva Papers on Kielholz and 1997/3-16
Risk and Insurance Durrer
Issues and Practice

 Cummins and 1991/20-38
 Weiss

Geneva Papers on Konrad and 1993/131-146
Risk and Insurance Skaperdas
Theory

 Hogarth and 1992/35-60
 Kunreuther

Insurance: Wang, Young, and 1997/173-183
Mathematics and Panjer
Economics

Journal of Actuarial Knox 1993/49-68
Practice

Journal of Insur- Hershbarger and 1986/21-43
ance Issues * Miller


Journal of Insur- Klein and Barth 1995/256-301
ance Regulation

Journal of Risk and D'Arcy and 1992/575-601
Insurance France

Journal of Risk and Tversky and 1992/297-323
Uncertainty ** Kahneman

North American Gerber and Shiu 1998/48-72
Actuarial Journal

Scandinavian Dufresne 1990/39-79
Actuarial Journal


Journal Title Citations

Astin Bulletin * Recursive Evaluation of a Family of 29
 Compound Distributions

Benefits Quarterly Chile's Social Security Reform (After 3
 Ten Years)

British Actuarial More on a Stochastic Asset Model for 33
Journal Actuarial Use

Geneva Papers on Insurance Derivatives and Securiti- 6
Risk and Insurance zation: New Hedging Perspectives for
Issues and Practice the U.S. Cat Insurance Market

 The Effects of No Fault on Automobile 6
 Insurance Loss Costs

Geneva Papers on Self-Insurance and Self-Protection: A 5
Risk and Insurance Non-Expected Utility Analysis
Theory

 Pricing Insurance and Warranties: 5
 Ambiguity and Correlated Risks

Insurance: Axiomatic Characterization of Insur- 15
Mathematics and ance Prices
Economics

Journal of Actuarial A Critique of Defined Contribution 4
Practice Plans Using a Simulation Approach

Journal of Insur- The NAIC Information System and 6
ance Issues * the Use of Economic Indicators in
 Predicting Insolvencies

Journal of Insur- Solvency Monitoring in the Twenty- 8
ance Regulation first Century

Journal of Risk and Catastrophe Futures: A Better Hedge 16
Insurance for Insurers

Journal of Risk and Advances in Prospect Theory: Cumu- 27
Uncertainty ** lative Representation of Uncertainty

North American On the Time Value of Ruin 9
Actuarial Journal

Scandinavian The Distribution of a Perpetuity, with 14
Actuarial Journal Applications to Risk Theory and Pen-
 sion Funding

* These articles were also among the most cited in the previous study
conducted using citations from the sample journals during 1991--1995.

** The most frequently cited articles published by the JFSP and the CPCU
are not provided due to the in complete nature of many of the citations
found in these journals. In addition, the most frequently cited article
from the RMIR is not listed because five articles were tied with two
citations each.

TABLE 9

The Most Frequently Cited Articles Published in Any of the Actuarial
Journals

Rank Author(s) Journal/Year Pages

1 Wilkie BAJ/95 777-964


2 Panjer * AB/81 22-26


3 Wang AB/96 71-92



4 Buhlman AB/67 199-207

5 Dhaene and AB/96 201-212
 Goovaerts

6 Wang, Young, and IME/97 173-183
 Panjer

T7 Wang IME/95 43-54



T7 Dufresne SAJ/90 39-79



T7 DeVylder and IME/88 1-8
 Goovaerts

T10 Geoghegan, JIA/92 173-228
 Clarkson, Feldman,
 Green, Kitts,
 Lavecky, Ross,
 Smith, and
 Toutounchi

T10 Dickson IME/92 191-207


T10 Gerber, Goovaerts, AB/87 151-163
 and Kaas *

T10 Embrechts and IME/82 55-72
 Veraverbeke


Rank Author(s) Title Citations

1 Wilkie More on a Stochastic Asset Model 33
 for Actuarial Use

2 Panjer * Recursive Evaluation of a Family 29
 of Compound Distributions

3 Wang Premium Calculation by Trans- 21
 forming the Layer Premium Den-
 sity

4 Buhlman Experience Rating and Credibility 19

5 Dhaene and Dependency of Risks and Stop- 17
 Goovaerts Lass Order

6 Wang, Young, and Axiomatic Characterization of 15
 Panjer Insurance Prices

T7 Wang Insurance Pricing and Increased 14
 Limits Rate-Making by Propor-
 tional Hazards Transformed

T7 Dufresne The Distribution of a Perpetuity, 14
 with Applications to Risk Theory
 and Pension Funding

T7 DeVylder and Recursive Calculation of Finite- 14
 Goovaerts Time Ruin Probabilities

T10 Geoghegan, Report on the Wilkie Stochastic 13
 Clarkson, Feldman, Investment Model
 Green, Kitts,
 Lavecky, Ross,
 Smith, and
 Toutounchi

T10 Dickson On the Distribution of the Surplus 13
 Prior to Ruin

T10 Gerber, Goovaerts, On the Probability and Severity of 13
 and Kaas * Ruin

T10 Embrechts and Estimates for the Probability of 13
 Veraverbeke Ruin with Special Emphasis on
 the Possibility of Large Claims

Notes: AB = Astin Bulletin

BAJ = British Actuarial Journal

IME = Insurance: Mathematics and Economics

JIA = Journal of the Institute of Actuaries (now the BAJ)

SAJ = Scandinavian Actuarial Journal.

