Dr. Benjamin Clapham and Dr. Jens Lausen are co-authors of the first crowd-based empirical study in finance

The efl researchers Dr. Benjamin Clapham and Dr. Jens Lausen are co-authors of the first crowd-based empirical study in finance, which has just been accepted for publication in the prestigious Journal of Finance. The paper “Non-Standard Errors” (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3961574) shows that the decisions of researchers in the research process add a significant layer of additional uncertainty besides statistical standard errors. 164 research teams, among them the two efl researchers, tested the same six hypotheses on the same data set. Comparing the results of the different teams shows that their variation is significant and underestimated by the participating researchers. Adding peer-review stages reduces these non-standard errors (NSEs). NSEs are also smaller for better reproducible or higher rated research. Congratulations!