The average Market Risk Premium (MRP) used in 2008 by professors in the United States (6.5%) was higher than the one used by their colleagues in Europe (5.3%), Canada (5.4%), the United Kingdom (5.6%) and Australia (5.9%). The dispersion of the MRP was high. 15% ofthe professors decreased their...

En 2008, la rentabilidad de la bolsa española fue -40%, sólo hubo tres empresas (entre 136) con rentabilidad positiva y 61 empresas tuvieron una rentabilidad inferior a -50%. Las 136 empresas destruyeron valor para sus accionistas por importe de 420 millardos de euros. Ha sido un año con gran...

La destrucción de valor para los accionistas del IBEX 35 en 2008 fue de 238 millardos de euros, y la rentabilidad (teniendo en cuenta los dividendos) fue -36,5%. Entre 1991 y 2008, la creación de valor para los accionistas fue de 4 millardos de euros, y la rentabilidad media, 11,1%, aunque una...

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...

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...

2002 was a bad year: the shareholder value destruction of the companies in the S&P 500 was $3.3 trillion. In 2002 only 16% of the companies created value (80 companies created value and 420 companies destroyed value). The percentage of value creators was 35%, 54%, 47% and 53% for 2001, 2000,...

During 2003, 87% of the companies in the S&P 500 created value, compared to just 17% in 2002. The market value of the 500 companies in 2003 was $10.1 trillion, compared to $7.9 trillion in 2002. The top shareholder value creators in 2003 were Intel, Cisco, Citigroup, General Electric and Exxon....

In this paper, we quantify shareholder value creation for 276 American companies. We provide the created shareholder value for each and every company for years 1998, 1999, 2000 and 2001. The market value of the 276 companies was 8,716 billion dollars in 2001 and 9,729 billion dollars in 2000. We...