Panel A: excess returns of size-B/P portfolios | |||
L | M | H | |
Small | 0.0236 | 0.0231 | 0.0207 |
Big | 0.0151 | 0.0092 | 0.0061 |
Panel B: excess returns of Size-OP portfolios | |||
W | N | R | |
Small | 0.0172 | 0.0170 | 0.0081 |
Big | 0.0046 | 0.0082 | 0.0016 |
Panel C: excess returns of Size-Inv portfolios | |||
C | N | A | |
Small | 0.0136 | 0.0158 | 0.0121 |
Big | 0.0033 | 0.0050 | 0.0031 |