El impacto de las nuevas tecnologías de la información e Internet en el mundo de la empresa ha sido enorme, y el estallido de la burbuja financiera no invalida algunos supuestos de la llamada nueva economía. Este trabajo analiza los efectos diferenciales de Internet en la dirección de...

Even though most academics,business people and consultants recognize that the purpose of strategy formulation can no longer be to generate strategic plans,critics of formal strategic planning offer little guidance on how to overcome its limitations and rarely address CEOs 'concerns about turning...

While both business press and scholarly research largely portray entrepreneurship within well-established companies as inherently good, empirical evidence for positive performance implications based on rigorous research is scarce. This paper empirically assesses whether and for whom...

We address the attractiveness of Central Eastern European countries for VC/PE investors by the construction of a composite index. For the index composition we refer to the results of numerous prior research papers that investigate relevant parameters determining entrepreneurial activity and/or...

Innovative use of resources to pursue opportunities has become vital for all organizations. Even large traditional firms operating in stable and mature markets increasingly stress entrepreneurial initiative as a key element in their strategic long-term orientation. While traditional management...

2003 was a good year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value creation of these 50 companies was €150,016 million. The companies that created most value for their shareholder were Siemens (€18,778 million), Telefonica (15,382) and BSCH (12,443). The...

We prove that in a world without leverage cost the relationship between the levered beta ( L) and the unlevered beta ( u) is the No-costs-of-leverage formula: L = u + ( u - d) D (1 - T) / E. We also analyze 6 alternative valuation theories proposed in the literature to estimate the relationship...

En 2008 (hasta el 17 de septiembre), la rentabilidad de la bolsa española fue -25,9%, y hubo nueve empresas (entre 125) con rentabilidad positiva. Las 125 empresas destruyeron valor para sus accionistas por importe de 267 millardos de euros. Considerando conjuntamente 2007 y 2008 (hasta el 17...

La destrucción de valor para los accionistas de las 125 empresas españolas del mercado continuo en 2007 fue €15 millardos en 2007 y €89 millardos en los 17 primeros días de 2008. Telefónica fue la que más valor creó para sus accionistas en 2007, seguida de Arcelor, Iberdrola, Acciona y...

2004 was a good year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value creation of these 50 companies was €42,880 million. It was not as good as 2003, however, when their value creation reached slightly over €160,000 million. The companies that created most...