Access

You are not currently logged in.

Access your personal account or get JSTOR access through your library or other institution:

login

Log in to your personal account or through your institution.

If you need an accessible version of this item please contact JSTOR User Support

Value versus Growth: The International Evidence

Eugene F. Fama and Kenneth R. French
The Journal of Finance
Vol. 53, No. 6 (Dec., 1998), pp. 1975-1999
Published by: Wiley for the American Finance Association
Stable URL: http://www.jstor.org/stable/117458
Page Count: 25
  • Read Online (Free)
  • Download ($33.95)
  • Subscribe ($19.50)
  • Cite this Item
If you need an accessible version of this item please contact JSTOR User Support
Value versus Growth: The International Evidence
Preview not available

Abstract

Value stocks have higher returns than growth stocks in markets around the world. For the period 1975 through 1995, the difference between the average returns on global portfolios of high and low book-to-market stocks is 7.68 percent per year, and value stocks outperform growth stocks in twelve of thirteen major markets. An international capital asset pricing model cannot explain the value premium, but a two-factor model that includes a risk factor for relative distress captures the value premium in international returns.

Page Thumbnails

  • Thumbnail: Page 
1975
    1975
  • Thumbnail: Page 
1976
    1976
  • Thumbnail: Page 
1977
    1977
  • Thumbnail: Page 
1978
    1978
  • Thumbnail: Page 
1979
    1979
  • Thumbnail: Page 
1980
    1980
  • Thumbnail: Page 
1981
    1981
  • Thumbnail: Page 
1982
    1982
  • Thumbnail: Page 
1983
    1983
  • Thumbnail: Page 
1984
    1984
  • Thumbnail: Page 
1985
    1985
  • Thumbnail: Page 
1986
    1986
  • Thumbnail: Page 
1987
    1987
  • Thumbnail: Page 
1988
    1988
  • Thumbnail: Page 
1989
    1989
  • Thumbnail: Page 
1990
    1990
  • Thumbnail: Page 
1991
    1991
  • Thumbnail: Page 
1992
    1992
  • Thumbnail: Page 
1993
    1993
  • Thumbnail: Page 
1994
    1994
  • Thumbnail: Page 
1995
    1995
  • Thumbnail: Page 
1996
    1996
  • Thumbnail: Page 
1997
    1997
  • Thumbnail: Page 
1998
    1998
  • Thumbnail: Page 
1999
    1999