Shareholder Value Creation of Banks in Spain: 1991-2007
University of Navarra - IESE Business School
Vicente J. Bermejo-Boixareu
Universidad Carlos III
February 11, 2008
We compute the Shareholder Value Creation of Santander, BBVA, Popular and Bankinter between 1991 and 2007. The shareholder value creation during this period was: Santander 22.5 billion euros; BBVA 18.7; Popular 11.1 and Bankinter 4.0.
The average shareholder return was: Santander 18.0%; BBVA 18.3%; Popular 17.0% and Bankinter 17.4%, all higher than the return of the IBEX 35 (15.1%). However, the weighted shareholder return (taking into consideration the number of shares outstanding at different dates) was quite different: Santander 13.4%; BBVA 14.9%; Popular 18.9% and Bankinter 18.9%.
Note: Downloadable document is in Spanish.
Number of Pages in PDF File: 50
Keywords: Value creation, shareholder value creation, Santander, BBVA, Popular, Bankinter, weighted shareholder return
JEL Classification: G12, G31, M21working papers series
Date posted: February 12, 2008
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