The Remarkable Growth in Financial Economics, 1974-2020


G. William Schwert

University of Rochester, Rochester, NY 14627
and National Bureau of Economic Research


Journal of Financial Economics, 140 (2021) 1008-1046

The field of academic finance has grown and evolved in the 47 years since the Journal of Financial Economics (JFE) began publishing papers. This paper examines detailed data on the 3,003 papers written by 3,358 different authors published in the JFE over the pe- riod 19742020. Advances in computing power and electronic communication have driven trends toward more empirical work, more coauthorship, and more complex papers. The set of authors, referees, and editors has also evolved as the ?eld spans a much larger geo- graphic footprint and as women have come to play a larger role in all aspects of academic ?nance. Growth in the demand for ?nance faculty has driven up faculty compensation and the demand for scarce journal space.

Key words: Efficient markets, Asset Pricing, Option Pricing, Corporate Finanace, Corporate Control, Financial Institutions

JEL Classifications: G10, G20, G30


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Last Updated on 6/10/2021