블랙, 젠 슨, Scholes (1972)와 ファマ와 MacBeth (1973) find that, as predicted by slB model, there is a positiv e simple relation between average stock returns and 0 during the pre-1969 period. Like Reinganum (1981)와 Lakonishok and Shapiro (1986), we find that the relation between and average return disappears d uring the more recent 1963-1990 period, even when is used alone to explain average returns ...
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