IDEAS home Printed from
MyIDEAS: Login to save this paper or follow this series

Shareholder value creation in Europe. Eurostoxx 50: 1997-2003

  • Fernandez, Pablo


    (IESE Business School)

  • Villanueva, Alvaro

    (IESE Business School)

2003 was a good year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value creation of these 50 companies was €150,016 million. The companies that created most value for their shareholder were Siemens (€18,778 million), Telefonica (15,382) and BSCH (12,443). The companies that destroyed most shareholder value were Nokia (-€12,051 million), L'Oreal (-8,089) and Ahold (-5,427). None of the Spanish companies in the Euro Stoxx 50 destroyed shareholder value in 2003. Shareholder value destruction in the three-year period 2001-2003 was €-1.75 trillion. The market value of the 50 companies was €1.65 trillion in 2003, and €1.4 trillion in 2002. We also calculate the created shareholder value of the 50 companies during the seven-year period 1997-2003. Siemens was the top shareholder value creator and Nokia the top shareholder value destroyer during the seven-year period. A portfolio long in the companies that entered the index and short in the companies that abandoned the index had on average a 6% return in the 20 days prior to the index recomposition and a 7% return in the 20 days after the index recomposition. In 2003, the Euro Stoxx 50 was much more volatile than the S&P 500 or the Dow Jones.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Our checks indicate that this address may not be valid because: 404 Not Found. If this is indeed the case, please notify (Noelia Romero)

Download Restriction: no

Paper provided by IESE Business School in its series IESE Research Papers with number D/547.

in new window

Length: 26 pages
Date of creation: 12 Mar 2004
Date of revision:
Handle: RePEc:ebg:iesewp:d-0547
Contact details of provider: Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ebg:iesewp:d-0547. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Noelia Romero)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.