Research on the cause of the value effect for shares listed on the Tokyo Stock Exchange

这个研究项目旨在提供洞察价值效应是对风险的补偿，还是由于投资者的非理性行为。自2021-2022年休完产假回到工作岗位后，我重新开始了原研究计划第一部分详细分析的工作。具体来说，在东京证券交易所交易的股票收益数据是通过将月度数据分成几个子周期并分别分析每个子周期来分析的。希望本研究能对日本股票长期数据中强价值效应的成因提供深入的见解。

This research project aims to provide insight into whether the value effect is compensation for risk or whether it is due to investors irrational behavior. Since returning to work after taking maternity leave in 2021-2022, I have resumed to the task of carrying out the analysis detailed in the first part of the original research plan. Specifically, share return data for shares traded on the Tokyo Stock Exchange is being analyzed by splitting the monthly data into several sub-periods and analyzing each sub-period separately. It is hoped that this research will provide insight into the cause of the strong value effect in long-term Japanese share data.