Fama, Eugene F. and Kenneth R. French., "The Cross-Section of Expected Stock Returns." Journal of Financial Studies, 47, 1992.

Divides stocks into 10 groups, ranked by price/book ratio, and reviews their returns from July 1963 through December 1990. The group with the lowest price/book ratio had an average monthly return of 1.65%, while the group with the highest had a 0.72% return. This effect was consistent across all deciles.