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In Replicating Anomalies Hou, Xue and Zhang (2018) find that 65% of the 452 anomalies (trading strategies) previously documented in the literature fail to generate

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In "Replicating Anomalies" Hou, Xue and Zhang (2018) find that 65% of the 452 anomalies (trading strategies) previously documented in the literature fail to generate statistically significant returns in their replication study. What are possible reasons for this finding? [suggested 500 words max ]

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