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Portfolio returns are 26% lower out\u2010of\u2010sample and 58% lower post\u2010publication. The out\u2010of\u2010sample decline is an upper bound estimate of data mining effects. We estimate a 32% (58%\u201326%) lower return from publication\u2010informed trading. Post\u2010publication declines are greater for predictors with higher in\u2010sample returns, and returns are higher for portfolios concentrated in stocks with high idiosyncratic risk and low liquidity. Predictor portfolios exhibit post\u2010publication increases in correlations with other published\u2010predictor portfolios. Our findings suggest that investors learn about mispricing from academic publications.<\/jats:p>","DOI":"10.1111\/jofi.12365","type":"journal-article","created":{"date-parts":[[2015,10,13]],"date-time":"2015-10-13T12:16:25Z","timestamp":1444738585000},"page":"5-32","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":1426,"title":["Does Academic Research Destroy Stock Return Predictability?"],"prefix":"10.1111","volume":"71","author":[{"given":"R. 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