Low-Cap and Low-Rated Companies
研究了14个欧洲国家小盘股和价值股的长期回报，发现小公司回报低于或略高于大公司，而价值股回报持续更高。
Low-cap and low-rated companies have tended to outperform large stocks and growth stocks, according to studies of U.S. and other stock markets published in the 1980s and 1990s. The results turn out to be different in this examination of the longer-term returns of small-caps and value stocks in 14 European countries. Smaller company returns have been lower than, or only modestly ahead of, big company returns, and out-of-sample returns on value stocks mostly remained higher than those on other companies. Historically, across the countries and over periods of as long as 104 years, investing in value stocks has generated larger and more persistent rewards than investing in small companies.