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Rentabilidad y creación de valor de 136 empresas españolas en 2008

Listed author(s):
  • 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.

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Paper provided by IESE Business School in its series IESE Research Papers with number D/787.

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Length: 17 pages
Date of creation: 09 Mar 2009
Handle: RePEc:ebg:iesewp:d-0787
Contact details of provider: Postal:
IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN

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