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Economics
Financial Economics

Bank Structure Conference Impact Study

Profile image of Ronnie PhillipsRonnie PhillipsProfile image of Philip J BartholomewPhilip J Bartholomew

2008, Journal of Financial Services Research

https://doi.org/10.1007/S10693-008-0037-4
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23 pages

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Abstract

The first Conference on Bank Structure and Competition was held at the Federal Reserve Bank of Chicago in 1963. Since that time, the Conference has served to stimulate and disseminate policy relevant research on issues affecting the financial services industry and as a forum for debating the relevant policy issues of the day. We evaluate the impact of the Conference on public policy and the banking and finance literature. We provide a qualitative argument that the Conference has helped promote policy change by showing that major financial reforms were typically discussed years earlier at the Conference. We then analyze data from the Social Science Citation Index and find that the Conference has had a strong and systematic impact on the banking and finance literature.

Figures (13)
his tenure as Federal Reserve Chairman are included as invited presentations.'° Of the total conference presentations, 604 were research papers (52%) and 565 were invited presentations (48%). This highlights the abovementioned conference ‘mixture’ of high- quality research with industry and regulatory expertise. — sae. +
his tenure as Federal Reserve Chairman are included as invited presentations.'° Of the total conference presentations, 604 were research papers (52%) and 565 were invited presentations (48%). This highlights the abovementioned conference ‘mixture’ of high- quality research with industry and regulatory expertise. — sae. +
We have two goals for the following two sections of the paper: first, to develop a quantitative approach for measuring the impact of a research conference on the associated
We have two goals for the following two sections of the paper: first, to develop a quantitative approach for measuring the impact of a research conference on the associated
Number of citations academic literature; and second, to apply that approach to the research papers presented at the Bank Structure Conference (BSC) between 1980 and 2005. While the summary Statistics presented above describe presentations made at the BSC from 1963 through the 2005 Conference, the remainder of our analysis will focus on papers presented at the Conferences from 1980 through 2005.
Number of citations academic literature; and second, to apply that approach to the research papers presented at the Bank Structure Conference (BSC) between 1980 and 2005. While the summary Statistics presented above describe presentations made at the BSC from 1963 through the 2005 Conference, the remainder of our analysis will focus on papers presented at the Conferences from 1980 through 2005.
is probably a relatively poor measure of the absolute impact of the published article since the majority of citations to finance and banking papers occur more than 2 years after these papers are published. Hence, a proper analysis of the impact of published articles on the associated discipline may require a longer window of citation data, which we analyze in robustness tests. Second, we show that citations-per-published-article in finance and banking journals have been increasing systematically over the past 25 years. This suggests that inter-temporal comparisons of citation counts can be misleading across long periods of time, and we take care to shield our results from this potential bias. Third, although we have access to the citation data underlying the off-the-shelf journal impact factors published by the Social Science Citation Index (SSCD), we were unable to exactly replicate their published results. Our calculations nearly always resulted in lower journal impact factors (that is, fewer citations per paper on average), although the rank ordering of journals was not affected by our calculations.
is probably a relatively poor measure of the absolute impact of the published article since the majority of citations to finance and banking papers occur more than 2 years after these papers are published. Hence, a proper analysis of the impact of published articles on the associated discipline may require a longer window of citation data, which we analyze in robustness tests. Second, we show that citations-per-published-article in finance and banking journals have been increasing systematically over the past 25 years. This suggests that inter-temporal comparisons of citation counts can be misleading across long periods of time, and we take care to shield our results from this potential bias. Third, although we have access to the citation data underlying the off-the-shelf journal impact factors published by the Social Science Citation Index (SSCD), we were unable to exactly replicate their published results. Our calculations nearly always resulted in lower journal impact factors (that is, fewer citations per paper on average), although the rank ordering of journals was not affected by our calculations.
See Se Ee PEI ce: See: SEAS Se ee Se Bee. oF eee This formula in Eq. | easily generalizes to more than two periods. Expanding beyond 2 years theoretically could result in either an increase or decrease in the annual citation rate, depending on how quickly the knowledge created by the journal article disseminates into use by other scholars, how quickly those scholars apply that knowledge, and how long it takes before this “second generation” of research itself is published in journals. Figure 2 illustrates the case of research papers published in four leading economics, finance, and banking journals (American Economic Review, Journal of Finance, Journal of Financia and Quantitative Analysis, and Journal of Money, Credit, and Banking). The figure plots the number of citations in SSCI-listed journals that refer to articles published in each o these journals, and how many years elapsed between the original publication and the publication in which it was cited (we include the first 10 years following publication). Fo1 each of these journals, the number of annual citations increases in the first, second, and third years after an article is published; peaks in either the third, fourth, or fifth year aftet publication; and then very slowly declines after that. a 4 «x oy Po Fr q . -/: peer pie For our purposes, two implications can be drawn from Fig. 2. First, the standard 2-year JIF clearly understates the absolute number of annual citations received by the typical journal article. However, since the citation patterns for the four journals plotted in the figure follow similar increasing and decreasing patterns over time, it is unlikely that the standard 2-year JIF measure generates grossly incorrect relative JIF journal rankings. Second, if one
