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Creación de valor para los accionistas de bancos españoles (1991-2006)

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Author Info

  • Fernandez, Pablo

    ()
    (IESE Business School)

  • Carabias, Jose M.

    (IESE Business School)

Abstract

En este documento se cuantifica la creación de valor para los accionistas del Santander (SAN), del BBVA, del Banco Popular (POP) y de Bankinter (BKT) entre diciembre de 1991 y diciembre de 2006. En ese periodo, el aumento de la capitalización (en millardos de euros) fue: SAN 85,7; BBVA 61; POP 14,9 y BKT 3,9. La creación de valor para los accionistas fue: SAN 20,7; BBVA 25,4; POP 13,4 y BKT 3,9. La rentabilidad ponderada de los accionistas en estos 15 años fue: SAN 14%; BBVA 17%; POP 20,7% y BKT 19,5%. Las rentabilidades simples a lo largo de estos 15 años (SAN 18,7%; BBVA 20,1%; POP 19,3% y BKT 18,1%) fueron sensiblemente superiores a la del IBEX 35 (15,4%). La inflación media fue 3,3% y los tipos de interés de los bonos a 10 años cayeron desde el 11,3% al 4%. La rentabilidad media debida a este descenso de los tipos se estima en un 5,2%.

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Bibliographic Info

Paper provided by IESE Business School in its series IESE Research Papers with number D/680.

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Length: 53 pages
Date of creation: 11 Mar 2007
Date of revision:
Handle: RePEc:ebg:iesewp:d-0680

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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: creación valor para accionistas; rentabilidad ponderada accionistas; aumento valor para accionistas; rentabilidad para accionistas; rentabilidad debida cambios tipos interés; capitalización;

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