Rae 2008 Finance - Investment Friend

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RAE 2008 Finance

The Research Assessment Exercise (RAE) 2008 was a significant event for UK universities, including finance departments. Its primary aim was to assess the quality of research in higher education institutions, distributing research funding accordingly. The process heavily influenced the strategic decisions and research focus within finance departments across the UK.

Finance departments were evaluated on several key criteria. The quality of publications was paramount, with emphasis on articles published in leading academic journals. Quantity also mattered, though it was subordinate to quality. Refereed journal articles, books, and book chapters were considered. The RAE panel also assessed the research environment within the department. This included factors like research income (grants and contracts), the number of research students supervised, and the overall research strategy and infrastructure of the department.

Impact was another critical element, though less directly measured compared to publications and environment. While not formally scored, the panel considered evidence of the practical and societal impact of the research. This involved demonstrating how research had influenced policy, practice, or public understanding of finance-related issues. Case studies showcasing the real-world applications of research were commonly used.

The RAE 2008 employed a peer review system. Panels of subject experts reviewed submissions from each institution, assigning a quality profile based on a scale from 4* (world-leading) to unclassified. The resulting profiles determined the allocation of research funding. Departments achieving higher ratings received a larger share of funding, which allowed them to further invest in research activities, attract top faculty, and support doctoral students.

The outcome of the RAE 2008 had a profound impact on finance departments. It fostered increased competition among universities to attract and retain leading researchers. This led to a greater emphasis on publication in top-tier journals, and increased pressure on academics to produce high-quality research consistently. The results also influenced departmental strategies, with universities often targeting specific areas of finance research where they believed they could achieve a competitive advantage.

Furthermore, the RAE highlighted the importance of a supportive research environment. Universities responded by investing in research infrastructure, providing resources for researchers, and promoting collaboration both within and outside the institution. Ultimately, the RAE 2008 played a crucial role in shaping the landscape of finance research in the UK, driving improvements in quality and contributing to the overall development of the field.