Banko, John C.; Conover, C. Mitchell - In: The Journal of Business 79 (2006) 5, pp. 2595-2616
We examine industry affiliation and the relationship between stock returns and book-to-market equity (the value effect). The robustness of the value effect is supported as a significant value premium is shown to exist in 15 of 21 industries. Both industry- and firm-level value effects are...