A paper is the start
of the investigation.

What we publish

Public research briefs identify the original study, explain the central idea, and provide a starting point for understanding its findings. The full analysis on Substack examines implementation questions, limitations, and, where available, our own tests.

Research sources

We discover studies through SSRN, arXiv, academic publishers, and selected research outlets. SSRN working papers may be revised and are not necessarily peer reviewed. We check the original paper and identify the version used in our analysis. New publications require completed house tests and editorial approval.

Three kinds of evidence

Author findings describe what a study reports within its own sample and assumptions. They are credited to the original researchers.

House tests refer to experiments we have actually run. A partial replication or an unsuccessful implementation is described as such. Similar-looking strategies, different datasets, and changes to the trading rules can make comparisons imperfect.

Proposed tests are questions for future work. A review or a research plan does not mean a replication has been completed.

What we look for

We examine the economic mechanism, information available at the decision time, sample selection, transaction costs, robustness, and the gap between a reported result and an executable strategy. Uncertainty and null results belong in the discussion.

Authorship and AI

Finance Paper Mill is run and curated by a hedge fund veteran with 30 years of experience, publishing anonymously under Signal & Evidence. Human judgment guides the selection of papers and the research questions. AI assists discovery, organization, and drafting; it supports the editorial process. Study citations and research-status labels make the basis of each review visible. Historical research findings are not a recommendation to trade.

Contact

For research questions, feedback, or corrections, email zack@financepapermill.com.

Subscriptions and subscriber information

This website hosts public research briefs. Full reviews, subscriptions, payments, and subscriber accounts are managed on Substack. We do not collect payment or subscriber details on this website.