In 2005, Stanford medical professor John Ioannidis published a bombshell essay titled “Why Most Published Research Findings Are False”, which noted that the results of many medical research papers could not be replicated by other researchers. Subsequently, several other fields have turned a harsh eye on themselves and come to similar conclusions. The heart of the issue is a phenomenon that researchers call “p-hacking”.

Campbell Harvey, a professor of finance at Duke university argues that at least half of the 400 market-beating strategies identified in top financial journals over the years are false too. 

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