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Does Empirical Finance Replicate? AI answers the question.

Published research often becomes part of the permanent investment toolkit. Findings are cited, models are calibrated, and strategies are built. Empirical relationships estimated decades ago can continue to influence decisions long after the original sample ends, but there are really two different questions. Can a published result be reproduced using the original sample? And does the same result continue to hold when new data arrive? This paper separates those questions across an unusually large sample of empirical finance research. Using an autonomous LLM-based replication pipeline, the author reconstructs the main result of 1,328 papers published in the Journal of Finance, Journal of Financial Economics, and Review of Financial Studies between 2000 and 2020.…