The Revenue of Finance Journals: Networks, Pricing Power, and Publication Volume

Abstract

I study commercial revenue at 26 finance journals over 1999-2025, exploiting the Elsevier Finance Journal Ecosystem as a quasi-natural experiment. Using synthetic control, ecosystem membership generated approximately 54-59 million USD in projected long-run revenue. The effect is highly concentrated: four journals account for 95 percent of the gain. Decomposing the effect, 89 percent operates through expanded publication volume rather than per-paper price increases. The citation channel dominates: ecosystem coordination elevated measured impact metrics, attracting additional submissions and generating article-processing-charge revenue through publication volume. The findings speak to the economics of coordinated networks in information-goods markets.