The DOI matches its Crossref record; 48 of the 48 references it cites were found in a registry or an index.
Is There a Replication Crisis in Finance?
Open accessAbstract
Several papers argue that financial economics faces a replication crisis because the majority of studies cannot be replicated or are the result of multiple testing of too many factors. We develop and estimate a Bayesian model of factor replication that leads to different conclusions. The majority of asset pricing factors (i) can be replicated; (ii) can be clustered into 13 themes, the majority of which are significant parts of the tangency portfolio; (iii) work out‐of‐sample in a new large data set covering 93 countries; and (iv) have evidence that is strengthened (not weakened) by the large number of observed factors.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Controlling the False Discovery Rate: A Practical and Powerful Approach to Multiple Testing
Benjamini, Y., & Hochberg, Y. (1995) · Journal of the Royal Statistical Society Series B: Statistical Methodology · doi:10.1111/j.2517-6161.1995.tb02031.x · Cited by 109,482
Gelman, A., Carlin, J. B., Stern, H. S., & Rubin, D. B. (2003) · doi:10.1201/9780429258480 · Cited by 27,276
Common risk factors in the returns on stocks and bonds
Fama, E. F., & French, K. R. (1993) · Journal of Financial Economics · doi:10.1016/0304-405x(93)90023-5 · Cited by 25,754
Hierarchical Grouping to Optimize an Objective Function
Ward, J. H. (1963) · Journal of the American Statistical Association · doi:10.1080/01621459.1963.10500845 · Cited by 20,598
Why Most Published Research Findings Are False
Ioannidis, J. P. A. (2005) · PLoS Medicine · doi:10.1371/journal.pmed.0020124 · Cited by 10,505
The control of the false discovery rate in multiple testing under dependency
Benjamini, Y., & Yekutieli, D. (2001) · The Annals of Statistics · doi:10.1214/aos/1013699998 · Cited by 10,490
Asset pricing and the bid-ask spread
Amihud, Y., & Mendelson, H. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90065-6 · Cited by 5,090
Ward’s Hierarchical Agglomerative Clustering Method: Which Algorithms Implement Ward’s Criterion?
Murtagh, F., & Legendre, P. (2014) · Journal of Classification · doi:10.1007/s00357-014-9161-z · Cited by 3,782
Asset pricing with liquidity risk
ACHARYA, V, & PEDERSEN, L. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.06.007 · Cited by 2,773
Self-citationPresidential Address: Discount Rates
COCHRANE, J. H. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2011.01671.x · Cited by 2,201
Cited by
MENKVELD, A. J., DREBER, A., HOLZMEISTER, F., HUBER, J., JOHANNESSON, M., KIRCHLER, M., NEUSÜß, S., RAZEN, M., WEITZEL, U., ABAD‐DÍAZ, D., et al. (2024) · The Journal of Finance · doi:10.1111/jofi.13337 · Cited by 113
Non-standard errors in the cryptocurrency world
Fieberg, C., Günther, S., Poddig, T., & Zaremba, A. (2024) · International Review of Financial Analysis · doi:10.1016/j.irfa.2024.103106 · Cited by 21
Non-Standard Errors in Portfolio Sorts
Walter, D., Weber, R., & Weiss, P. (2022) · SSRN Electronic Journal · doi:10.2139/ssrn.4164117 · Cited by 12
Do Machine Learning Models Need to Be Sector Experts?
Hanauer, M. X., Soebhag, A., Stam, M., & Hoogteijling, T. (2025) · doi:10.2139/ssrn.5224253 · Cited by 2
The More, the Better? Predicting Stock Returns with Local and Global Data
Cakici, N., & Zaremba, A. (2025) · doi:10.2139/ssrn.5181449 · Cited by 2
Metadata
- Authors
- JENSEN, T. I., KELLY, B., & PEDERSEN, L. H.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2023-06-09
- Volume
- 78
- Issue
- 5
- Pages
- 2465-2518
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3128785084
- Cited by
- 489
- References
- 48
- FWCI
- 93.20
- Type
- journal article
- Language
- en
- Open access
- hybrid
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Is There a Replication Crisis in Finance? https://app.cochat.ai/papers/10.1111/jofi.13249
- The paper
- JENSEN, T. I., KELLY, B., & PEDERSEN, L. H. (2023). Is There a Replication Crisis in Finance? The Journal of Finance. https://doi.org/10.1111/jofi.13249
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
