One other problem with academic studies is the time lag often involved in their
publication. The McCarthy article was published in 1996, using data from 1989. This
type of lag is typical for academic research because articles are peer reviewed and
revised several times.33 While this time lag may limit the usefulness of academic
research for managerial decision making, it does not make these studies worthless.
The peer review process increases the reliability of the research results. In
many cases, these results are available online or in the form of working papers long
before they are officially published. Studies of past market behavior can also give
managers insights into future trends.