Ejemplos de burbujas: Telepizza y otras 6 empresas (Telepizza and Boston Chicken: Examples of Value Destruction)

21 Pages Posted: 12 Dec 2006 Last revised: 17 Jan 2018

See all articles by Pablo Fernandez

Pablo Fernandez

University of Navarra - IESE Business School

Date Written: April 27, 2013

Abstract

Spanish Abstract: Se presentan 7 ejemplos reales de empresas que tuvieron un aumento vertiginoso de la cotización, seguido de un descenso también vertiginoso. El análisis de las causas a las qué se debió el aumento y el descenso posterior de las cotizaciones ayuda a comprender las burbujas.

En todos los casos las acciones llegaron a estar sobrevaloradas.

Levitz, Home Shopping Network, MCI, Telepizza y Boston Chicken son claros ejemplos de exagerado optimismo sobre la magnitud y el crecimiento de los flujos futuros de las empresas. OM Scott es un claro ejemplo de mala comunicación con el mercado.

LTCM (Long Term Capital Management) es un ejemplo de riesgo no percibido por el mercado (y de deficiente control de riesgos de la empresa).

English Abstract: Between December 1996 and October 1998, the value destroyed by Boston Chicken for its shareholders amounted to 3,293 million euros (a return of -100%). During the same period, the stock market yield (S&P500) was 54%.

Between June 1998 and October 1999, the value destroyed by TelePizza for its shareholders amounted to 1,543 million euros (a return of -55%). During the same period, the stock market yield (IBEX 35) was -7%.

It is very interesting to compare and try to differentiate what happened to these two companies. We also urge the reader to analyze the history of companies such as Levitz, Home Shopping Network, OM Scott, MCI, and LTCM.

Note: Downloadable document is in Spanish.

Keywords: Value creation, company valuation, value destruction, analysts

JEL Classification: G12, G31, G32

Suggested Citation

Fernandez, Pablo, Ejemplos de burbujas: Telepizza y otras 6 empresas (Telepizza and Boston Chicken: Examples of Value Destruction) (April 27, 2013). Available at SSRN: https://ssrn.com/abstract=951174 or http://dx.doi.org/10.2139/ssrn.951174

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/

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