By the hongkong market over the fifteen years data statistics ,there have 4portf

By the hongkong market over the fifteen years data statistics ,there have 4portfolios. first statistics represrnt 1st porfolio have low E/P(Earning-to-price Effect),4th portfolio have high E/P. another stataistics represent 4portfolio that 1st have low B/M( book-to-market effect),4th portfolio have high B/M. the figures in the table are the realized return . my couclusion is that E/P and B/M is proportional to the return. you has the task of screening the bias group,analyzing the bias data, either adding your guess or combining it with the actual economic situation.