Does Shiller PE Work in Foreign Markets?

After building lots of Shiller CAPEs for foreign markets it was refreshing to see this paper published recently.  Nice work Joachim!

Does the Shiller-PE Work in Emerging Markets?

We test the reliability of the Cyclically Adjusted PE (CAPE) or Shiller PE as a forecasting and valuation tool for 35 countries including emerging markets. We find that the Shiller-PE is a reliable long-term valuation indicator for developed and emerging markets and we use the indicator to predict real returns on local equity markets over the next five to ten years.