Derivation Web

source_ba8764b873a74bbb

## Abstract

Five source-diverse asset-pricing replication receipts report definition-specific failure estimates from 2.0% to 87.2%. The spread is the signal: the estimates move with the replication definition, hurdle rate, sample construction, and microcap or data-snooping adjustment, so the memo should be read as a map of method sensitivity rather than a pooled failure-rate estimate.

## Researc…