Clubb, Colin; Naffi, Mounir - In: Journal of Business Finance & Accounting 34 (2007-01) 1-2, pp. 1-32
The fundamental valuation perspective on stock returns suggests that book-to-market will be positively related to returns if market value of equity equals future expected cash flows discounted at the expected return and book value proxies for future cash flows. Building on this perspective, we...