Non-standard errors

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Menkveld, AJ, Dreber, A, Holzmeister, F, Huber, J, Johannesson, M, Kirchler, M, Neusüss, S, Razen, M, Weitzel, U, Abad-Díaz, D, Abudy, M, Adrian, T, Ait-Sahalia, Y, Akmansoy, O, Alcock, JT, Alexeev, V, Aloosh, A, Amato, L, Amaya, D, Angel, JJ, Avetikian, AT, Bach, A, Baidoo, E, Bakalli, G, Bao, L, Barbon, A, Bashchenko, O, Bindra, PC, Bjønnes, GH, Black, JR, Black, BS, Bogoev, D, Correa, SB, Bondarenko, O, Bos, CS, Bosch-Rosa, C, Bouri, E, Brownlees, C, Calamia, A, Cao, VN, Capelle-Blancard, G, Capera Romero, LM, Caporin, M, Carrion, A, Caskurlu, T, Chakrabarty, B, Chen, J, Chernov, M, Cheung, W, Chincarini, LB, Chordia, T, Chow, SC, Clapham, B, Colliard, J-E, Comerton-Forde, C, Curran, E, Dao, T, Dare, W, Davies, RJ, De Blasis, R, De Nard, GF, Declerck, F, Deev, O, Degryse, H, Deku, SY ORCID: https://orcid.org/0000-0003-1579-8708, Desagre, C, Van Dijk, MA, Dim, C, Dimpfl, T, Dong, YJ, Drummond, PA, Dudda, T, Duevski, T, Dumitrescu, A, Dyakov, T, Dyhrberg, AH, Dzieli´nski, M, Eksi, A, Kalak, IE, ter Ellen, S, Eugster, N, Evans, MDD, Farrell, M, Felez-Vinas, E, Ferrara, G, Ferrouhi, EM, Flori, A, Fluharty, JT, Foley, SDV, Fong, KYL, Foucault, T, Franus, T, Franzoni, F, Frijns, B, Frömmel, M, Fu, SM, Füllbrunn, SC, Gan, B, Gao, G, Gehrig, TP, Gemayel, R, Gerritsen, D, Gil-Bazo, J, Gilder, D, Glosten, LR, Gomez, T, Gorbenko, A, Grammig, J, Grégoire, V, Güçbilmez, U, Hagströmer, B, Hambuckers, J, Hapnes, E, Harris, JH, Harris, L, He, X-Z(, Heath, D, Hediger, S, Hendershott, T, Hibbert, AM, Hjalmarsson, E, Hoelscher, S, Hoffmann, P, Holden, CW, Horenstein, AR, Huang, W, Huang, D, Hurlin, C, Ilczuk, K, Ivashchenko, A, Iyer, SR, Jahanshahloo, H, Jalkh, NP, Jones, CM, Jurkatis, S, Jylhä, P, Karam, A, Karmaziene, E, Kassner, B, Kaustia, M, Kazak, E, Kearney, F, van Kervel, V, Khan, SA, Khomyn, MK, Klein, T, Klein, O, Klos, A, Koetter, M, Kolokolov, A, Korajczyk, RA, Kozhan, R, Krahnen, JP, Kuhle, P, Kwan, A, Lajaunie, Q, Lam, FYEC, Lambert, M, Langlois, H, Lausen, J, Lauter, T, Leippold, M, Levin, V, Li, Y, Li, H, Liew, CY, Lindner, T, Linton, O, Liu, J, Liu, A, Llorente, G, Lof, M, Lohr, A, Longstaff, F, Lopez-Lira, A, Mankad, S, Mano, N, Marchal, A, Martineau, C, Mazzola, F, Meloso, D, Mi, MG, Mihet, R, Mohan, V, Moinas, S, Moore, D, Mu, L, Muravyev, D, Murphy, D, Neszveda, G, Neumeier, C, Nielsson, U, Nimalendran, M, Nolte, S, Norden, LL, O’Neill, PW, Obaid, K, Ødegaard, BA, Östberg, P, Pagnotta, E, Painter, M, Palan, S, Palit, IJ, Park, A, Pascual, R, Pasquariello, P, Pastor, L, Patel, V, Patton, AJ, Pearson, ND, Pelizzon, L, Pelli, M, Pelster, M, Pérignon, C, Pfiffer, C, Philip, R, Plíhal, T, Prakash, P, Press, O-A, Prodromou, T, Prokopczuk, M, Putnins, T, Qian, Y, Raizada, G, Rakowski, D, Ranaldo, A, Regis, L, Reitz, S, Renault, T, Renjie, RW, Reno, R, Riddiough, SJ, Rinne, K, Rintamäki, PJ, Riordan, R, Rittmannsberger, T, Rodríguez