Design
Bayesian factor-replication model with theme clustering and international tests.
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Research validity · methodological
Jensen, Kelly, and Pedersen report that a majority of asset-pricing factors replicate under their Bayesian model and show external validity in international and post-publication data.
Jensen, Kelly, and Pedersen report that a majority of asset-pricing factors replicate under their Bayesian model and show external validity in international and post-publication data.
This peer-reviewed result directly complicates blanket claims of a finance replication crisis and must remain beside the stricter anomaly-replication result.
The paper concludes that the majority of studied factors replicate and that the factor family can strengthen, rather than only weaken, aggregate evidence.
Bayesian factor-replication model with theme clustering and international tests.
Factor returns, posterior replication evidence, theme clusters, and out-of-sample performance.
The framework offers counterevidence about method, not a transferable crypto factor result.
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Theis Ingerslev Jensen, Bryan T. Kelly, Lasse Heje Pedersen · The Journal of Finance · 2023
Journal version reviewed, with the NBER record retained as a version trail.
No live market status follows from the equity replication debate.
Reviewed 2026-07-13; next review 2027-01-13. The paper record is not a recommendation, forecast, or proof of current profitability. Information, not financial advice.