Nonstandard Errors

• DOI: 10.1111/jofi.13337
• Publication Date: 2024-04-17T10:32:29Z
• Authors: ALBERT J. MENKVELD; ANNA DREBER; FELIX HOLZMEISTER; JUERGEN HUBER; MAGNUS JOHANNESSON; MICHAEL KIRCHLER; SEBASTIAN NEUSÜß; MICHAEL RAZEN; UTZ WEITZEL; DAVID ABAD‐DÍAZ; MENACHEM (MENI) A...; TOBIAS ADRIAN; YACINE AIT‐SAHALIA; OLIVIER AKMANSOY; JAMIE T. ALCOCK; VITALI ALEXEEV; ARASH ALOOSH; LIVIA AMATO; DIEGO AMAYA; JAMES J. ANGEL; ALEJANDRO T. AVET...; AMADEUS BACH; EDWIN BAIDOO; GAETAN BAKALLI; LI BAO; ANDREA BARBON; OKSANA BASHCHENKO; PARAMPREET C. BINDRA; GEIR H. BJØNNES; JEFFREY R. BLACK; BERNARD S. BLACK; DIMITAR BOGOEV; SANTIAGO BOHORQUE...; OLEG BONDARENKO; CHARLES S. BOS; CIRIL BOSCH‐ROSA; ELIE BOURI; CHRISTIAN BROWNLEES; ANNA CALAMIA; VIET NGA CAO; GUNTHER CAPELLE‐B...; LAURA M. CAPERA R...; MASSIMILIANO CAPORIN; ALLEN CARRION; TOLGA CASKURLU; BIDISHA CHAKRABARTY; JIAN CHEN; MIKHAIL CHERNOV; WILLIAM CHEUNG; LUDWIG B. CHINCARINI; TARUN CHORDIA; SHEUNG‐CHI CHOW; BENJAMIN CLAPHAM; JEAN‐EDOUARD COLL...; CAROLE COMERTON‐F...; EDWARD CURRAN; THONG DAO; WALE DARE; RYAN J. DAVIES; RICCARDO DE BLASIS; GIANLUCA F. DE NARD; FANY DECLERCK; OLEG DEEV; HANS DEGRYSE; SOLOMON Y. DEKU; CHRISTOPHE DESAGRE; MATHIJS A. VAN DIJK; CHUKWUMA DIM; THOMAS DIMPFL; YUN JIANG DONG; PHILIP A. DRUMMOND; TOM DUDDA; TEODOR DUEVSKI; ARIADNA DUMITRESCU; TEODOR DYAKOV; ANNE HAUBO DYHRBERG; MICHAŁ DZIELIŃSKI; ASLI EKSI; IZIDIN EL KALAK; SASKIA TER ELLEN; NICOLAS EUGSTER; MARTIN D. D. EVANS; MICHAEL FARRELL; ESTER FELEZ‐VINAS; GERARDO FERRARA; EL MEHDI FERROUHI; ANDREA FLORI; JONATHAN T. FLUHA...; SEAN D. V. FOLEY; KINGSLEY Y. L. FONG; THIERRY FOUCAULT; TATIANA FRANUS; FRANCESCO FRANZONI; BART FRIJNS; MICHAEL FRÖMMEL; SERVANNA M. FU; SASCHA C. FÜLLBRUNN; BAOQING GAN; GE GAO; THOMAS P. GEHRIG; ROLAND GEMAYEL; DIRK GERRITSEN; JAVIER GIL‐BAZO; DUDLEY GILDER; LAWRENCE R. GLOSTEN; THOMAS GOMEZ; ARSENY GORBENKO; JOACHIM GRAMMIG; VINCENT GRÉGOIRE; UFUK GÜÇBILMEZ; BJÖRN HAGSTRÖMER; JULIEN HAMBUCKERS; ERIK HAPNES; JEFFREY H. HARRIS; LAWRENCE HARRIS; SIMON HARTMANN; JEAN‐BAPTISTE HASSE; NIKOLAUS HAUTSCH; XUE‐ZHONG (TONY) HE; DAVIDSON HEATH; SIMON HEDIGER; TERRENCE HENDERSHOTT; ANN MARIE HIBBERT; ERIK HJALMARSSON; SETH A. HOELSCHER; PETER HOFFMANN; CRAIG W. HOLDEN; ALEX R. HORENSTEIN; WENQIAN HUANG; DA HUANG; CHRISTOPHE HURLIN; KONRAD ILCZUK; ALEXEY IVASHCHENKO; SUBRAMANIAN R. IYER; HOSSEIN JAHANSHAHLOO; NAJI JALKH; CHARLES M. JONES; SIMON JURKATIS; PETRI JYLHÄ; ANDREAS T. KAECK; GABRIEL KAISER; ARZÉ KARAM; EGLE KARMAZIENE; BERNHARD KASSNER; MARKKU KAUSTIA; EKATERINA