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Shareholder value creators in the S&P 500: 1991-2010


  • Fernandez, Pablo

    () (IESE Business School)

  • Aguirreamalloa, Javier

    (IESE Business School)

  • Corres, Luis

    (IESE Business School)


shareholders ($4.5 trillion). In 1991-1999 it created value ($5.1 trillion), but in 2000-2010 it destroyed $9.6 trillion. The market value of the S&P 500 was $2.8 trillion in 1991 and $11.4 trillion in 2010. We also calculate the created shareholder value of the 500 companies during the 18-year period 1993-2010. The top shareholder value creators in that period were Apple ($212bn), Exxon Mobil (86), IBM (78), Altria Group (70) and Chevron (67). The top shareholder value destroyers in that period were American Intl Group ($-217), Pfizer (-188), General Electric (-183), Bank of America (-170), Citigroup (-169) and Time Warner (-130). 41% of the companies included in the S&P 500 in 2004 or 2010 created value in 1993-2010 for their shareholders, while 59% destroyed value. We define created shareholder value and provide the created shareholder value of the 633 companies that were in the S&P 500 in December 2004 or in December 2010.

Suggested Citation

  • Fernandez, Pablo & Aguirreamalloa, Javier & Corres, Luis, 2011. "Shareholder value creators in the S&P 500: 1991-2010," IESE Research Papers D/909, IESE Business School.
  • Handle: RePEc:ebg:iesewp:d-0909

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    References listed on IDEAS

    1. David M. Newbery, 2002. "Privatization, Restructuring, and Regulation of Network Utilities," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262640481, January.
    2. Rob Ball & David King, 2006. "The Private Finance Initiative In Local Government," Economic Affairs, Wiley Blackwell, vol. 26(1), pages 36-40, March.
    3. Dr Ronald W. McQuaid, 1994. "Partnerships And Urban Economic Development," Working Paper p13, Departement of Economics, Napier University.
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    shareholder value creation; created shareholder value; equity market value; shareholder value added; shareholder return; required return to equity;

    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
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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