These investors have known value investing to deliver and average excess return of 1.1 % a year, about half the annualized excess return generated by stocks over bonds. (researchaffiliates.com)
I thought the 5th quintile would also result in lower average excess return for price to tangible book value given that it outperformed in the 1st quintile. (fatpitchfinancials.com)
However, this shareholder yield backtest did not exhibit a smooth increase in average excess returns from the 1st quintile to the 5th quintile. (fatpitchfinancials.com)