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The cross-section of average annual returns on German common stock in the periodof 1881-1913 exhibits several of the patterns that have been observed in more recent U.S.data. Market beta is hardly important, and its explanatory power is swamped by sizeand the ratio of book value to market value. A book-to-market risk measure #covariancewith a portfolio long in high book-to-market #rms and short in low book-to-market #rms#has no e#ect on the explanatory power of the book-to-market...

Has the Cross-Section of Average Returns Always Been the Same? Evidence from Germany, 1881-1913