The Value Spread as a Predictor of Returns
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Recent studies have used the value spread to predict aggregate stock returns to construct cash-flow betas that appear to explain the size and value anomalies. We show that two related variables, the book-to-market spread (the book-to-market of value stocks minus that of growth stocks) and the market
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美国国家经济研究局创建时间：
2005-05-01
