From a theoretical viewpoint, in equilibrium agents' expectations collapse into actual prices as clearly posed in \citet{Lucas_1978} and \citet{Breeden_1979}. They say nothing though about the role of accounting numbers in the formation of those expectations. Actually, they are compatible with \citet*{Fama_1970} semi-strong market efficiency hypothesis where all public information is somehow already into market prices, which doesn't leave room for any kind of forecast based on accounting information. On the other side, the empirical literature derived from \citet*{FAMA_1992} and \citet*{Fama_1993} finds price effects of accounting indices in expectation of returns while \citet{OHLSON_1995} develops a model where accounting data matters in a, as the author says, "neoclassical framework" (p. 662), which means in his terms that "value equals the present value of expected dividends" (p. 662).
\citet*{Ghosh_2016}, though, showed an approach on how to incorporate \citet*{Fama_1993} into \citet*{Lucas_1978} dynamic model of asset pricing.