The Econometrics Journal Managing Editor’S Annual Report 2015 the Period Covered in This Report Is July 1 2014 Until June 30 2015

Econometrics Journal, Editor’s Annual Report, 2015 The Royal Economic Society The Econometrics Journal Managing Editor’s Annual Report 2015 The period covered in this report is July 1 2014 until June 30 2015.

The Econometrics Journal was established in 1998 refreshing and renewing the Associate Editors of by the Royal Economic Society with the original the journal. The recruitment of an Editorial intention of creating a high-quality refereed Board of international distinction is and has been journal with a standard of intellectual rigour and critical to raising the international profile and academic standing similar to those of the pre- academic standing of The Econometrics Journal. existing top international field journals for These editorial appointments underline and econometric research such as Econometric Theory, reinforce the original intention of the Royal Journal of Applied Econometrics, Journal of Business Economic Society of creating a high-quality ref- and Economic Statistics, Journal of Econometrics and ereed journal with a standard of intellectual Review of Economics and Statistics. rigour and academic standing similar to those of the pre-existing top international field journals The Econometrics Journal is a general journal for for econometric research. econometric research and included all areas of econometrics, whether applied, computational, The Econometrics Journal is grateful to Joris Pinkse methodological or theoretical contributions. As (Pennsylvania State University) who resigned as a journal of the Royal Economic Society, The an Associate Editor due to pressure of other Econometrics Journal seeks to promote the general commitments for the help and advice he provid- advancement and application of econometric ed to The Econometrics Journal. methods and techniques to problems of rele- The Econometrics Journal is also delighted that the vance to modern economics. following have agreed to continue for a further Editorial Board three year term as Associate Editors: Daniel Ackerberg (University of Michigan), Chunrong The Editorial Office of The Econometrics Journal is Ai (University of Florida), Joerg Breitung based in Faculty of Economics at the University (University of Bonn), Federico Bugni (Duke of Cambridge with Richard J Smith as Managing University), Ivan Canay (Northwestern Editor of The Econometrics Journal. University), Giuseppe Cavaliere (University of Recent editorial changes include the appoint- Bologna), John Chao (University of Maryland), ment of Dennis Kristensen (UCL, IFS and Yingying Fan (University of Southern Cemmap) as Co-Editor to replace Andrew California), Ivan Fernandez-Val (Boston Patton (Duke University) on his taking up the University), Silvia Goncalves (University of position of Managing Editor of Journal of Western Ontario), Stefan Hoderlein (Boston Financial Econometrics. Dennis has been an College), Shakeeb Khan (Duke University), Associate Editor of The Econometrics Journal since Tatiana Komarova, (London School of 2008 whereas Andrew was a Co-Editor between Economics), Ivana Komunjer (University of 2013 and 2015. The Econometrics Journal is very California, San Diego), Serena Ng (Columbia grateful to Andrew for his excellent service dur- University), Morten Nielsen (Queens ing his tenure as Co-Editor. University), Alexei Onatski (Universiity of Cambridge), Taisuke Otsu (Yale University), The Editorial Board of The Econometrics Journal Aureo de Paula (University College London; undertook at the end of 2014 its annual editori- PEN), Zhongjun Qu (Boston University), al review with the particular intention of Andres Santos, (University of California, San - 1 - Econometrics Journal, Editor’s Annual Report, 2015 Diego), Oliver Scaillet, (University of Geneva; cates that proportionately the number of submis- SFI), Susanne Schennach, (Brown University), sions attracted from North America by The Azeem Shaikh, (University of Chicago) and Econometrics Journal dropped relative to 2013-14 Gautam Tripathi, (University of Luxembourg). being rather similar to the historical level of ear- lier years. Consequently, The Econometrics Journal The full editorial membership is given in is still failing to attract the numbers and quality Appendix A below. of submission from North America required in order to achieve its aim of becoming a top inter- Progress national general journal for econometrics Impact factors research. The proportion of submissions from Europe is similar to that of previous years The sixth set of data from the ISI Citation Index whereas that from the UK rose substantially. on The Econometrics Journal became available for Table 2 underlines the continuing predominance 2014.The journal impact factor is 0.818 (1.128, of acceptances originating from North America, 1.000, 0.870, 0.691, 0.733, 0.750, 0.479) with UK and Europe although there is evidence of an the immediacy index at 0.095 (0.364, 0.227, increase from the rest of the world. 0.240, 0.176, 0.125, 0.065, 0.034); 2007-13 data are given in parentheses. The eigen-factor Wiley-Blackwell prepared marketing informa- score and five year impact factor are 0.00415 tion for the RES 2015 Conference (leaflets, (0.00377, 0.00417, 0.00280, 0.00352, posters, highlighted key papers) and pho- 0.00367, 0.00324, 0.00379) and 1.488 (1.235, tographed the Wiley-Blackwell stand and the 1.252, 0.964, 1.166) respectively; 2008-13 and Denis Sargan Prize award. An email blast was 2010-13 figures respectively in parentheses.The sent to the Wiley-Blackwell opt-in lists to join journal impact factor ranks The Econometrics The Econometrics Journal stand at the RES 2015 Journal at 175 (112) out of 333 (333) economics conference granting immediate access to The journals. Econometrics Journal and included an invitation to The Econometrics Journal Special Session on Both journal impact factor and immediacy index ‘Econometrics of Matching’. The Econometrics have disappointingly dropped substantially as Journal was also promoted by Wiley-Blackwell compared with the gentle increases in recent with free sample issues, trial cards and leaflets at years, the former primarily due to the excellent a number of events worldwide. 2011 being omitted. More encouraging are the eigen-factor score and five year impact factor Wiley-Blackwell has yet to report on how they with the latter the highest ever recorded and intend to promote The Econometrics Journal at placing The Econometrics Journal at 117 (149) out Econometric Society meetings and other meet- of 333 (333) economics journals.The impact fac- ings of econometricians.The Editorial Board of tor and rank for the competitor journals are The Econometrics Journal has requested Wiley- rather similar to 2013: Econometric Theory 1.262 Blackwell to provide an annual list of such pro- (103), Journal of Econometrics 1.600 (64), Review motional activities in advance for each year. The of Economics and Statistics 2.749 (22), Journal of Econometrics Journal prefers an active rather than Applied Econometrics 1.673 (60) and Journal of reactive rôle in contributing to the preparation Business and Economic Statistics 2.241 (37). of resources for conferences and marketing cam- paigns. The short-term figures give cause for concern although it is likely the 2015 impact factor The Econometrics Journal now prepares and pub- should improve in 2015 as the rather poor 2012 lishes Winter and Summer Newsletters. Issues will be omitted. Nos. 3 and 4 have been distributed to RES members, The Econometrics Journal email database and Promotion various Wiley-Blackwell e-mail databases. Table 1 displays the geographical distribution of Newsletters are posted on The Econometrics new submissions for 2014-15. This table indi- Journal website and accessed from the left hand

