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

Author

Listed:
  • 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%.

Suggested Citation

  • Fernandez, Pablo & Carabias, Jose M., 2007. "Creación de valor para los accionistas de bancos españoles (1991-2006)," IESE Research Papers D/680, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0680
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    Keywords

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

    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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