best strategy for getting Phd finance

Do you agree with this idea that one of my friends told me?!!!(he study in university of alberta)

I have found false idea in applicants of Finance.
First of all, none of my classmate, even top one with profound background in Finance, has not any paper. Instead their background in economic or math is deep enough.
Secondly, even our best profs have problem to submit a paper in a journal, also it takes more than a year to get acceptance from a journal and another year to be published, moreover another one year is dedicated to write a paper. So that at least 2 or 3 years needed to publish a paper.
Thirdly, no one anticipate a masters student with accepted journal.
In the end I should add, supposed you have published in so called third tier journal(usually second and first tier will not publish your paper 100%), it both lack the high-class standard and fitness to academic staff in that university.
Again, and again, If anyone like to be admitted from top university. Should work on his/her GMAT score, TOEFL. and the best idea is to have a MA of economic from a North American Univerity , especially in USA. Also have a naive idea in mind to work on in future will be beneficial
The best idea is to have a methodology and some idea about data set in mind.
Just a little literature review will be helpful. But also have this point in back of your mind that less will be found in previous works about innovative research ideas