Chen, Qiang; Qi, Ji - In: Journal of applied economics 26 (2023) 1, pp. 1-16
R2 and adjusted R2 may exaggerate a model's true ability to predict the dependent variable in the presence of overfitting, whereas leave-one-out R2 (LOOR2) is robust to overfitting. We demonstrate this by replicating 279 regressions from 100 papers in top economics journals, where the median...