* These articles were also among the most cited in the previous study
conducted using citations from the sample journals during 1991-1995.


(1.) While citation studies are more common in other disciplines and thought to be the most comprehensive method of evaluating journal quality (see Alexander and Mabry [1994], Zivney and Reichenstein [1994], Borokhovich et al. [2000], and Chung et al. [2001]), presumably the reason why citation analysis was not used to evaluate journal quality in the insurance and actuarial literature up until Colquitt (1997) is that very few risk, insurance, and actuarial journals are tracked by the Social Sciences Citation Index (SSCI). Currently, only the Geneva Papers on Risk and Insurance Issues and Practice, Geneva Papers on Risk and Insurance Theory, Insurance: Mathematics and Economics, the Journal of Risk and Insurance, and the Journal of Risk and Uncertainty are included in the journals tracked by the SSCI. Collection of the data needed to conduct a citation analysis without the use of the SSCI is tedious and time consuming.

(2.) While we can evaluate the initial impact of the newer journals, it will take some time before we are able to determine the lasting impact that these journals will have on risk, insurance, and actuarial research.

(3.) The list of finance journals chosen by Colquitt (1997) is the same as the list analyzed by Zivney and Reichenstein (1994). In the previous study, the citations from the sample finance journals to the sample insurance and actuarial journals amounted to only 3.77 percent of all the citations found to these insurance and actuarial journals. As a result, it is unlikely that a significant change to the results of the study would occur in the event that a slight change in the sample of the finance journals analyzed was made.

(4.) This is in contrast to Colquitt (1997), where no distinction is made between the risk and insurance journals and the actuarial journals.

(5.) Baur et al. (1997) report that (at the time of their study) only 2 percent (5 out of 265) of all Association to Advance Collegiate Schools of Business (AACSB) schools and only 3 percent (1 out of 30) of schools with a major in actuarial sciences subscribed to the JAP.

(6.) The calculation of both the self-citation rate and the self-citation index follows that of Borokhovich et al. (1994) and Colquitt (1997). 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).

(7.) 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 except the JAP, the NAAJ, and RMIR was 1991 through 2000. The JAP was established in 1993, and the period used for the JAP was 1993 through 2000. Both the NAAJ and RMIR were established in 1997, and the period used for these two journals was 1997 through 2000.

(8.) The AIIF is the IIF calculated excluding self-citations.

(9.) No articles published in the JRI during 1999 and 2000 were cited by the sample journals more than twice.

(10.) The most frequently cited articles from the JFSP and the CPCU are not included because of the incomplete nature of many of the citations found in these journals. In addition, the most frequently cited RMIR article is not listed because five RMIR articles were tied with two citations each.

(11.) A table of the most frequently cited articles published in any of the risk and insurance journals is not provided because of the dominance of the JRI among the risk and insurance journals. The only difference between a table listing the most frequently cited articles in any risk and insurance journal and Table 7 (the most frequently cited JRI articles) would be the inclusion of three JRU articles: (1) Tversky and Kahneman's 1992 article, "Advances in Prospect Theory: Cumulative Representation of Uncertainty," with 27 citations; (2) Luce and Fishburn's 1991 article, "Rank- and Sign-Dependent Linear Utility Models for Finite First-Order Gambles," with 12 citations; and (3) Viscusi's 1989 article, "Prospective Reference Theory: Toward an Explanation of the Paradoxes," with 12 citations.

(12.)In Malouin and Outreville (1987), a "country effect" occurs when there is a bias toward journals published in either one's country of origin or in one's native language.

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L. Lee Colquitt is Associate Professor of Risk and Insurance, Department of Finance, College of Business, Auburn University; e-mail: colquitt@business.auburn.edu. The author gratefully acknowledges information provided by Debra Parker of the International Society of Certified Employee Benefits Specialists; Colin Ramsay, editor of the Journal of Actuarial Practice; Rob Hoyt; and David Sommer. The author also appreciates valuable comments provided by the Editor, three anonymous referees, Randy Dumm, Rob Hoyt, and David Sommer.
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Date:Jun 1, 2003
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