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


  • 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".

Suggested Citation

  • Fernandez, Pablo & Bermejo, Vicente, 2009. "Rentabilidad y creación de valor de 136 empresas españolas en el primer semestre de 2009 y en 2008," IESE Research Papers D/818, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0818

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    References listed on IDEAS

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    More about this item


    Creación de valor; 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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