KAZAK; FEARGHAL KEARNEY; VINCENT VAN KERVEL; SAAD A. KHAN; MARTA K. KHOMYN; TONY KLEIN; OLGA KLEIN; ALEXANDER KLOS; MICHAEL KOETTER; ALEKSEY KOLOKOLOV; ROBERT A. KORAJCZYK; ROMAN KOZHAN; JAN P. KRAHNEN; PAUL KUHLE; AMY KWAN; QUENTIN LAJAUNIE; F. Y. ERIC C. LAM; MARIE LAMBERT; HUGUES LANGLOIS; JENS LAUSEN; TOBIAS LAUTER; MARKUS LEIPPOLD; VLADIMIR LEVIN; YIJIE LI; HUI LI; CHEE YOONG LIEW; THOMAS LINDNER; OLIVER LINTON; JIACHENG LIU; ANQI LIU; GUILLERMO LLORENTE; MATTHIJS LOF; ARIEL LOHR; FRANCIS LONGSTAFF; ALEJANDRO LOPEZ‐LIRA; SHAWN MANKAD; NICOLA MANO; ALEXIS MARCHAL; CHARLES MARTINEAU; FRANCESCO MAZZOLA; DEBRAH MELOSO; MICHAEL G. MI; ROXANA MIHET; VIJAY MOHAN; SOPHIE MOINAS; DAVID MOORE; LIANGYI MU; DMITRIY MURAVYEV; DERMOT MURPHY; GABOR NESZVEDA; CHRISTIAN NEUMEIER; ULF NIELSSON; MAHENDRARAJAH NIM...; SVEN NOLTE; LARS L. NORDEN; PETER O'NEILL; KHALED OBAID; BERNT A. ØDEGAARD; PER ÖSTBERG; EMILIANO PAGNOTTA; MARCUS PAINTER; STEFAN PALAN; IMON J. PALIT; ANDREAS PARK; ROBERTO PASCUAL; PAOLO PASQUARIELLO; LUBOS PASTOR; VINAY PATEL; ANDREW J. PATTON; NEIL D. PEARSON; LORIANA PELIZZON; MICHELE PELLI; MATTHIAS PELSTER; CHRISTOPHE PÉRIGNON; CAMERON PFIFFER; RICHARD PHILIP; TOMÁŠ PLÍHAL; PUNEET PRAKASH; OLIVER‐ALEXANDER ...; TINA PRODROMOU; MARCEL PROKOPCZUK; TALIS PUTNINS; YA QIAN; GAURAV RAIZADA; DAVID RAKOWSKI; ANGELO RANALDO; LUCA REGIS; STEFAN REITZ; THOMAS RENAULT; REX W. RENJIE; ROBERTO RENO; STEVEN J. RIDDIOUGH; KALLE RINNE; PAUL RINTAMÄKI; RYAN RIORDAN; THOMAS RITTMANNSB...; IÑAKI RODRÍGUEZ L...; DOMINIK ROESCH; LAVINIA ROGNONE; BRIAN ROSEMAN; IOANID ROŞU; SAURABH ROY; NICOLAS RUDOLF; STEPHEN R. RUSH; KHALADDIN RZAYEV; ALEKSANDRA A. RZE...; ANTHONY SANFORD; HARIKUMAR SANKARAN; ASANI SARKAR; LUCIO SARNO; OLIVIER SCAILLET; STEFAN SCHARNOWSKI; KLAUS R. SCHENK‐H...; ANDREA SCHERTLER; MICHAEL SCHNEIDER; FLORIAN SCHROEDER; NORMAN SCHÜRHOFF; PHILIPP SCHUSTER; MARCO A. SCHWARZ; MARK S. SEASHOLES; NORMAN J. SEEGER; OR SHACHAR; ANDRIY SHKILKO; JESSICA SHUI; MARIO SIKIC; GIORGIA SIMION; LEE A. SMALES; PAUL SÖDERLIND; ELVIRA SOJLI; KONSTANTIN SOKOLOV; JANTJE SÖNKSEN; LAIMA SPOKEVICIUTE; DENITSA STEFANOVA; MARTI G. SUBRAHMA...; BARNABAS SZASZI; OLEKSANDR TALAVERA; YUEHUA TANG; NICK TAYLOR; WING WAH THAM; ERIK THEISSEN; JULIAN THIMME; IAN TONKS; HAI TRAN; LUCA TRAPIN; ANDERS B. TROLLE; M. ANDREEA VADUVA; GIORGIO VALENTE; ROBERT A. VAN NESS; AURELIO VASQUEZ; THANOS VEROUSIS; PATRICK VERWIJMEREN; ANDERS VILHELMSSON; GRIGORY VILKOV; VLADIMIR VLADIMIROV; SEBASTIAN VOGEL; STEFAN VOIGT; WOLF WAGNER; THOMAS WALTHER; PATRICK WEISS; MICHEL