“…We can divide this group of indicators into two subgroups: the first one includes the yield related indicators (earning yield, dividend yield, dividend plus buybacks yield, and implied cost of capital [ICC]) and the second includes the non-yield related indicators (price earnings ratio [PE] and book to market). The most popular among the first subgroup is the dividend yield (Fama & French 1988;Monteiro et al, 2020;Rozeff, 1984), while the most popular indicators among the second subgroup are the price-earnings ratio (Campbell & Shiller, 1988), the earnings-price ratio (Campbell & Shiller, 1998;Fama & French, 1989), the book-to-market ratio (BM) (Pontiff & Schall, 1998), and dividends and buybacks (Straehl & Ibbotson, 2017).…”