1、TWO OF THE MOST studied capital market phenomena are the relation between an asset's return and the ratio of tis "long-run"(or book) value relation to its current markt value,termed the "value" effect,and the relation between an asset's return and tis recent relative performance history,termed the "momentunm"effect.

2、Our broader set of portfolios generates much larger cross-sectional dispersion in average returns than those from U.S. stocks only,providing a richer set of asset returns than any asset pricing model should seek to explain.

麻烦英语好的大神翻译一下，感激不尽！