- 2 - Econometrics Journal, Editor’s Annual Report, 2015 menu of The Econometrics Journal home page with Special Session on ‘Heterogeneity’ at the RES twelve news items also posted announcing spe- Annual Conference 2013 held at Royal Holloway cial events. University of London. Submissions have also been received from the presenters Jianqing Fan The Denis Sargan Econometrics Prize (Princeton University) and Marc Hallin The Econometrics Journal Denis Sargan (ECARES ULB and ORFE Princeton) arising Econometrics Prize is awarded for the best from The Econometrics Journal Special Session on (unsolicited) article published in The Econometrics Large Dimensional Models at the RES Annual Journal in a given year by anyone who is within Conference 2014 at the University of five years of being awarded their doctorate. An Manchester. honorarium of £1000 will be awarded to the winning author. The Econometrics Journal organized a Special Session on ‘Econometrics of Matching’ at the The Econometrics Journal Editorial Board 2014 Royal Economic Society Annual (Managing Editor and Co-Editors) evaluated Conference, Monday 30 March to Wednesday 1 those qualifying articles published in The April, 2015 at the University of Manchester. Econometrics Journal in 2013 and the prize was awarded to Professor Koen Jochmans (Sciences The papers presented were: Po). The award to Professor Jochmans is in Alfred Galichon (Sciences Po): ‘Estimating respect of his paper ‘Pairwise-comparison estima- Transfer Frictions in the Marriage Market’ tion with non-parametric controls’ published in The Econometrics Journal,Vol. 16, Issue No. 3, pp. Jeremy Lise (UCL and IFS): ‘Multidimensional 340-372, and available at: http://onlinelibrary. Skills, Sorting and Human Dimension wiley.com/doi/10.1111/ectj.12008/abstract Calculation’. A video of the presentation (by Professor Sir Unfortunately because of travel difficulties Parag Richard Blundell) at the RES 2015 Conference Pathak (MIT and NBER) who was originally due held at the University of Manchester is now to speak was unable to present his paper ‘The available on The Econometrics Journal website at: Welfare Effects of Coordinated Assignment: http://www.res.org.uk/view/SarganPrize2013 Evidence from the NYC HS Match’ but kindly .html made the slides available on The Econometrics Journal website. Royal Economic Society Annual Conference Special Sessions associated with The Econometrics A Special Issue of The Econometrics Journal on Journal will be arranged at subsequent RES ‘Econometrics of Forecasting’ has now been Annual Conferences. published. Papers in this Issue were submitted to the RES Conference 2012. The papers are Cambridge INET/Econometrics Journal Workshop on ‘Likelihood-based dynamic factor anal ysis for Econometrics of Networks measurement and forecasting’ by Borus Jungbacker and Siem Jan Koopman and The Cambridge-INET Institute and The ‘Economic Theory and Forecasting: Lessons Econometrics Journal jointly organised the from the literature’ by Raffaella Giacomini.The Econometrics of Networks Workshop held at the papers, together with an editorial prepared by University of Cambridge on June 17 2015. The Richard J Smith can be viewed on workshop was generously supported by a grant http://www.res.org.uk/view/econometricsCu from the RES. The workshop brought together rrentIssue.html many leading experts in the field and was attend- ed by about forty active researchers and stu- Submissions to The Econometrics Journal have been dents. received from the presenters Yuichi Kitamura (Yale) and Stephane Bonhomme (University of The workshop comprised three sessions: econo- Chicago) arising from The Econometrics Journal metric models of dyadic link formation in social - 3 - Econometrics Journal, Editor’s Annual Report, 2015 networks [Andreas Dzemski (University of pendent copy editor/proof reader on a freelance Mannheim), Bryan Graham (UC Berkeley)], net- basis to assist the Managing Editor. This system work formation with many agents based on sub- continues to operate. graphs [Konrad Metzel (NYU), Arun Chandrasekhar (Stanford University)] and iden- The Econometrics Journal has implemented a repli- tification of preferences and estimation in net- cation policy for articles that include empirical work games and network estimation using time applications and/or simulation experiments. series [Aureo de Paula (UCL), Shuyang Sheng Details are included on The Econometrics Journal (UCLA), Matteo Barigozzi from (LSE)]. website. A Supplementary Data policy is already in place which permits authors of accepted papers Because of recently substantial interest in social to deposit additional material on the Wiley- networks and given the topicality and impor- Blackwell The Econometrics Journal website. tance of research on networks The Econometrics Journal intends to commission a Special Issue on Procedures for publication of accepted papers, Econometrics of Networks with the presenters notes and book reviews on The Econometrics at the workshop invited to submit papers for Journal website operate smoothly and efficiently possible publication in the Special Issue. with manuscripts being posted within one week of acceptance of the final version. Book and Software Reviews Editorial Process In 2014-15 books were received from the pub- All queries made by the Editorial Office to lishers Princeton University Press, The MIT Editorial Express® have been responded to Press, Cambridge University Press, Greenleaf promptly. Publishing and Yale University press. Statistics No book reviews were published in 2014-15. Monthly statistics and editorial reports are pro- The Book Reviews Editor of The Econometrics vided to all members of the Editorial Board and Journal has commissioned two reviews which Associate Editors to apprise them of the progress remain outstanding: of the journal. Bi-Annual Skype meetings are held between the Managing Editor, Co-Editors A C Harvey:‘Dynamic Models for Volatility and and the Assistant Editor which have proved effec- Heavy Tails With Applications to Financial and tive in dealing with EctJ business. Economic Time Series.’ Y Aït-Sahalia and J Jacod: ‘High-Frequency Submissions Financial Econometrics.’ 157 new submissions were received under Editorial Express®. This total represents a Access to information on Book reviews is pro- decrease of 48 (23.41 per cent) over that report- vided via a link in the left hand menu of The ed for 2014. Econometrics Journal home page. Additionally there were 40 resubmissions Publication received during this period. The continuing ambition is to attract higher It should be noted that new submissions and quality submissions and build the profile of The resubmissions exclude papers associated with the Econometrics Journal particularly in North various Special Issues of The Econometrics Journal. America. All issues of The Econometrics Journal have been Decisions published within the scheduled month and with- A total of 199 decisions were made by the in budget. Publication procedures for The Editorial Board. Of these 157 concerned new Econometrics Journal were reviewed last year with submissions. Of the new submissions 127 (80.89 the appointment on a freelance basis of an inde- per cent) were screen-rejections which repre- - 4 - Econometrics Journal, Editor’s Annual Report, 2015 sents a fall from the figure of 82.41 per cent for and 138 (140, 98, 175) [2014: 150 (120, 99, 2014. Of the 30 papers not screen rejected, 13 210)]. For resubmissions the mean estimate for (43.33 per cent) were either return for resub- time to decision was 67 (65, 33, 98) as commission or acceptance decisions (2014: 50.00 pared to 61 (53, 24, 96) for 2014. per cent), with 17 papers (56.67 per cent) being rejections. Overall, 144 papers or 91.72 per These data indicate a satisfactory overall decision cent (2014: 91.20 per cent) of decisions were performance which may be primarily attributed either screen-rejections or rejections. A total of to the policy of an intensive screening of submis- 16 papers (2014: 14) papers were accepted by sions. As in previous years a concern remains for the Editorial Board representing an acceptance non screen-rejected papers although decision rate of 8.04 per cent (2013: 5.47 per cent). times mainly are not too out of line with the four month desired maximum turn-around period for The continued high number of screen-rejections decisions; The previous difficulty with the deci- reflects the determination of the Editorial Board sion times for a few papers deviating substantially to drive up the standard of submissions and from target producing relatively long distribu- accepted papers in order to establish The tional tails has diminished as compared to 2014 Econometrics Journal as top international general reflected in the slight decrease in third quartile field journal for econometric research. estimates in most cases.

