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Article
Publication date: 22 June 2023

William M. Briggs

Important research once thought unassailable has failed to replicate. Not just in economics, but in all science. The problem is therefore not in dispute nor are some of the…

1796

Abstract

Purpose

Important research once thought unassailable has failed to replicate. Not just in economics, but in all science. The problem is therefore not in dispute nor are some of the causes, like low power, selective reporting, the file drawer effect, publicly unavailable data and so forth. Some partially worthy solutions have already been offered, like pre-registering hypotheses and data analysis plans.

Design/methodology/approach

This is a review paper on the replication crisis, which is by now very well known.

Findings

This study offers another partial solution, which is to remind researchers that correlation does not logically imply causation. The effect of this reminder is to eschew “significance” testing, whether in frequentist or Bayesian form (like Bayes factors) and to report models in predictive form, so that anybody can check the veracity of any model. In effect, all papers could undergo replication testing.

Originality/value

The author argues that this, or any solution, will never eliminate all errors.

Details

Asian Journal of Economics and Banking, vol. 7 no. 2
Type: Research Article
ISSN: 2615-9821

Keywords

Available. Content available

Abstract

Details

Review of International Business and Strategy, vol. 30 no. 2
Type: Research Article
ISSN: 2059-6014

Available. Content available
Article
Publication date: 27 May 2021

Valentina Carbone, Aurélien Rouquet and Christine Roussat

540

Abstract

Details

International Journal of Physical Distribution & Logistics Management, vol. 51 no. 5
Type: Research Article
ISSN: 0960-0035

Available. Open Access. Open Access
Article
Publication date: 11 April 2022

Tom Loonen and Ronald Janssen

With the introduction of the Markets in Financial Instruments Directive (MiFID), financial institutions are faced with many investor protection provisions; this has a major impact…

2474

Abstract

Purpose

With the introduction of the Markets in Financial Instruments Directive (MiFID), financial institutions are faced with many investor protection provisions; this has a major impact on the day-to-day operations of private banks, which provide investment services to predominately retail or non-professional investors. The purpose of this paper is to determine how MiFID provisions regarding investor protection with respect to suitability are complied with in practice by private banks.

Design/methodology/approach

Based on interviews with 25 representatives of private banks from 10 different European Union (EU) member states, the researchers have determined how these provisions are fulfilled and associated risks mitigated. Mapping out the suitability requirements of MiFID and comparing them with how these have been operationalised, we arrive at the question of whether this leads to a level playing field and investor protection by different private banks.

Findings

Although MiFID is trying to achieve a level playing field between the EU member states, this study shows that this has not been achieved in all areas. Investor protection requirements from MiFID are interpreted and operationalised differently. Although these differences are sometimes small, sometimes they are larger and affect the way the investor is served and suitability determined.

Originality/value

This research provides a unique insight into the way private banks in Europe have implemented the MiFID II requirements and gives insight into best practices. For the future, this research can serve as a prelude to in-depth follow-up research on the implementation of EU provisions.

Details

Journal of Financial Regulation and Compliance, vol. 31 no. 1
Type: Research Article
ISSN: 1358-1988

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