Until they are arbitraged away, such gaps can also be important sources of profit for investors. Fama (1976) shows that any test of the EMH is really a joint test of the EMH and the particular asset pricing model used to test for efficiency. With Fama and French’s Three-Factor Model (1992, 1993), the EMH earned a new lease on life—albeit with a new twist: Some investors prefer to earn higher returns than the market by owning unloved smaller-cap or lower-priced value stocks.