Is There A Replication Crisis In Finance?
Is There A Replication Crisis In Finance? ArXiv ID: ssrn-3781319 “View on arXiv” Authors: Unknown Abstract Several papers argue that financial economics faces a replication crisis because the majority of studies cannot be replicated or are the result of multiple test Keywords: replication crisis, multiple testing, publication bias, p-hacking, Financial Economics Complexity vs Empirical Score Math Complexity: 5.0/10 Empirical Rigor: 8.5/10 Quadrant: Holy Grail Why: The paper develops and estimates a Bayesian model of factor replication, which is mathematically advanced, while also using a large global dataset, meticulous factor construction, and providing open-source code/data for replication, indicating high empirical rigor. flowchart TD A["Research Goal: Assess Replication<br>Rate in Finance"] --> B["Data: SSRN & American Finance<br>Association Publications"] B --> C["Method: Direct Replication<br>Attempts of 28 Studies"] C --> D["Analysis: Test for<br>Publication Bias & p-hacking"] D --> E{"Findings"} E --> F["High Replication<br>Success Rate"] E --> G["No Evidence of<br>Systemic Crisis"] E --> H["Methodological Rigor<br>Improving"]