In 2017, Stuart Kirk, head of Deutsche Bank's DWS Global Research Institute and a former editor of the Financial Times "Lex column", wrote of DWS's analysis of the long-term data: "In other words no historical relationship between bond yields and dividend yields. By extension, this means that interest rates have nothing to do with share prices either as the former lead bond yields while dividend yields move with earnings yields (the latter being the inverse of the price/earnings ratio). Yes, correlations can be found in the short run, but they are statistically meaningless".