SFS Statement
该声明指出一篇已发表论文中描述的方法与实际使用的回归不一致，且主要结论不稳健，作者未披露关键变量导致审稿未能发现问题。
10.1093/rfs/hhw062, volume 29, 3245-3277), after receiving reports on the inconsistency in the paper's use of Russell vs. CRSP market capitalization ranks between the published version of the paper and its previously publicly distributed working paper version.Using the data and code provided by the authors, the committee determined that the estimates based on the use of Russell vs. CRSP ranks were not substantially different from each other.However, the Committee discovered that equations ( 1) and (2) on page 3254, which describe the two-stage model, do not describe the actual regressions that were used to generate the results presented in the paper.Moreover, the committee found that the paper's main inferences are not robust if the models are estimated as described on page 3254 of the paper.In summary, the Committee concluded that the methodology described in the paper does not generate the results reported in that paper.Futhermore, the Committee concluded that the actual specification the authors acknowledged to have used in the paper was econometrically inconsistent.This is because the missing term constitutes an "excluded variable" which was not justified by the setting or discussed in the paper.The authors' misstatement prevented the issue from being discovered in the review process.