问题如下：
Researchers have found that value stocks have consistently outperformed growth stocks. An investor wishing to exploit the value effect should purchase the stock of companies with above-average:
选项：
A. dividend yields.
B. market-to-book ratios.
C. price-to-earnings ratios.
解释：
A is correct.
Higher than average dividend yield is a characteristic of a value stock, along with low price-to-earnings and low market-to-book ratios. Growth stocks are characterized by low dividend yields and high price-to-earnings and high market-to-book ratios.
请问为什么分红越多，market to book和P/E ratio越小？earning就是表示分红吗？分红越多，账面价值不是应该越小吗，market to book越大？