See Se Ee PEI ce: See: SEAS Se ee Se Bee. oF eee This formula in Eq. | easily generalizes to more than two periods. Expanding beyond 2 years theoretically could result in either an increase or decrease in the annual citation rate, depending on how quickly the knowledge created by the journal article disseminates into use by other scholars, how quickly those scholars apply that knowledge, and how long it takes before this “second generation” of research itself is published in journals. Figure 2 illustrates the case of research papers published in four leading economics, finance, and banking journals (American Economic Review, Journal of Finance, Journal of Financia and Quantitative Analysis, and Journal of Money, Credit, and Banking). The figure plots the number of citations in SSCI-listed journals that refer to articles published in each o these journals, and how many years elapsed between the original publication and the publication in which it was cited (we include the first 10 years following publication). Fo1 each of these journals, the number of annual citations increases in the first, second, and third years after an article is published; peaks in either the third, fourth, or fifth year aftet publication; and then very slowly declines after that. a 4 «x oy Po Fr q . -/: peer pie For our purposes, two implications can be drawn from Fig. 2. First, the standard 2-year JIF clearly understates the absolute number of annual citations received by the typical journal article. However, since the citation patterns for the four journals plotted in the figure follow similar increasing and decreasing patterns over time, it is unlikely that the standard 2-year JIF measure generates grossly incorrect relative JIF journal rankings. Second, if one
Fig. 2. The number of SSCI citations during each of the first 10 years after publication for articles published between 1975 and 2005 in four leading economics, finance, and banking journals. Journals included are the American Economic Review; Journal of Money, Credit, and Banking; Journal of Finance; and Journal of Financial and Quantitative Analysis
Fig. 2. The number of SSCI citations during each of the first 10 years after publication for articles published between 1975 and 2005 in four leading economics, finance, and banking journals. Journals included are the American Economic Review; Journal of Money, Credit, and Banking; Journal of Finance; and Journal of Financial and Quantitative Analysis
full-sample averages. We display both the conservative and liberal versions of the CIFs. The liberal CIF calculation indicates that the average published paper from the BSC is citec slightly less frequently than articles in the very top general journals (e.g., Journal o Financial Economics, Journal of Finance, American Economic Review), while the conservative CIF calculation indicates that the average research paper presented at the BSC is cited about as frequently as articles published in the top banking field journals (e.g. Journal of Financial Intermediation, and Journal of Money, Credit, and Banking).
full-sample averages. We display both the conservative and liberal versions of the CIFs. The liberal CIF calculation indicates that the average published paper from the BSC is citec slightly less frequently than articles in the very top general journals (e.g., Journal o Financial Economics, Journal of Finance, American Economic Review), while the conservative CIF calculation indicates that the average research paper presented at the BSC is cited about as frequently as articles published in the top banking field journals (e.g. Journal of Financial Intermediation, and Journal of Money, Credit, and Banking).
Fig. 4 Two-year journal impact factor for 19 banking, economics and finance journals
Fig. 4 Two-year journal impact factor for 19 banking, economics and finance journals
Table 6 Indirect conference impact factors for the Bank Structure Conference (Eq. 2), compared to journal impact factors for selected journals (Eq. 1). Five- and 25-year averages are displayed in cells, and all of the impact factors underlying these averages are based on 2 years of citation data. The journals are ranked in order of the 1980-2005 data column Remember that the indirect CIF is essentially a weighted average of the JIFs in which conference papers are published, so that the comparisons shown here are based on the assumption that published BSC papers are cited no more, or no less, frequently than the typical article published in each of these peer journals.
Table 6 Indirect conference impact factors for the Bank Structure Conference (Eq. 2), compared to journal impact factors for selected journals (Eq. 1). Five- and 25-year averages are displayed in cells, and all of the impact factors underlying these averages are based on 2 years of citation data. The journals are ranked in order of the 1980-2005 data column Remember that the indirect CIF is essentially a weighted average of the JIFs in which conference papers are published, so that the comparisons shown here are based on the assumption that published BSC papers are cited no more, or no less, frequently than the typical article published in each of these peer journals.
Fig. 5 Distribution of citations over time. The distribution of citations as a percentage of total citations during the first 10 years after publication for articles published in the four economics, finance, and banking journals listed in Fig. 2, and for BSC papers that were published in SSCI-listed journals
Fig. 5 Distribution of citations over time. The distribution of citations as a percentage of total citations during the first 10 years after publication for articles published in the four economics, finance, and banking journals listed in Fig. 2, and for BSC papers that were published in SSCI-listed journals
Table 7 Direct conference impact factors for the Bank Structure Conference (Eq. 3), compared to journal impact factors for selected journals (Eq. 1). Five- and 25-year averages are displayed in cells, and all of the impact factors underlying these averages are based on 2 years of citation data. The journals are ranked in order of the 1980-2005 data column
Table 7 Direct conference impact factors for the Bank Structure Conference (Eq. 3), compared to journal impact factors for selected journals (Eq. 1). Five- and 25-year averages are displayed in cells, and all of the impact factors underlying these averages are based on 2 years of citation data. The journals are ranked in order of the 1980-2005 data column
Table 8 Direct conference impact factors for the Bank Structure Conference (Eq. 3), compared to journal impact factors for selected journals (Eq. 1). Twenty-five-year averages are displayed in cells, and all of the impact factors underlying these averages are based on either 2, 3, 4, or 5 years of citation data. The journals are ranked in order of the 2-year column, with the numbers in parentheses indicating those 2-year rank orderings
Table 8 Direct conference impact factors for the Bank Structure Conference (Eq. 3), compared to journal impact factors for selected journals (Eq. 1). Twenty-five-year averages are displayed in cells, and all of the impact factors underlying these averages are based on either 2, 3, 4, or 5 years of citation data. The journals are ranked in order of the 2-year column, with the numbers in parentheses indicating those 2-year rank orderings

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