Production in the Finance Literature, Institutional Reputation, and Labor Mobility in Academia: A Global Perspective

Abstract

Academic institutions are ranked on a global scale in terms of finance literature productivity. US institutions are dominant in academic publishing although European and Asian institutions have improved significantly in recent years. Additionally, we study the relationship between the quality of human capital and the likelihood of an upward career move. Our results show that an individual relocates to a higher-ranked institution exhibits a research record that is two times stronger than that of an average faculty member at the destination institution. We further model the probability of an upward move in the academic labor market as a function of human capital using an ordered logistic model. We find that publications in sixteen core journals, publications in three top journals, and the rank of the Ph.D. granting institution enhance the probability of moving to a higher ranked institution. On the other hand, the length of teaching experience decreases this probability.