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Shareholder value creators in the S&P 500: Year 2004

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Author Info

  • Fernandez, Pablo

    ()
    (IESE Business School)

  • Villanueva, Alvaro

    (IESE Business School)

Abstract

During 2004, 64% of the companies in the S&P 500 created value, while in 2003 the figure was 87%. The market value of the 500 companies was $11.2 trillion in 2004, compared to $10.1 trillion in 2003. The top shareholder value creators in 2004 were Exxon, General Electric, Ebay, Johnson & Johnson and Qualcomm. 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 during the twelve-year period 1993-2004. General Electric was the top shareholder value creator and AT&T was the top shareholder value destroyer during the twelve-year period. On average, the small market capitalization companies of the S&P were more profitable. Between 1998 and 2004, the volatility of the S&P as a whole fell, 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/580.

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Length: 33 pages
Date of creation: 14 Feb 2005
Date of revision:
Handle: RePEc:ebg:iesewp:d-0580

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Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
Web page: http://www.iese.edu/
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Related research

Keywords: shareholder value creation; created shareholder value; equity market value; shareholder value added; shareholder return; required return to equity;

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Cited by:
  1. Gonul Colak, 2012. "IPO characteristics of index firms," Managerial Finance, Emerald Group Publishing, vol. 38(12), pages 1134-1159.

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