Peer Review

DEFINITION of 'Peer Review'

A process by which one's colleagues assess the quality and accuracy of one's research papers. Peer review is most frequently employed within academia, where professors evaluate each others' work before it is published in major research journals.


The system of peer review is used because, in much high-level academic work, there are relatively few experts in the world with sufficient knowledge to properly critique new research findings. For example, many theories in economics and finance are peer reviewed before they are published in journals.

BREAKING DOWN 'Peer Review'

Peer review is sometimes criticized where reviewers are perceived to be unfair in their assessments. Since review is most often anonymous, there is little accountability for reviewers. This can lead to problems where, for instance, reviewers may be biased against work which is not in accordance with mainstream theory.


In addition, peer review is often a slow process. Reviewing work does not bring prestige in the way that generating new research does. Thus, reviewing others' work is often a lower priority. Since peer review often goes through several rounds, it may take months or years to complete the process.

RELATED TERMS
  1. Peer Group

    A group of individuals or entities who share similar characteristics ...
  2. Research Activities Credit

    A nonrefundable federal tax credit implemented in 1981 as an ...
  3. Center For Research In Security ...

    A research center at the University of Chicago Graduate School ...
  4. Research Note

    A statement from a brokerage firm or other investment advisory ...
  5. National Bureau of Economic Research ...

    This private, non-profit, non-partisan research organization's ...
  6. Centre for European Economic Research

    A nonprofit economic research institution based in Germany involved ...
Related Articles
  1. Professionals

    Quants: The Rocket Scientists Of Wall Street

    Blend math, finance and computer skills to command a high - and well deserved - salary.
  2. Options & Futures

    Fee-Based Research: The Good, The Bad And The Ugly

    Providing information on stocks that would otherwise not be available, fee-based research plays an important but complicated role in the market.
  3. Personal Finance

    Testing 3 Types Of Analysts

    Different clients require different research reports. Which type of analyst do you need?
  4. Investing

    The Ins and Outs Of In-Process R&D Expenses

    Are these charge-offs fair accounting or earnings manipulation? Learn more here.
  5. Professionals

    7 Courses Finance Students Should Take

    Every aspiring finance student should study several subjects outside the traditional curricula.
  6. Investing

    3 Healthy Financial Habits for 2016

    ”Winning” investors don't just set it and forget it. They consistently take steps to adapt their investment plan in the face of changing markets.
  7. Investing

    How to Ballast a Portfolio with Bonds

    If January and early February performance is any guide, there’s a new normal in financial markets today: Heightened volatility.
  8. Economics

    The Truth about Productivity

    Why has labor market productivity slowed sharply around the world in recent years? One of the greatest economic mysteries out there.
  9. Term

    How Market Segments Work

    A market segment is a group of people who share similar qualities.
  10. Active Trading

    Market Efficiency Basics

    Market efficiency theory states that a stock’s price will fully reflect all available and relevant information at any given time.
RELATED FAQS
  1. What is finance?

    "Finance" is a broad term that describes two related activities: the study of how money is managed and the actual process ... Read Full Answer >>
  2. What is the difference between positive and normative economics?

    Positive economics is objective and fact based, while normative economics is subjective and value based. Positive economic ... Read Full Answer >>
  3. What’s the difference between the two federal student loan programs (FFEL and Direct)?

    The short answer is that one loan program still exists (Federal Direct Loans) and one was ended by the Health Care and Education ... Read Full Answer >>
  4. Student loans, federal and private: what's the difference?

    The cost of a college education now rivals many home prices, making student loans a huge debt that many young people face ... Read Full Answer >>
  5. Can I use my IRA to pay for my college loans?

    If you are older than 59.5 and have been contributing to your IRA for more than five years, you may withdraw funds to pay ... Read Full Answer >>
  6. Can I use my 401(k) to pay for my college loans?

    If you are over 59.5, or separate from your plan-sponsoring employer after age 55, you are free to use your 401(k) to pay ... Read Full Answer >>
Hot Definitions
  1. Harry Potter Stock Index

    A collection of stocks from companies related to the "Harry Potter" series franchise. Created by StockPickr, this index seeks ...
  2. Liquidation Margin

    Liquidation margin refers to the value of all of the equity positions in a margin account. If an investor or trader holds ...
  3. Black Swan

    An event or occurrence that deviates beyond what is normally expected of a situation and that would be extremely difficult ...
  4. Inverted Yield Curve

    An interest rate environment in which long-term debt instruments have a lower yield than short-term debt instruments of the ...
  5. Socially Responsible Investment - SRI

    An investment that is considered socially responsible because of the nature of the business the company conducts. Common ...
Trading Center