| Author: | Lev, B. Sougiannis, T. |
| Title: | Penetrating the book-to-market black box: the R&D effect |
| Journal: | Journal of Business Finance and Accounting
1999 : APR/MAY, VOL. 26:3&4, p. 419-450 |
| Index terms: | R&D FINANCE ACCOUNTING |
| Language: | eng |
| Abstract: | The book-to-market (BM) phenomenon looms large among capital market enigmas. Empirical studies have consistently demonstrated the existence of a positive association between the BM ratio and subsequent stock returns. Fama and French, confirming this relation, concluded that "although the size effect has attracted more attention, book-to- market equity has a consistently stronger role in average returns". |
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