Fama and French do not believe the excess return from value investing is not without consequence.

FORBES: Value Stocks are in the Eye of the Beholder

This finding is confirmed by 30 years of research, ranging from "behaviorists" such as Robert Shiller and Richard Thaler to "efficient marketers" such as Eugene Fama and Ken French, to "economists" such as John Campbell and myself.

WSJ: Is Now the Time to Buy Stocks?

Gene Fama and Ken French popularized this methodology for investors during the 1990s by introducing the Fama-French Three-Factor Model.

FORBES: Beat the Market with Small-Cap Value Stocks

In 1992, Eugene Fama and Ken French outlined the importance of analyzing multiple risk factors when attempting to explain portfolio performance.

FORBES: No Free Lunch from Alternative Indexes

Mr Fama and Mr French find no evidence that companies stop paying dividends (or do not start) because they can buy back shares instead.

ECONOMIST: Corporate finance

Famed academics Gene Fama and Ken French enjoy the stability of book value and this leads them to high book-to-market companies (high BtM).

FORBES: Value Stocks are in the Eye of the Beholder

This is an efficient market view and it is supported by well-known academics Eugene Fama and Ken French, creators of the Fama-French Three Factor Model.

FORBES: Value Stocks and Dividends

Subsequent research by Gene Fama and Ken French demonstrated that tilting a portfolio toward small companies and value (distressed) companies offers the opportunity for increased returns over the global market.

FORBES: How Much International?

To give two high-profile examples, Ibbotson and Associates and the academic duo of Eugene Fama and Kenneth French did similar studies that found that value stocks, as measured by low price-to-book ratios, outperform growth stocks over the long run.

FORBES: SDOG: A New Dog for an Old Trick

Warren Buffet loves them, Mario Gabelli loves them, Seth Klarman loves them and ardent followers of the Fama-French Three Factor Model are infatuated with them.

FORBES: Value Stocks are in the Eye of the Beholder