TY - JOUR T1 - The Empirical Relationship Between Stock Prices and Long-Term Earnings JF - The Journal of Investing SP - 49 LP - 52 DO - 10.3905/JOI.2009.18.3.049 VL - 18 IS - 3 AU - Joe Callaghan AU - Austin Murphy AU - Mohinder Parkash AU - Hong Qian Y1 - 2009/08/31 UR - https://pm-research.com/content/18/3/49.abstract N2 - This article shows stock prices to be related to be a function of long-term earnings forecasts, as is consistent with financial theory. Stock prices reflect not only the average of the IBES long-term earnings predictions but also some superior forecasting power beyond that aggregated average prediction.TOPICS: Security analysis and valuation, statistical methods, exchanges/markets/clearinghouses ER -