Basu (1977,1983) found that firms with low P/E ratios
A) earned higher average returns than firms with high P/E ratios
B) earned the same average returns as firms with high P/E ratios
C) earned lower average returns than firms with high P/E ratios
D) had higher dividend yields that firms with high P/E ratios
E) none of these.
Correct Answer:
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A)
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