IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

- Rendimientos Bursátiles Y Eficiencia Productiva: El Caso De La Banca Española

Listed author(s):
  • Joaquín Maudos Villarroya

    (Instituto Valenciano de Investigaciones Económicas)

  • Manuel Illueca Muñoz

    (Universitat Jaume I)

The purpose of this paper is to analyze the relationship between the productive efficiency of Spanish banks, whose shares are traded in the Spanish stock market, and their market returns. Based on recent theoretical contributions that relate the efficiency with bank management quality, we first analysed the effect of efficiency on the systematic risk of market shares, without the results of the estimates showing a significant relationship between both variables. Since efficiency is a fundamental determinant of the profitability of banks, this case suggests the existence of positive abnormal returns in favor of the most efficient banks. The given empirical evidence confirms this hypothesis, establishing a direct relationship between the productive efficiency of the Spanish banks and the anomalous present and future returns of their shares. El objetivo de este trabajo consiste en analizar la relación entre la eficiencia productiva de los bancos españoles que cotizan en bolsa y sus rendimientos bursátiles. En base a recientes aportaciones teóricas que relacionan la eficiencia con la calidad de la gestión, se contrasta en primer lugar el efecto de la eficiencia sobre el riesgo sistemático de las acciones de los bancos, sin que los resultados de las estimaciones muestren una relación significativa entre ambas variables. Dado que la eficiencia es un determinante fundamental de la rentabilidad de las entidades financieras, esta circunstancia sugiere la existencia de rendimientos anómalos positivos en favor de los bancos más eficientes. La evidencia empírica suministrada confirma esta hipótesis, estableciendo una relación directa entre la eficiencia productiva de los bancos españoles y los rendimientos anómalos -tanto presentes como futuros- de sus acciones.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
File Function: Fisrt version / Primera version, 1998
Download Restriction: no

Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie EC with number 1998-14.

in new window

Length: 23 pages
Date of creation: Jun 1998
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasec:1998-14
Contact details of provider: Postal:
C/ Guardia Civil, 22, Esc 2a, 1o, E-46020 VALENCIA

Phone: +34 96 319 00 50
Fax: +34 96 319 00 55
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:ivi:wpasec:1998-14. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Departamento de Edición)

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.