Replication in Financial Economics

8 Pages Posted: 24 Jun 2019 Last revised: 30 Jul 2019

See all articles by Campbell R. Harvey

Campbell R. Harvey

Duke University - Fuqua School of Business; National Bureau of Economic Research (NBER)

Date Written: July 29, 2019


The existing replication policies at top finance journals are far weaker than the policies at top economics journals. This paper explores both the costs and benefits of having a stronger replication policy in the context of my failed 2010 initiative to develop a unified policy across all top finance journals. For example, the most obvious cost of a replication policy is the additional burden it imposes on authors in answering questions about both the code and data. Indeed, this cost is disproportionately placed on our most productive researchers – potentially leading to less innovation. On the other hand, having a strong policy would likely reduce research misconduct – in particular, soft misconduct such as p-hacking. I present a framework to mitigate the costs associated with replication and maximize the benefits.

Keywords: Replication, Research Culture, Hard misconduct, Soft misconduct, Proprietary data, Robustness, P-hacking, Reverse p-hacking, Falsification, Fabrication, Plagiarism

JEL Classification: G00, G01, G10, G11, G12, G13, G14, G15, G17, G18, G19, G21, G22, G23, G24, G28, G29, G31, G32, G33

Suggested Citation

Harvey, Campbell R., Replication in Financial Economics (July 29, 2019). Available at SSRN: or

Campbell R. Harvey (Contact Author)

Duke University - Fuqua School of Business ( email )

Box 90120
Durham, NC 27708-0120
United States
919-660-7768 (Phone)


National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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