Longarela, I, Roesch, D, Rognone, L, Roseman, B, Rosu, I, Roy, S, Rudolf, N, Rush, SR, Rzayev, K, Rzeźnik, AA, Sanford, A, Sankaran, H, Sarkar, A, Sarno, L, Scaillet, O, Scharnowski, S, Schenk-Hoppé, KR, Schertler, A, Schneider, M, Schroeder, F, Schürhoff, N, Schuster, P, Schwarz, MA, Seasholes, MS, Seeger, NJ, Shachar, O, Shkilko, A, Shui, J, Sikic, M, Simion, G, Smales, LA, Söderlind, P, Sojli, E, Sokolov, K, Sönksen, J, Spokeviciute, L, Stefanova, D, Subrahmanyam, MG, Szaszi, B, Talavera, O, Tang, Y, Taylor, N, Tham, WW, Theissen, E, Thimme, J, Tonks, I, Tran, H, Trapin, L, Trolle, AB, Vaduva, MA, Valente, G, Van Ness, RA, Vasquez, A, Verousis, T, Verwijmeren, P, Vilhelmsson, A, Vilkov, G, Vladimirov, V, Vogel, S, Voigt, S, Wagner, W, Walther, T, Weiss, P, van der Wel, M, Werner, IM, Westerholm, J, Westheide, C, Wika, HC, Wipplinger, E, Wolf, M, Wolff, CCP, Wolk, L, Wong, W-K, Wrampelmeyer, J, Wu, Z-X, Xia, S, Xiu, D, Xu, K, Xu, C, Yadav, PK, Yagüe, J, Yan, C, Yang, A, Yoo, W, Yu, W, Yu, Y, Yu, S, Yueshen, BZ, Yuferova, D, Zamojski, M, Zareei, A, Zeisberger, SM, Zhang, L, Zhang, SS, Zhang, X, Zhao, L, Zhong, Z, Zhou, Z(, Zhou, C, Zhu, XS, Zoican, M and Zwinkels, R, 2023. Non-standard errors. Journal of Finance. ISSN 0022-1082 (Forthcoming)

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Abstract

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

Item Type:	Journal article
Publication Title:	Journal of Finance
Creators:	Menkveld, A.J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Neusüss, S., Razen, M., Weitzel, U., Abad-Díaz, D., Abudy, M., Adrian, T., Ait-Sahalia, Y., Akmansoy, O., Alcock, J.T., Alexeev, V., Aloosh, A., Amato, L., Amaya, D., Angel, J.J., Avetikian, A.T., Bach, A., Baidoo, E., Bakalli, G., Bao, L., Barbon, A., Bashchenko, O., Bindra, P.C., Bjønnes, G.H., Black, J.R., Black, B.S., Bogoev, D., Correa, S.B., Bondarenko, O., Bos, C.S., Bosch-Rosa, C., Bouri, E., Brownlees, C., Calamia, A., Cao, V.N., Capelle-Blancard, G., Capera Romero, L.M., Caporin, M., Carrion, A., Caskurlu, T., Chakrabarty, B., Chen, J., Chernov, M., Cheung, W., Chincarini, L.B., Chordia, T., Chow, S.C., Clapham, B., Colliard, J.-E., Comerton-Forde, C., Curran, E., Dao, T., Dare, W., Davies, R.J., De Blasis, R., De Nard, G.F., Declerck, F., Deev, O., Degryse, H., Deku, S.Y., Desagre, C., Van Dijk, M.A., Dim, C., Dimpfl, T., Dong, Y.J., Drummond, P.A., Dudda, T., Duevski, T., Dumitrescu, A., Dyakov, T., Dyhrberg, A.H., Dzieli´nski, M., Eksi, A., Kalak, I.E., ter Ellen, S., Eugster, N., Evans, M.D.D., Farrell, M., Felez-Vinas, E., Ferrara, G., Ferrouhi, E.M., Flori, A., Fluharty, J.T., Foley, S.D.V., Fong, K.Y.L., Foucault, T., Franus, T., Franzoni, F., Frijns, B., Frömmel, M., Fu, S.M., Füllbrunn, S.C., Gan, B., Gao, G., Gehrig, T.P., Gemayel, R., Gerritsen, D., Gil-Bazo, J., Gilder, D., Glosten, L.R., Gomez, T., Gorbenko, A., Grammig, J., Grégoire, V., Güçbilmez, U., Hagströmer, B., Hambuckers, J., Hapnes, E., Harris, J.H., Harris, L., He, X.