Decision Durations An advantage of Editorial Express® is that The The mean estimate for time to decision in days Editorial Office of The Econometrics Journal is able was 42 (21, 10, 50) [2014: 43 (21, 11, 46)] for straightforwardly to monitor the editorial decisions on all submissions and resubmissions. process for all submissions and to bring any out- The figures in parentheses are the median, first lier papers to the attention of the Editor. quartile and third quartile estimates. Kaplan- Meier estimates of the stratified survivor func- Acknowledgements tions for time to decision are also presented. The Editorial Office of The Econometrics Journal is Excluding screen-rejections the respective fig- very grateful for the support of the Royal ures are 104 (105, 64, 143). Economic Society and its officers. Particular recognition should be given to the editorial team The mean estimate for time to decision in days and anonymous referees whose efforts ensure for all decisions on new submissions was 38 (19, that the quality of The Econometrics Journal is 9, 28).The corresponding figures for non-screen maintained and improved. We are also grateful rejections and for a resubmission decision were for the assistance offered by the publishers 135 (132, 110, 158) [2014: 135 (129, 101, 169)] Wiley-Blackwell to The Econometrics Journal.

Appendix A Managing Editor Federico Bandi Johns Hopkins University Richard J Smith University of Cambridge Joerg Breitung University of Bonn Federico Bugni Duke University Co-Editors Ivan Canay Northwestern University Jaap Abbring Tilburg University Matias D. Cattaneo University of Michigan Victor Chernozhukov Massachusetts Institute of Technology Giuseppe Cavaliere University of Bologna Michael Jansson University of California, Berkeley John Chao University of Maryland Dennis Kristensen University College London Xiaohong Chen Yale University Valentina Corradi University of Surrey Assistant Editor and Book Reviews Editor Yingying Fan University of Southern California Alexei Onatski University of Cambridge Ivan Fernandez-Val Boston University Patrick Gagliardini Università della Svizzera Italiana Associate Editors Silvia Goncalves University of Western, Ontario Daniel Ackerberg University of Michigan Emmanuel Guerre Queen Mary University of London Chunrong Ai University of Florida Patrik Guggenberger The Pennsylvania State University

- 5 - Econometrics Journal, Editor’s Annual Report, 2015 Philip Haile Yale University Morten Nielsen Queens University Christian Hansen University of Chicago Andriy Norets Brown University Marc Henry The Pennsylvania State University Alexei Onatski University of Cambridge Jonathan Hill University of North Carolina Taisuke Otsu London School of Economics Keisuke Hirano University of Arizona Aureo de Paula University College London; Stefan Hoderlein Boston College The Pennsylvania State University Yingyao Hu Johns Hopkins University Zhongjun Qu Boston University Shakeeb Khan Duke University Adam Rosen University College London Yuichi Kitamura Yale University Andres Santos University of California, San Diego Tatiana Komarova London School of Economics Oliver Scaillet University of Geneva; Ivana Komunjer University of California San Diego Swiss Finance Institute Dennis Kristensen University College London Susanne Schennach Brown University Guido Kuersteiner Georgetown University Azeem Shaikh University of Chicago Sokbae Lee Seoul National University Elie Tamer Northwestern University Offer Lieberman Bar-Ilan University Robert Taylor University of Essex Thierry Magnac Toulouse School of Economics Allan Timmermann University of California, San Diego Anna Mikusheva Massachusetts Institute of Technology Gautam Tripathi University of Luxembourg Marcello Moreira Getulio Vargas Foundation Tim Vogelsang Michigan State University Serena Ng Columbia University Quang Vuong The Pennsylvania State University

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