The study looked at how book values, earnings, and future earnings affect the value of companies in the US and Japan over time, different stages of a company's life cycle, and in uncertain markets. They found that a combination of book values and earnings, as well as future earnings, became more important in valuing companies over time. Companies in different life cycle stages placed varying importance on future earnings, earnings, and book values. In uncertain markets, book values were more important for both countries, while the importance of future earnings varied. This study shows that future earnings play a significant role in determining a company's stock price, alongside book values and current earnings.