Fig. 2From: Value investing or investing in illiquidity? The profitability of contrarian investment strategies, revisitedPlot of annual differences in average return and annual percentage differences in illiquidity. Plot 2. A: Differences between the five highest and lowest BM groups. Plot 2. B: Differences between the three highest and lowest BM groups. Plot 2. C: Differences between the highest and lowest BM groupsBack to article page