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Rentabilidad y creación de valor de 136 empresas españolas en el primer semestre de 2009 y en 2008

Listed author(s):
  • Fernandez, Pablo


    (IESE Business School)

  • Bermejo, Vicente

    (IESE Business School)

En el primer semestre de 2009, la rentabilidad de la bolsa española fue 6,9% y 81 empresas (entre 136) tuvieron rentabilidad positiva. Considerando conjuntamente los años 2008 y 2009, sólo 4 empresas (Funespaña, CAF, Viscofán y Tecnocom) tuvieron rentabilidad positiva. La destrucción de valor para los accionistas de las 136 empresas fue ¿5 millardos en el semestre (¿420 millardos en 2008). El descenso de 2008-9 ha sido similar a los de 2002, 1947 y 1956; y menor que el de 1973-82. Se muestra un hecho preocupante: el aumento de la rentabilidad adicional que los inversores internacionales exigen a los bonos del Estado español con respecto a los emitidos por el Estado alemán. Este diferencial fue prácticamente cero en 2003-2006 y aumentó sustancialmente en 2008 y 2009. El último anexo contiene algunos apuntes sobre la "crisis".

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Paper provided by IESE Business School in its series IESE Research Papers with number D/818.

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Length: 12 pages
Date of creation: 03 Sep 2009
Handle: RePEc:ebg:iesewp:d-0818
Contact details of provider: Postal:
IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN

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