Shareholder Value Creation of Banks in Spain: 1991-2006

49 Pages Posted: 6 Feb 2007

See all articles by Pablo Fernandez

Pablo Fernandez

IESE Business School

Jose M. Carabias

London School of Economics & Political Science (LSE) - London School of Economics

Date Written: February 14, 2007

Abstract

We compute the Shareholder Value Creation of Santander, BBVA, Popular and Bankinter between 1991 and 2006. The shareholder value creation during this period was: Santander 20.7 billion euros; BBVA 25.4; Popular 13.4 and Bankinter 3.9.

The average shareholder return was: Santander 18.7%; BBVA 20.1%; Popular 19.3% and Bankinter 18.1%, all higher than that of the IBEX 35 (15.4%). However, the weighted shareholder return (taking into consideration the number of shares outstanding at different dates) was quite different: Santander 14%; BBVA 17%; Popular 20.7% and Bankinter 19.5%.

Note: Downloadable document is in Spanish.

Keywords: Value creation, shareholder value creation, Santander, BBVA, Popular, Bankinter, weighted shareholder return

JEL Classification: G12, G31, M21

Suggested Citation

Fernandez, Pablo and Carabias, Jose M., Shareholder Value Creation of Banks in Spain: 1991-2006 (February 14, 2007). Available at SSRN: https://ssrn.com/abstract=961359 or http://dx.doi.org/10.2139/ssrn.961359

Pablo Fernandez (Contact Author)

IESE Business School ( email )

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

HOME PAGE: http://web.iese.edu/PabloFernandez/

Jose M. Carabias

London School of Economics & Political Science (LSE) - London School of Economics ( email )

United Kingdom

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