This study analyzed the factors that influence the research productivity of 236 graduate students who are funded by the Global Ph.D. Fellowship Program of the National Research Foundation of Korea. Research productivity was measured by the number of SCI publications, and the explanatory factors are the demographic factor, the financial factor, the reputation of institutions and the supervisor factor. This study included 2 indices such as the reputation of institutions and the research productivity of supervisors to check the halo effect unlike other studies. Results are as follows: 1) no gender difference, 2) better performance by younger age group, 3) no difference even if the students are additionally funded by other research support programs, 4) no halo effect by the reputation of institution but rather better performance from low ranked universities, 5) and a positive halo effect by supervisors.