There has been a long$-$standing debate regarding the existence of a $$value$$growth$$ anomaly in financial economic research. Previous studies have shown that value stocks $($low price$$book ratios$)$ have higher returns than growth stocks $($high price$$book ratios$)$ in the United States and markets around the world, even after adjusting for a marketwide risk factor. What are some possible explanations for why value stocks might outperform growth stocks on a risk$-$adjusted basis? Is this value$-$growth $$anomaly$$ consistent with the existence of an efficient stock market?