"I have a truly marvelous demonstration of this proposition which this margin is too narrow to contain." -Fermat
"I have a truly marvelous regression result, but I can't show you the data and won't even show you the computer program that produced the result" - Typical paper in economics and finance.The problem
Science demands transparency. Yet much research in economics and finance uses secret data. The journals publish results and conclusions, but the data and sometimes even the programs are not available for review or inspection. Replication, even just checking what the author(s) did given their data, is getting harder.
Quite often, when one digs in, empirical results are nowhere near as strong as the papers make them out to be.