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.

中文翻译：

---

金融领域是否存在复制危机？

有几篇论文认为，金融经济学面临着复制危机，因为大多数研究无法复制，或者是对太多因素进行多重测试的结果。我们开发并估计了因子复制的贝叶斯模型，该模型得出了不同的结论。大多数资产定价因素 (i) 可以复制；(ii) 可分为 13 个主题，其中大部分是切线组合的重要组成部分；(iii) 在涵盖 93 个国家的新大数据集中进行样本外工作；(iv) 有证据通过大量观察到的因素得到加强（而不是削弱）。