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Rentabilidad y creación de valor de 125 empresas españolas en 2008 (hasta el 17 de septiembre)

  • Fernandez, Pablo


    (IESE Business School)

  • Bermejo, Vicente J.

    (IESE Business School)

En 2008 (hasta el 17 de septiembre), la rentabilidad de la bolsa española fue -25,9%, y hubo nueve empresas (entre 125) con rentabilidad positiva. Las 125 empresas destruyeron valor para sus accionistas por importe de 267 millardos de euros. Considerando conjuntamente 2007 y 2008 (hasta el 17 de septiembre), la rentabilidad del IBEX 35 fue -19,7%, y la rentabilidad promedio de todas las empresas del continuo fue -31,8%. En 2008, el descenso del IBEX 35 ha sido similar al de los otros índices internacionales. A pesar de estos descensos, la inversión (diversificada) en acciones ha seguido siendo (a largo plazo) mejor opción que la inversión en renta fija. Sólo los accionistas que compraron al final de 1998 y 1999 (con la burbuja de Internet) y en 2006-2008 (con la reciente burbuja inmobiliaria-bancaria) han ganado menos que si hubieran invertido en bonos del Estado. La burbuja actual ya ha sufrido un fuerte pinchazo y es más sensato comprar tras un descenso que tras una subida de las cotizaciones.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/767.

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Length: 13 pages
Date of creation: 11 Sep 2008
Date of revision:
Handle: RePEc:ebg:iesewp:d-0767
Contact details of provider: Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
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