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IBEX 35: 1992-2007 - Rentabilidad y creación de valor

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Author Info

  • Fernandez, Pablo

    ()
    (IESE Business School)

  • Bermejo, Vicente J.

    (IESE Business School)

Abstract

2007 fue un año de escasa creación de valor para los accionistas del IBEX 35: €12 millardos. La rentabilidad (teniendo en cuenta los dividendos) fue 10,7%. Sin embargo, en los 15 primeros días de enero de 2008 la destrucción de valor fue €46 millardos. Entre 1992 y 2007, la rentabilidad media fue 15,1% y la creación de valor para los accionistas €222 millardos. Una parte importante de la rentabilidad media (un 4,4%) se debió al descenso de los tipos de interés en el periodo. Eliminando el efecto de los tipos de interés, la rentabilidad para los accionistas fue inferior a la rentabilidad exigida. Las empresas pequeñas fueron más rentables que las grandes: la rentabilidad media del ITBM fue 16 %, superior a la del IBEX 35 ajustado por dividendos (15,1%). El volumen de negociación de las empresas del IBEX 35 supone más del 90% de la negociación del mercado continuo y ha pasado de ser un 30% de la capitalización en 1992 a ser el 280% en 2007. También se analiza la evolución del IGBM desde 1940 hasta 2007 y del S&P 500 desde 1926 hasta 2007.

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Bibliographic Info

Paper provided by IESE Business School in its series IESE Research Papers with number D/725.

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Length: 22 pages
Date of creation: 09 Jan 2008
Date of revision:
Handle: RePEc:ebg:iesewp:d-0725

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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; Rentabilidad para accionistas; Capitalización bursátil; Aumento valor para accionistas;

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  1. Diane K. Denis & John J. McConnell & Alexei V. Ovtchinnikov & Yun Yu, 2003. "S&P 500 Index Additions and Earnings Expectations," Journal of Finance, American Finance Association, vol. 58(5), pages 1821-1840, October.
  2. Philippe Jorion, 2003. "The Long-Term Risks of Global Stock Markets," Financial Management, Financial Management Association, vol. 32(4), Winter.
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