Key points are not available for this paper at this time.
Robert N. Freeman, James A. Ohlson, Stephen H. Penman, Book Rate-of-Return and Prediction of Earnings Changes: An Empirical Investigation, Journal of Accounting Research, Vol. 20, No. 2, Part II (Autumn, 1982), pp. 639-653
Freeman et al. (Fri,) studied this question.