According to the research, which of the following about value versus growth stocks is most likely correct?
A. firms with low tax rates have higher stock returns than firms with high tax rates
B. firms with high P/E ratios have higher stock returns than firms with low P/E ratios
C. firms with high market to book ratios have higher stock returns than firms with low market to book ratios
D. firms with low P/E ratios have higher stock returns than firms with high P/E ratios