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Descensos de las cotizaciones de 154 empresas españolas. 1991-2008

Author

Listed:
  • Fernandez, Pablo

    () (IESE Business School)

  • Bermejo, Vicente J.

    (IESE Business School)

Abstract

Entre diciembre de 1990 y marzo de 2008, 61 empresas españolas (entre 154 analizadas) sufrieron un descenso en su cotización superior al 70%. El promedio del mayor descenso fue del 64%. El mayor descenso del IBEX 35 en este período fue del 58%. Este documento muestra la evolución de la cotización diaria de 154 empresas y de sus descensos. El IGBM (Indice General de la Bolsa de Madrid) descendió un 72,9% entre abril de 1973 y abril de 1980. El IGBM deflactado descendió un 92,6% y todavía no ha vuelto a alcanzar el nivel de abril de 1973. El ITBM (IGBM + dividendos) descendió en el mismo período un 63,7%, y el ITBM deflactado descendió un 87% y tardó 23 años en recuperar el nivel de abril de 1973. También se muestran los descensos del S&P 500 y de otros índices internacionales. Es cierto que invertir en acciones -a largo plazo, en promedio y diversificando- ha sido más rentable que muchas alternativas. Pero, como muestra este documento, conviene tener en cuenta que: a) no siempre; b) el inversor debe soportar descensos importantes y duraderos, y c) es peligroso no diversificar.

Suggested Citation

  • Fernandez, Pablo & Bermejo, Vicente J., 2008. "Descensos de las cotizaciones de 154 empresas españolas. 1991-2008," IESE Research Papers D/755, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0755
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    More about this item

    Keywords

    cotización; ascenso; descenso; precio respecto a máximo histórico;

    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
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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