Contrarian Investment, Extrapolation, and Risk
证明价值策略之所以能获得更高回报，是因为它利用了典型投资者的次优行为，而非因为这些策略本身风险更高。
ABSTRACT For many years, scholars and investment professionals have argued that value strategies outperform the market. These value strategies call for buying stocks that have low prices relative to earnings, dividends, book assets, or other measures of fundamental value. While there is some agreement that value strategies produce higher returns, the interpretation of why they do so is more controversial. This article provides evidence that value strategies yield higher returns because these strategies exploit the suboptimal behavior of the typical investor and not because these strategies are fundamentally riskier.