VAN DER WEL; INGRID M. WERNER; P. JOAKIM WESTERHOLM; CHRISTIAN WESTHEIDE; HANS C. WIKA; EVERT WIPPLINGER; MICHAEL WOLF; CHRISTIAN C. P. W...; LEONARD WOLK; WING‐KEUNG WONG; JAN WRAMPELMEYER; ZHEN‐XING WU; SHUO XIA; DACHENG XIU; KE XU; CAIHONG XU; PRADEEP K. YADAV; JOSÉ YAGÜE; CHENG YAN; ANTTI YANG; WOONGSUN YOO; WENJIA YU; YIHE YU; SHIHAO YU; BART Z. YUESHEN; DARYA YUFEROVA; MARCIN ZAMOJSKI; ABALFAZL ZAREEI; STEFAN M. ZEISBERGER; LU ZHANG; S. SARAH ZHANG; XIAOYU ZHANG; LU ZHAO; ZHUO ZHONG; Z. IVY ZHOU; CHEN ZHOU; XINGYU S. ZHU; MARIUS ZOICAN; REMCO ZWINKELS
• Keywords: 502009 Corporate finance; Economics; multi-analyst approach; 38 Economics; Applied economics; Non-standard errors; Management Sciences and Quantitative Methods; CROSS-SECTION; ANALYSTS; RISK; økonomi; 502009 Finanzwirtschaft; 3801 Applied Economics; 03 Salud y bienestar; G10; Statistischer Fehler; uncertainty; Probability Theory and Statistics; B- ECONOMIE ET FINANCE; C12; RISK; info:eu-repo/classification/ddc/330; experiment; ddc:330; Big Data Project; C18; G14; Finance, replication, non-standard errors; Statistics; 05 social sciences; jel:C12; Wirtschaftswissenschaften; research design; nonstandard errors, multi-analyst study, liquidity; Evidence-generating process; jel:G14; Liquidity; Streuungsmaß; CDU::3 - Ciencias sociales::31 - Demografía. Sociología. Estadística::311 - Estadística; CROSS-SECTION; Institute for Management Research; Theorie; Economics and Econometrics; Wissenschaftler; 330; statistikk; Non-standard; Banking, finance and investment; Business and Economics; VDP::Samfunnsvitenskap: 200::Økonomi: 210; jel:G1; Accounting; G1; 0502 economics and business; ddc:330; FOS: Mathematics; errors; 502014 Innovationsforschung; Wissenschaftliche Methode; liquidity; Finance and Financial Management; Nonstandard errors; nonstandard, errors; evidence-generating process; Multi-analyst approach; FiWi; 502014 Innovation research; 03 Good Health and Well-being; B26; ANALYSTS; non-standard errors; Data-generating process; Finance

ABSTRACT In statistics, samples are drawn from a population in data‐generating process (DGP). Standard errors measure the uncertainty estimates of parameters. science, evidence is generated to test hypotheses an evidence‐generating (EGP). We claim that EGP variation across researchers adds uncertainty—nonstandard (NSEs). study NSEs by letting 164 teams same on data. turn out be sizable, but smaller for more reproducible or higher rated research. Adding peer‐review stages reduces NSEs. further find this type underestimated participants.