Competing academic studies, such as Asness's Fight the Fed Model and Lee, Myers, and Swaminathan's What is the Intrinsic Value of the Dow, offer differing answers to the question of whether equity valuation measures (such as P/E in the case of Asness, DDM in the case of Lee et. al.) can be used to predict the direction of overall equity markets. These are just two seminal studies in the field of market timing, which is itself a part of the broader Tactical Asset Allocation literature.
I would like to know if there are any academic studies (the more recent the better) which use more than one valuation measure/model to try to predict equity market returns, either in absolute terms or relative to fixed income. It would also be interesting if these studies look into what kinds of models may be combined with valuation, such as momentum (see Faber's A Quantitative Approach to Tactical Asset Allocation), in order to yield the best results.