Now I'm confused because FINCA themselves launch studies to understand their impact. Shouldn't they be countering data-based arguments with data-based argument

Now I'm confused because FINCA themselves launch studies to understand their impact. Shouldn't they be countering data-based arguments with data-based arguments? From the article they link to FINCA's own internally developed study [1] which at first glance seems to have reasonable metrics [2]. Why not use those to assess whether you believe independent research methods and data were properly developed and analyzed? As a side note, I like how AQR handles similar criticisms and releases Cliff's Perspectives [3] which use data and logic to evaluate arguments for or against their own or competitive portfolio strategies. [1] http://www.finca.org/files/2015/06/FINCA-MasterCard-From-Intentions-to-Outcomes-FINAL.pdf http://www.finca.org/files/2015/06/FINCA-MasterCard-From-Int... [2] http://imgur.com/eaUGNCH http://imgur.com/eaUGNCH [3] https://www.aqr.com/cliffs-perspective https://www.aqr.com/cliffs-perspective