I am a financial economist with research interests in the fields of behavioral and experimental finance, experimental economics and scientific methodology.

I am currently associate professor of finance at the University of Graz and lecturer at the University of Innsbruck and at Management Center Innsbruck. I am also editor-in-chief of the Journal of Behavioral and Experimental Finance (IF 8.222), managing director of the Society for Experimental Finance, coordinator of the Finance Research Platform Graz, and scientific director of the Max Jung Lab Graz.


Institute of Banking and FinanceUniversity of GrazUniversitaetsstrasse 15/F28010 GrazAustria
E: stefan.palan@uni-graz.atT: +43(316)380-7306Born @ 333.40ppm CO2

Prominent researchers’ work gets published more easily

04.10.2022

In a new study in the Proceedings of the National Academy of Sciences, my co-authors and I document bias in the peer review process that precedes the publication of research articles in scientific journals. Even if they are of equal quality, articles authored by prominent researchers get better ratings than articles authored by less well-known researchers.

Implementing an idea by Jürgen Huber (University of Innsbruck), leader of our research team, we conducted a simple experiment: Vernon Smith (Professor at Chapman University and Nobel Memorial Prize Laureate in Economics 2002) and Sabiou Inoua (junior post-doc researcher at Chapman University), who were both members of the research team, jointly authored a research article and submitted it to the Journal of Behavioral and Experimental Finance for review. In my role as the editor of this journal and also a member of the research team, I sent invitations to review the article to a total of 3300 experts in the field. A total of 534 accepted the invitation to review and submitted a review report. While all reviewers received the same article for their evaluation, they received different information about who had authored the article. One group was informed that Nobel prize laureate Vernon Smith was one of the authors. Another group was informed that junior researcher Sabiou Inoua was one of the authors. A third group did not receive any information about the authors.

Reviewers with different types of information about the article’s authors evaluated the quality of the research article markedly differently. Of the reviewers who had received no information about the article’s authors ("AA" in the figure below), 48.2% recommended against publishing the article. This proportion was even higher among the reviewers who had been informed that one of the authors was the relatively unknown junior researcher ("AL"); here 65.3% recommended against publication. Yet of the reviewers who had been informed that one of the authors was Nobel prize laureate Vernon Smith ("AH"), only 22.5% recommended against publication.

Rudolf Kerschbamer (University of Innsbruck), another member of our research team, traces the source of the different evaluations to the “halo-effect”. This term from social psychology describes the phenomenon that we tend to evaluate the actions and work of someone more favorably when we are favorably disposed towards this person. Christian König genannt Kersting (University of Innsbruck), also a member of our research team, considers the results to constitute an important trigger to start rethinking the scientific review process: “As researchers, we are constantly working on improving our methods and processes. Our results have met great interest from the academic community and many editors of scientific journals are already testing new methods for evaluating and ensuring the quality of research findings.”

Link to the paper (open access)

Talk about the Matthew Effect in peer-review

12.08.2022

I recently gave an online talk in the METRICS International Forum seminar at Stanford University, presenting "Testing the Matthew Effect in peer-review". You can watch the recording using the link below. My thanks to Mario Malički and Robert Thibault for inviting me and to the audience for the fruitful discussion!

Link to the recording

Title slide of my talk at Stanford University. It carries the title of the talk ("Testing the Matthew Effect in peer-review"), the authors (Jürgen Huber, Sabiou Inoua, Rudolf Kerschbamer, Christian König-Kersting, Stefan Palan and Vernon Smith), their affiliations and the logos of the universities and funding agencies.

Journal impact factor

13.07.2022

The Journal of Behavioral and Experimental Finance (JBEF), which I have been co-editing since 2018 together with my co-editor Michael Dowling, received its first impact factor of 8.222 at the end of July. This places the journal at rank 5 out of 111 finance journals and rank 13 out of 379 economics journals. In addition to the CiteScore of 6.1 (rank 28/299 in Finance) and ABDC-list ranking of "A", this is a huge recognition for a journal that was only founded in 2014.

I wish to thank all associate editors, editorial board members, reviewers and authors who have made this amazing result possible!

Cover image of the Journal of Behavioral and Experimental Finance, showing what looks like a tree of arrows reminiscent of a decision tree.