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Shareholder value creators in the S&P 500: Year 2003


Author Info

  • Fernandez, Pablo

    (IESE Business School)

  • Reinoso, Laura

    (IESE Business School)


During 2003, 87% of the companies in the S&P 500 created value, compared to just 17% in 2002. The market value of the 500 companies in 2003 was $10.1 trillion, compared to $7.9 trillion in 2002. The top shareholder value creators in 2003 were Intel, Cisco, Citigroup, General Electric and Exxon. We define created shareholder value and provide the ranking of created shareholder value for the 500 companies. We also calculate the created shareholder value of the 500 companies over the eleven-year period 1993-2003. General Electric was the top shareholder value creator and AT&T, the top shareholder value destroyer during the period. On the average, the small cap companies in the S&P 500 were more profitable than the large caps. The volatility of the S&P 500 fell over the period 1998 to 2003, but the volatility of its components increased on the average.

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Bibliographic Info

Paper provided by IESE Business School in its series IESE Research Papers with number D/545.

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Length: 33 pages
Date of creation: 13 Mar 2004
Date of revision:
Handle: RePEc:ebg:iesewp:d-0545

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Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
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Keywords: shareholder value creation; created shareholder value; equity market value; shareholder value added;

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