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Descensos memorables en las cotizaciones: Telepizza y Boston Chicken


  • Fernandez, Pablo

    () (IESE Business School)


En este documento se analizan dos empresas con actividades muy similares: Boston Chicken, una cadena de más de 1.700 restaurantes especializados en comida casera, y TelePizza, una cadena de más de 700 pizzerías. Ambas crecieron mucho en la década de los noventa y tuvieron un período de enorme crecimiento en la cotización de sus acciones, seguido por otro período de descenso vertiginoso de la cotización. Dicho de otro modo, ambas tuvieron un período de gran rentabilidad y gran creación de valor para sus accionistas, al que siguió otro período de rentabilidad negativa y destrucción de valor para los accionistas. El objetivo del documento es identificar, considerar y clasificar los factores y las circunstancias que propiciaron los acusados descensos (y los previos ascensos) de las cotizaciones.

Suggested Citation

  • Fernandez, Pablo, 2006. "Descensos memorables en las cotizaciones: Telepizza y Boston Chicken," IESE Research Papers D/660, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0660

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    References listed on IDEAS

    1. Fernandez, Pablo, 2006. "Equity premium: Historical, expected, required and implied," IESE Research Papers D/661, IESE Business School.
    2. Brown, Stephen J & Goetzmann, William N & Ross, Stephen A, 1995. " Survival," Journal of Finance, American Finance Association, vol. 50(3), pages 853-873, July.
    3. Philippe Jorion & William N. Goetzmann, 1999. "Global Stock Markets in the Twentieth Century," Journal of Finance, American Finance Association, vol. 54(3), pages 953-980, June.
    4. Merton H. Miller, 2000. "The History Of Finance: An Eyewitness Account," Journal of Applied Corporate Finance, Morgan Stanley, vol. 13(2), pages 8-14.
    5. Fernandez, Pablo, 2004. "Shareholder value creation of microsoft and GE," IESE Research Papers D/564, IESE Business School.
    6. Fernandez, Pablo, 2002. "Valuation Methods and Shareholder Value Creation," Elsevier Monographs, Elsevier, edition 1, number 9780122538414.
    7. repec:rus:hseeco:278562 is not listed on IDEAS
    8. Haitao Li & Yuewu Xu, 2002. "Survival Bias and the Equity Premium Puzzle," Journal of Finance, American Finance Association, vol. 57(5), pages 1981-1995, October.
    Full references (including those not matched with items on IDEAS)

    More about this item


    creación valor; rentabilidad requerida recursos propios; coste capital; valoración empresa; coste recursos propios;

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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