Bsch 1991-2005

43 Pages Posted: 14 Jun 2006

See all articles by Pablo Fernandez

Pablo Fernandez

IESE Business School

Jose M. Carabias

London School of Economics

Date Written: May 31, 2006


We compute the Shareholder Value Creation of Banco Santander (BS). The market cap of BS increased between December 1991 and December 2005 in 67,070 million euros. The shareholder value creation during this period was 4,158 million euros. The average shareholder return of BS in this 14 years was 17.9%, higher than that of the IBEX 35 (14.0%). Average inflation was 3.4%. We also compare the shareholder return of BS with that of other banks.

In December 2005 BS was the biggest company in the IBEX 35.

Note: Downloadable document is in Spanish.

Keywords: BSCH, BS, Banco Santander, Shareholder Value Creation, Shareholder Value Added, creacion de valor para los accionistas, aumento del valor para los accionistas, rentabilidad para los accionistas

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo and Carabias, Jose M., Bsch 1991-2005 (May 31, 2006). Available at SSRN: or

Pablo Fernandez (Contact Author)

IESE Business School ( email )

Avenida Pearson 21
Barcelona, 08034
+34 91 357 0809 (Phone)
+34 91 357 2913 (Fax)


Jose M. Carabias

London School of Economics ( email )

United Kingdom

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