-Z., Heath, D., Hediger, S., Hendershott, T., Hibbert, A.M., Hjalmarsson, E., Hoelscher, S., Hoffmann, P., Holden, C.W., Horenstein, A.R., Huang, W., Huang, D., Hurlin, C., Ilczuk, K., Ivashchenko, A., Iyer, S.R., Jahanshahloo, H., Jalkh, N.P., Jones, C.M., Jurkatis, S., Jylhä, P., Karam, A., Karmaziene, E., Kassner, B., Kaustia, M., Kazak, E., Kearney, F., van Kervel, V., Khan, S.A., Khomyn, M.K., Klein, T., Klein, O., Klos, A., Koetter, M., Kolokolov, A., Korajczyk, R.A., Kozhan, R., Krahnen, J.P., Kuhle, P., Kwan, A., Lajaunie, Q., Lam, F.Y.E.C., Lambert, M., Langlois, H., Lausen, J., Lauter, T., Leippold, M., Levin, V., Li, Y., Li, H., Liew, C.Y., Lindner, T., Linton, O., Liu, J., Liu, A., Llorente, G., Lof, M., Lohr, A., Longstaff, F., Lopez-Lira, A., Mankad, S., Mano, N., Marchal, A., Martineau, C., Mazzola, F., Meloso, D., Mi, M.G., Mihet, R., Mohan, V., Moinas, S., Moore, D., Mu, L., Muravyev, D., Murphy, D., Neszveda, G., Neumeier, C., Nielsson, U., Nimalendran, M., Nolte, S., Norden, L.L., O’Neill, P.W., Obaid, K., Ødegaard, B.A., Östberg, P., Pagnotta, E., Painter, M., Palan, S., Palit, I.J., Park, A., Pascual, R., Pasquariello, P., Pastor, L., Patel, V., Patton, A.J., Pearson, N.D., Pelizzon, L., Pelli, M., Pelster, M., Pérignon, C., Pfiffer, C., Philip, R., Plíhal, T., Prakash, P., Press, O.-A., Prodromou, T., Prokopczuk, M., Putnins, T., Qian, Y., Raizada, G., Rakowski, D., Ranaldo, A., Regis, L., Reitz, S., Renault, T., Renjie, R.W., Reno, R., Riddiough, S.J., Rinne, K., Rintamäki, P.J., Riordan, R., Rittmannsberger, T., Rodríguez Longarela, I., Roesch, D., Rognone, L., Roseman, B., Rosu, I., Roy, S., Rudolf, N., Rush, S.R., Rzayev, K., Rzeźnik, A.A., Sanford, A., Sankaran, H., Sarkar, A., Sarno, L., Scaillet, O., Scharnowski, S., Schenk-Hoppé, K.R., Schertler, A., Schneider, M., Schroeder, F., Schürhoff, N., Schuster, P., Schwarz, M.A., Seasholes, M.S., Seeger, N.J., Shachar, O., Shkilko, A., Shui, J., Sikic, M., Simion, G., Smales, L.A., Söderlind, P., Sojli, E., Sokolov, K., Sönksen, J., Spokeviciute, L., Stefanova, D., Subrahmanyam, M.G., Szaszi, B., Talavera, O., Tang, Y., Taylor, N., Tham, W.W., Theissen, E., Thimme, J., Tonks, I., Tran, H., Trapin, L., Trolle, A.B., Vaduva, M.A., Valente, G., Van Ness, R.A., Vasquez, A., Verousis, T., Verwijmeren, P., Vilhelmsson, A., Vilkov, G., Vladimirov, V., Vogel, S., Voigt, S., Wagner, W., Walther, T., Weiss, P., van der Wel, M., Werner, I.M., Westerholm, J., Westheide, C., Wika, H.C., Wipplinger, E., Wolf, M., Wolff, C.C.P., Wolk, L., Wong, W.-K., Wrampelmeyer, J., Wu, Z.-X., Xia, S., Xiu, D., Xu, K., Xu, C., Yadav, P.K., Yagüe, J., Yan, C., Yang, A., Yoo, W., Yu, W., Yu, Y., Yu, S., Yueshen, B.Z., Yuferova, D., Zamojski, M., Zareei, A., Zeisberger, S.M., Zhang, L., Zhang, S.S., Zhang, X., Zhao, L., Zhong, Z., Zhou, Z., Zhou, C., Zhu, X.S., Zoican, M. and Zwinkels, R.
Publisher:	Wiley
Date:	14 February 2023
ISSN:	0022-1082
Identifiers:	Number Type 1756641 Other
Divisions:	Schools > Nottingham Business School
Record created by:	Jeremy Silvester
Date Added:	05 May 2023 11:10
Last Modified:	05 May 2023 11:10
URI:	https://irep.ntu.ac.uk/id/eprint/48885