Design
Replication of 452 anomaly variables under common portfolio and regression procedures.
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Research validity · methodological
Hou, Xue, and Zhang report that most of 452 equity anomalies fail under their microcap, weighting, and multiple-testing controls, with smaller magnitudes among those that survive.
Hou, Xue, and Zhang report that most of 452 equity anomalies fail under their microcap, weighting, and multiple-testing controls, with smaller magnitudes among those that survive.
The result is peer reviewed, but later peer-reviewed work reaches a different broad conclusion using a Bayesian factor-replication framework.
The paper reports 65 percent failing a single-test threshold and 82 percent failing its higher multiple-testing threshold.
Replication of 452 anomaly variables under common portfolio and regression procedures.
Value- and equal-weighted returns, microcap controls, t-statistics, and multiple-testing thresholds.
The finding is a validation warning for crypto factor research, not direct evidence about a crypto strategy.
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Kewei Hou, Chen Xue, Lu Zhang · The Review of Financial Studies · 2020
Version of record reviewed.
The relevant output is a method receipt on each claim, not a live market state.
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.