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Shareholder Value Creation of Utilities in Spain: 1991-2006


Pablo Fernandez


University of Navarra - IESE Business School

Jose Maria Carabias


London Business School; University of Navarra - IESE Business School

February 16, 2007


Abstract:     
We compute the Shareholder Value Creation of Endesa, Iberdrola and Union Fenosa between 1991 and 2006. The shareholder value creation during this period was: Endesa 29.9 billion euros; Iberdrola 23.9; and Union Fenosa 9.6.

The average shareholder return was: Endesa 18.5%; Iberdrola 19.1% and Union Fenosa 21.6%, all higher than that of the IBEX 35 (15.4%).

Note: This paper is in Spanish.

Number of Pages in PDF File: 47

Keywords: Endesa, Iberdrola, Union Fenosa, Shareholder Value Creation

JEL Classification: G12, G31, M21

working papers series


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Date posted: February 17, 2007  

Suggested Citation

Fernandez, Pablo and Carabias, Jose Maria, Shareholder Value Creation of Utilities in Spain: 1991-2006 (February 16, 2007). Available at SSRN: http://ssrn.com/abstract=963595 or http://dx.doi.org/10.2139/ssrn.963595

Contact Information

Pablo Fernandez (Contact Author)
University of Navarra - IESE Business School ( email )
Camino del Cerro del Aguila 3
28023 Madrid
Spain
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)
HOME PAGE: http://web.iese.edu/PabloFernandez/
Jose Maria Carabias
London Business School ( email )
Sussex Place
Regent's Park
London, NW1 4SA
United Kingdom
University of Navarra - IESE Business School ( email )
Camino del cerro del Águila
Madrid
Spain
Feedback to SSRN (Beta)


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