Fernandez, Pablo; Aguirreamalloa, Javier; Corres, Luis - IESE Business School, Universidad de Navarra - 2011
shareholders ($4.5 trillion). In 1991-1999 it created value ($5.1 trillion), but in 2000-2010 it destroyed $9.6 trillion. The market value of the S&P 500 was $2.8 trillion in 1991 and $11.4 trillion in 2010. We also calculate the created shareholder value of the 500 companies during the 18-year...