IBEX 35: 1991-2010 - Value Creation and Return

Abstract:     
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, despite a value destruction of 238 billion euros in 2008 and another one of 87 billion euros in 2010.

Note: Downloadable document is in Spanish.

Number of Pages in PDF File: 16

Keywords: IBEX 35, shareholder value creation, IGBM, ITBM, Spain

JEL Classification: G12, G31, M21

working papers series