How publishing works in this field
The working paper comes first. Circulating through a series or a repository establishes priority, collects comments and is cited long before journal publication — in economics, a paper may be well known for years before it appears in an issue. This is normal and does not count as prior publication.
Review is slow and iterative. Multiple rounds over a long period are usual at the stronger journals, and desk rejection rates are high enough that a considered submission order matters more than in faster fields. Many journals now require a replication package — data and code — at acceptance.
What slows papers down here
Identification is where papers live or die. A correlation presented as a causal effect, an instrument whose exclusion restriction is not argued, or a difference-in-differences design without a credible parallel-trends case will be rejected by referees who do this for a living. The strategy belongs in the design, not the robustness section.
Proprietary data creates a replication problem the field takes seriously. Where the data cannot be shared, journals expect the code, a precise description of how access was obtained, and often a path by which another researcher could obtain the same access.
Worth reading next
Questions we are asked in this field
No — in economics it is expected, and in finance it is common. Working papers establish priority and attract the comments that improve the paper. Confirm the specific journal's preprint policy, but the norm in this field is clearly permissive.
Longer than almost any other discipline, and multiple rounds are normal at the better journals. Some publish their own median times to first decision; where they do, that figure is far more reliable than any general estimate.
Usually yes. Journals with replication policies have exemptions for restricted data, but they require the analysis code, a clear account of the access arrangement, and often a route by which another researcher could obtain the same data. Raise it in the cover letter rather than at acceptance.