I agree with your point. However, why do we need to get only one journal out of top 3. Do you think that journal has no corruption/cronyism? Having 3 solid journal outside of top 3 is better in this case.
I don’t see the point. The problem is not about these three journals, but corruption and cronyism in JF, RFS, and JFE. There are excellent papers, often better that those published in the top three, that are rejected because they are unlucky with bad referees or written by noname authors. There are also poor quality papers that are accepted in the top three for some crazy reasons. Having another journal that is equally respectable as the top three is important so that the monopoly of the three becomes weaker.
why can't we just agree that MS=JFQA=ROF and all of them can be counted for tenure? This is a win-win for everyone. We think finance people are smart. No, we are not. We keep fighting with each other.