The outperformance of value investing appears not to be just a U.S. specific behavior with studies in other countries such as Canada, New Zealand, and U.K., pointing towards the same type of event. Gharghori et al. found that in the Australian market the book to market value is a good predictor of stock performance, giving some support to the value investment approach. Truong reached a similar conclusion when analyzing the New Zealand market. In this article, the author used P/E values as a predictor of future performance and concluded that stocks with low P/E will outperform the market, particularly those who have reasonably high expected growth rates. As previously mentioned, there is less research regarding value investing or growth investing in Asian countries than in developed markets such the U.K. or the U.S. Nevertheless, what appears to be clear from the existing literature is that every country has their own circumstances and conditions which would seem to favor an individualized analysis rather than reaching conclusions across different markets.