PT - JOURNAL ARTICLE AU - Joe Callaghan AU - Austin Murphy AU - Mohinder Parkash AU - Hong Qian TI - The Empirical Relationship Between Stock Prices and Long-Term Earnings AID - 10.3905/JOI.2009.18.3.049 DP - 2009 Aug 31 TA - The Journal of Investing PG - 49--52 VI - 18 IP - 3 4099 - https://pm-research.com/content/18/3/49.short 4100 - https://pm-research.com/content/18/3/49.full AB - 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