In modern expectancy-value theory (EVT) in educational psychology, expectancy and value beliefs additively predict performance, persistence, and task choice. In contrast to earlier formulations of EVT, the multiplicative term Expectancy x Value in regression-type models typically plays no major role in educational psychology. The present study used latent moderated structural equation modeling to explore whether there is empirical support for a multiplicative effect in a sample of 2,508 students at the end of secondary education. Expectancy and four facets of value beliefs (attainment, intrinsic, and utility value as well as cost) predicted achievement when entered separately into a regression equation. Moreover, in models with both expectancy and value beliefs as predictor variables, the expectancy component as well as the multiplicative term Expectancy x Value were consistently found to predict achievement positively. (Contains 3 tables, 2 figures and 4 footnotes.)