本页提供题录、可核实摘要与阅读线索。AI 解读未完成全文核验，可能有误；具体假设、证明和结论请核对原文。仅依据书目生成的内容属于阅读导航，不是对论文结论的确认。
摘要保留来源文本，未经模型改写。材料不足时保留待解读状态；引用采用 OpenAlex 单条关联记录，不合计版本，缺失不视为零，也不代表论文质量。
正在核对对应版本的资源…
This study examines the usefulness of an analyst-based valuation model in predicting cross-sectional stock returns. We estimate firms' fundamental values (V) using I/B/E/S consensus forecasts and a residual income model. We find that V is highly correlated with contemporaneous stock price, and that the V/P ratio is a good predictor of long-term cross-sectional returns. This effect is not explained by a firm's market beta, B/P ratio, or total market capitalization. In addition, we find errors in consensus analyst earnings forecasts are predictable, and that the predictive power of V/P can be improved by incorporating these errors.