23. Growth" and "Value" can be defined in several ways, but"growth" usually conveys the idea of a portfolio emphasizing or including only issues believed to possess above- average future rates of per-share earnings growth. Low current yield, high price-to-book ratios, and high price-to-earnings ratios are typical characteristics of such portfolios. Value" usually conveys the idea of portfolios emphasizing or including only issues currently showing low price-to-book ratios, low price-to-earnings ratios, above-average levels of dividend yield, and market prices believed to be below the issues' intrinsic values. a. Identify and explain three reasons why, over an extended period of time, value stock investing might outperform growth stock investing. b. Explain why the outcome suggested in (a) above should not be possible in a market widely regarded as being highly efficient