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IBEX 35: 1991-2008. Rentabilidad y creación de valor

Author

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  • Fernandez, Pablo

    () (IESE Business School)

Abstract

La destrucción de valor para los accionistas del IBEX 35 en 2008 fue de 238 millardos de euros, y la rentabilidad (teniendo en cuenta los dividendos) fue -36,5%. Entre 1991 y 2008, la creación de valor para los accionistas fue de 4 millardos de euros, y la rentabilidad media, 11,1%, aunque una parte importante de ésta (un 4,7%) se debió al descenso de los tipos de interés en el período. Las empresas pequeñas fueron más rentables (en media) que las grandes: la rentabilidad media del ITBM fue del 11,9%, superior a la del IBEX 35 (11,1%). El volumen de negociación de las empresas del IBEX 35 supone más del 90% de la negociación del mercado continuo y ha pasado de ser un 30% de la capitalización en 1992 a ser el 350% en 2008. También se analiza la evolución del IGBM desde 1940 y del S&P 500 desde 1926.

Suggested Citation

  • Fernandez, Pablo, 2009. "IBEX 35: 1991-2008. Rentabilidad y creación de valor," IESE Research Papers D/786, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0786
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    Keywords

    Creación de valor; IBEX 35; Rentabilidad para accionistas;

    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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