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Rentabilidad y creación de valor de 136 empresas españolas en 2008


  • Fernandez, Pablo

    () (IESE Business School)

  • Bermejo, Vicente

    (IESE Business School)


En 2008, la rentabilidad de la bolsa española fue -40%, sólo hubo tres empresas (entre 136) con rentabilidad positiva y 61 empresas tuvieron una rentabilidad inferior a -50%. Las 136 empresas destruyeron valor para sus accionistas por importe de 420 millardos de euros. Ha sido un año con gran volatilidad (y, por tanto, con grandes oportunidades de inversión): el cociente entre la cotización máxima y la cotización mínima ha sido superior a 2,5en 57 empresas y superior a 2 en 92 empresas. También se muestra que el descenso de 2008 fue menor que los de 2002, 1947 y 1980, y similar a los de 1958 y 1992. Considerando conjuntamente 2007 y 2008, nueve empresas tuvieron rentabilidad positiva. Esta "crisis" se superará cuando el sentido común, el trabajo bien hecho, la competencia profesional y la veracidad vuelvan a ser la tónica dominante en la sociedad (dirigentes políticos, directivos de empresas, organismos reguladores, empleados…). Entretanto, serenidad para aprovechar las oportunidades que ofrece el mercado, para trabajar al margen de lo que dicen los "clarividentes" mentirosos o incompetentes (versión moderna de los vendedores de crecepelo en el Oeste) y para otras cosas mucho más importantes que éstas.

Suggested Citation

  • Fernandez, Pablo & Bermejo, Vicente, 2009. "Rentabilidad y creación de valor de 136 empresas españolas en 2008," IESE Research Papers D/787, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0787

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    References listed on IDEAS

    1. Schipper, Katherine & Smith, Abbie, 1991. "Effects of Management Buyouts on Corporate Interest and Depreciation Tax Deductions," Journal of Law and Economics, University of Chicago Press, vol. 34(2), pages 295-341, October.
    2. Erickson, Merle & Wang, Shiing-wu, 2000. "The effect of transaction structure on price: Evidence from subsidiary sales," Journal of Accounting and Economics, Elsevier, pages 59-97.
    3. Maydew, Edward L. & Schipper, Katherine & Vincent, Linda, 1999. "The impact of taxes on the choice of divestiture method," Journal of Accounting and Economics, Elsevier, pages 117-150.
    4. Isik Inselbag & Howard Kaufold, 1997. "Two Dcf Approaches For Valuing Companies Under Alternative Financing Strategies (And How To Choose Between Them)," Journal of Applied Corporate Finance, Morgan Stanley, vol. 10(1), pages 114-122.
    5. Steven Kaplan, 1989. "Management Buyouts: Evidence on Taxes as a Source of Value," Journal of Finance, American Finance Association, vol. 44(3), pages 611-632, July.
    6. Gordon A. Sick, 1990. "Tax-Adjusted Discount Rates," Management Science, INFORMS, pages 1432-1450.
    7. John R. Graham & Michael L. Lemmon, 1998. "Measuring Corporate Tax Rates And Tax Incentives: A New Approach," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(1), pages 54-65.
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    9. Isik Inselbag & Howard Kaufold, 1989. "How To Value Recapitalizations And Leveraged Buyouts," Journal of Applied Corporate Finance, Morgan Stanley, vol. 2(2), pages 87-96.
    10. Graham, John R., 1996. "Proxies for the corporate marginal tax rate," Journal of Financial Economics, Elsevier, pages 187-221.
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    12. Alan J. Auerbach & David Reishus, 1986. "Taxes and the Merger Decision: An Empirical Analysis," NBER Working Papers 1855, National Bureau of Economic Research, Inc.
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    More about this item


    Creación de valor; IBEX 35; Rentabilidad para accionistas; Capitalización bursátil;

    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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