Fama and French (1992)find that,over a 20-year period in the USA,__________ outperformed __________.

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In a famous study,which was voted best paper of the year in 1992 by the prestigious Journal of Finance,two researchers,Gene Fama and Ken French,showed that value shares outperformed growth shares in the USA over a 20-year period from 1963.Moreover,the difference in performance was a staggering 21.4% p.a.for the value shares,compared to only 8% p.a.for the growth shares;that is,more than 13% p.a.

Fama and French (1992)find That,over a 20-Year Period in the USA,__________