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


  • 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.

Suggested Citation

  • Joaquín Maudos Villarroya & Manuel Illueca Muñoz, 1998. "- Rendimientos Bursátiles Y Eficiencia Productiva: El Caso De La Banca Española," Working Papers. Serie EC 1998-14, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  • Handle: RePEc:ivi:wpasec:1998-14

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