Regulators of many countries try to find the “true” WACC of Electricity, Gas, Water… activities. All their documents have in common a main confusion: they do not differentiate among expected, required, historical, and regulator allowed returns, which are 4 very different concepts. Most of...

We compute the Shareholder Value Creation of Santander, BBVA, Popular and Bankinter between 1991 and 2010. The shareholder value creation during this period was: Santander -24 billion euros; BBVA -22; Popular 1.6 and Bankinter 0.6.The average shareholder return was: Santander 12.7%; BBVA 11.5%;...

We rank the 64 companies operating in 2010 in the Pension Fund Industry in Spain using data from 1990 to 2010 for the existing individual mutual funds. The best companies according to the ranking were Bestinver, Mutua Madrilena and Merchbanc. The worst, according to the ranking, were Caja...

We rank the 79 companies operating in 2010 in the Mutual Fund Industry in Spain using data from 1991 to 2010 for the 2,285 existing mutual funds with more than a year of history. The best companies according to the ranking were: Bestinver, Profit and Metagestion. The worst, according to the...

The market cap of Telefonica increased between December 1991 and December 2010 in 70.6 billion euros. The shareholder value creation during this period was 34.2 billion euros. The average shareholder return of Telefonica in this 19 years was 15.2%, higher than that of the IBEX 35 (11.0%). We...

90 companies out of 125 had negative return in 2010 (133 out of 136 in 2008). The companies destroyed value in 2010 (117 billion euros), and also in 2008 (420 billion euros) and in 2007 (17 billion euros). The average return of the 125 companies was-11% in 2010, 30% in 2009 and -40% in 2008

We compute the shareholder value creation and the return of the companies in the IBEX 35 for the 19-year period 1991-201'3 The average return was 11%, but 2.9% was due to the decline in interest rates (from 13% to 5.5%). The shareholder value creation in the whole period was 23 billion euros,...

El aumento del valor de la empresa en un periodo viene determinado fundamentalmente por los cambios de las expectativas de crecimiento de los flujos de la empresa y también por los cambios en la apreciación del riesgo de los mismos que se traducen en variaciones en la tasa de descuento. Por...

This paper contains the statistics of the Equity Premium or Market Risk Premium (MRP) used in 2011 for 56 countries. We got answers for 85 countries, but we only report the results for 56 countries with more than 6 answers. Most previous surveys have been interested in the Expected MRP, but this...