Reading Academic Papers 01
This is the first short note on the topic of reading and understanding academic papers within the field of Economics.
Frank Wu, May, 2023
As I approach the end of my Economics Ph.D. journey, I, like many students, must prepare an application package for the job market. A vital component of this package is the research statement. In the financial industry, discussions often revolve around various investments, much like how papers are the central focus during my Ph.D. studies. Although I could compose a standard research statement, I have decided to also create a non-standard version for several reasons.
Firstly, since I am investing a significant amount of time in writing, I want to create something valuable for future readers, including myself. Unfortunately, a standard research statement doesn’t offer much room for in-depth discussion. Secondly, I want to leave a legacy for my kids, who may wish to understand my thoughts and experiences better. Reading my writings on specific topics can serve as an excellent medium for exchanging ideas. By crafting these small pieces, I hope to foster a deeper understanding and perhaps even offer guidance for their future endeavors.
Before engaging in a discussion about a research paper, it is essential to read and comprehend it. However, reading academic papers can be challenging, particularly for Ph.D. students or individuals beginning their research careers. When I was working in the investment banking industry, I enjoyed reading research reports from bulge bracket banks. These reports are typically well-written for general audiences and, more importantly, they are straightforward and to the point. Each morning, we had conference calls with global offices to discuss the latest reports from our analysts. After several rounds of Q&A sessions, our salespeople would have a clear understanding of the report’s key selling points and the reasons behind its publication at that specific time.
During my Ph.D. journey, we participated in seminars and student-organized paper discussion sessions. However, most of the time, the topics were selected by others. Perhaps due to my limitations (not smart enough), I struggled to fully comprehend the presenter’s points simply by listening to their presentations without prior preparation. When seeking help, nine out of ten times, I received generic answers, such as being unfamiliar with the literature. This is akin to attending your child’s classmate’s birthday party and being served pizza nine times out of ten.
The question then arises: how can we become familiar with the literature, read papers effectively, and understand them? If I were to do it again, what aspects should I focus on to make the experience more enjoyable and efficient? If I am fortunate enough to remain in academia, what advice should I offer my students?
Here is a list of aspects I believe are important and wish I had known better:
1) It’s okay if you don’t understand a paper. Often, I encountered highly technical papers that took me days or even weeks to read, with the hope of eventually comprehending them. Unfortunately, I failed most of the times. On one occasion, I mustered the courage to share a paper with a statistics professor. He honestly admitted that he couldn’t understand it either, pointing out that many theoretical papers in Econometrica are more technical than most papers in the Annals of Statistics. Furthermore, he identified two Math topics I needed to master to understand the paper. This information proved to be incredibly useful. First, it’s important to recognize that some papers may take a semester or even longer to understand, and it’s okay to set them aside for a while. Second, try to determine the prerequisite knowledge required to comprehend these papers. As you encounter more papers, the most frequently appearing topics will indicate the knowledge you need to acquire in the future, allowing you to plan accordingly.
2) The most highly cited papers may not be the best starting point. A few years ago, I had a publication bias, thinking that to familiarize myself with a particular strand of literature, I needed to start with the most well-cited papers from renowned authors. However, I later discovered that this is not always the best approach. A highly cited paper might focus more on what makes it publishable, such as additional input from reviewers, rather than the core ideas and their implementation details. To truly understand a paper, it’s essential to focus on the factors/things that make it possible, which can sometimes be quite subtle. If you can find a paper with its published version, previous drafts, technical supplements, code, and data files, that might be worth spending time on. Another useful strategy is to examine the works of productive mid-career professors, particularly their dissertation papers. These papers are often well-organized and easier to read, providing the necessary details and prior knowledge for a specific area of literature.
3) Having a roadmap would be incredibly helpful. Once you identify key papers, the sequence in which you read them can significantly impact your understanding. Often, I wish someone could recommend a few papers to start with and then suggest others to proceed to afterward. Moreover, if I could access a relationship map for those papers, it would be even better. The reading order doesn’t always correspond with the publication year. Speaking of order, another aspect to consider is the list of terminologies or terms found in related papers. The meanings of these terms can be quite complex and may vary depending on the context. At times, various terms may have the same or similar meanings. If someone could inform me when these terms first emerged, it would greatly aid my understanding of the literature. This is because I could go back to a specific period and examine the contexts in which these terms were used, leading to a deeper comprehension.
4) Whenever I attend a seminar, I find myself wishing that the author would share more anecdotes about the paper’s development rather than focusing solely on its contributions. I’m interested in learning about the inception of the idea, the evolution of the paper, and how feedback from reviewers shaped their thinking. It’s similar to watching a movie and being curious about the filmmaking process, which can enhance our appreciation and understanding of the film. I envision a seminar divided into two sessions. In the first session, the presenter could discuss the paper without delving into slides, similar to a podcast format. The author also allows the audience to ask the questions in this session. In the second session, the presenter could deliver a traditional presentation of the paper. This approach could lead to a more efficient and engaging experience.
5) Recognize when to stop. This is somewhat related to the first point. Besides lacking the mathematical knowledge required to understand every detail of a paper, you need to consider whether it’s necessary to grasp every aspect of it. Initially, I aimed to understand as much as possible, but this approach proved inefficient. For some papers, even those published in reputable journals, there might not be many essential aspects to grasp. In some cases, authors may not provide sufficient details for critical steps for various reasons. Another reason to know when to stop is the time constraint, as sometimes it feels like digging a never-ending hole. For a paper, I wish there were guidance on the key aspects of a paper that are essential for a comprehensive understanding, as well as whether the authors have provided sufficient details to grasp those elements. If no guidance is available, or if you can’t find comments or discussion papers on the topic, it’s essential to ask yourself this question and determine the most important aspects to focus on.
These five crucial points, had I known them earlier, could have significantly improved my experience of reading academic papers. There are other noteworthy points and emerging trends that I haven’t mentioned here. For example, young researchers are increasingly publishing all related materials for a paper or a particular topic online – including slides, video presentations, technical notes, and more. Some even share videos of themselves reading the paper. This makes the learning process more engaging and enjoyable. Perhaps one day, authors will widely adopt such practices. It seems we’re entering a digital age of paper publishing, which is quite exciting. Imagine if authors made all materials related to a paper available online and could interact with their audience. This could create much more value for readers and potentially benefit society as a whole, compared to the traditional outcome of publishing a peer-reviewed paper.