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Firms with high P/E ratios earned higher average returns than firms with low P/E ratios earned the same average returns as firms with low P/E

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Firms with high P/E ratios earned higher average returns than firms with low P/E ratios earned the same average returns as firms with low P/E ratios earned lower average returns than firms with low P/E ratios had higher dividend yields than firms with low P/E ratios

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