The Return-Stages Valuation Model and the Expectations within a Firm's P/B and P/E Ratios
提出回报阶段模型，利用市净率和市盈率量化公司面临的预期，并展示该模型如何预测未来现金流模式，以及不同类别公司的经营业绩与股票回报的关系。
The return-stages model can quantify the expectations facing a firm from its price-to-book (P/B) and price-to-earnings (P/E) ratios. We illustrate two implications of the model. First, a firm’s P/B and P/E ratios can predict the future cash flow pattern earned by a firm. Second, the operating performance consistent with a given stock return differs across four groups of firms: Growth Firms, Mature Firms, Turnaround Firms, and Declining Firms. Our results imply that a firm’s stock return depends, in part, on how its operating performance compares to the expectations defined by its P/B and P/E ratios.