Question: In investing, value premium refers to the greater risk-adjusted return of value stocks over growth stocks, other experts, such as John Clifton "Jack" Bogle, have argued that no value premium exists, claiming that Fama and French's research is period dependent, Bogle is an investor, business magnate, and philanthropist, of which nationality?
Sentence (from "Low-volatility anomaly"): Second, the intercept should be equal to the risk-free rate.
Relevant evidence: No