In this paper, we define and analyze shareholder value creation. To help us understand this concept better, we use the example of two listed companies, General Electric and Microsoft, between 1992 and 2003. To obtain the created shareholder value, we first define the increase of equity market...

Este documento contiene 160 preguntas que me han formulado en los últimos años alumnos, antiguos alumnos y otras personas (jueces, árbitros, clientes…). Se han recopilado para ayudar al lector a recordar, aclarar, reforzar, matizar y, en su caso, discutir, conceptos útiles en finanzas....

2005 was a very good year for the shareholders of the companies in the Euro Stoxx 50. The shareholder value creation of these 50 companies was €292.9 billion. The companies that created most value for their shareholders were Total (€30 billion), Sanofi-Synthelabo (€23.2 billion) and Eni...

We compute the Shareholder Value Creation of BBVA. The market cap of BBVA increased between December 1991 and December 2005 in 47,386 million euros. The shareholder value creation during this period was 15,617 million euros. The average shareholder return of BBVA in this 14 years was 19.8%,...

This paper contains a collection and classification of 96 errors seen in company valuations performed by financial analysts, investment banks and financial consultants. The author had access to most of the valuations referred to in this paper in his capacity as a consultant in company...

2005 was a very good year for the shareholders of the companies in the Euro Stoxx 50. The shareholder value creation of these 50 companies was 292.9 billion. The companies that created more value for their shareholders were Total ( 30 billion), Sanofi-Synthelabo ( 23.2 billion) and Eni ( 20.7...

This paper contains a collection and classification of 96 errors seen in company valuations performed by financial analysts, investment banks and financial consultants. The author had access to most of the valuations referred to in this paper in his capacity as a consultant in company...

During 2004, 64% of the companies included in the Samp;P 500 created value, while in 2003 87% of these companies did it. The market value of the 500 companies was $11.2 trillion in 2004 and $10.1 trillion in 2003. The top shareholder value creators in 2004 were Exxon, General Electric, Ebay,...

During 2003, 87% of the companies included in the Samp;P 500 created value, while in 2002 just 17% of these companies did it. The market value of the 500 companies was $10.1 trillion in 2003 and $7.9 trillion in 2002. The top shareholder value creators in 2003 were Intel, Cisco, Citigroup,...

2002 was a bad year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value destruction of the companies in the Euro Stoxx 50 was Euro 958,968 million. In 2002 only Eni created value (Euro 3,374 million). The remaining 49 companies destroyed value and had negative...