Fama and French Examined the Relationship Between the Book Value

Multiple Choice

Fama and French examined the relationship between the Book Value to Market Value ratio and average stock returns and found

A) no evidence of a relationship for U.S. stocks.
B) evidence of a negative relationship in U.S. stocks only.
C) evidence of a positive relationship for Japanese stocks only.
D) evidence of a negative relationship for U.S. and Japanese stocks.
E) evidence of a positive relationship for U.S. and Japanese stocks.