Abstract
The existing replication policies at top finance journals are far weaker than the policies at top economics journals. This paper explores both the costs and benefits of having a stronger replication policy in the context of my failed 2010 initiative to develop a unified policy across all top finance journals. For example, the most obvious cost of a replication policy is the additional burden it imposes on authors in answering questions about both the code and data. Indeed, this cost is disproportionately placed on our most productive researchers – potentially leading to less innovation. On the other hand, having a strong policy would likely reduce research misconduct – in particular, soft misconduct such as p-hacking. I present a framework to mitigate the costs associated with replication and maximize the benefits.
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