Scientific publication: A Nobel prize-winner attacks elite journals

Scientific publication: A Nobel prize-winner attacks elite journals

Dec 14th 2013 | From the print edition

BLUNT criticism is an essential part of science, for it is how bad ideas are winnowed from good ones. So when Randy Schekman, one of the 2013 crop of Nobel prize-winners (for physiology or medicine, in his case), decided to criticise the way scientific journals are run, he did not hold back.Dr Schekman chose the week of the prizegiving (the medals and cheques were handed over on December 10th) to announce that the laboratory he runs at the University of California, Berkeley, will boycott what he describes as “luxury journals”. By that he meant those commonly regarded as the most prestigious, such as Cell,Nature and Science.

He levels two charges against such journals. The first is that, aware of their pre-eminence and keen to protect it, they artificially restrict the number of papers they accept—acting, as he put it in an interview with the Guardian, a British newspaper, like “fashion designers who create limited-edition handbags or suits…know[ing] scarcity stokes demand”. Their behaviour, he says, is more conducive to the selling of subscriptions than the publishing of the best research.

Second, he argues that science as a whole is being distorted by perverse incentives, especially the tyranny of the “impact factor”, a number that purports to measure how important a given journal is. Researchers who publish in journals with a high impact factor—like the three named above—can expect promotion, pay rises and professional accolades. Those that do not can expect obscurity or even the sack, a Darwinian system known among academics as “publish or perish”.

Dr Schekman may not be the most disinterested commentator. Besides his job at Berkeley, he also edits eLife, an open-access journal (in other words, one that does not charge its readers) with ambitions to compete with the top dogs, and which is bankrolled by a trio of wealthy science charities. But working scientists will tell you, perhaps after a few drinks, that he is far from alone in his views. Scarcity of space is meaningless in a world in which more and more research is distributed online. And many worry that the pressure to publish flashy research in glitzy journals encourages hype and faddishness, and rewards being first over being thorough. Jobbing scientists can be reluctant to speak up, fearful of the damage they might do to their careers by rocking the boat. But one of the many perks of being a Nobel laureate is that you no longer have to worry about such things.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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