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Shareholder Value Creation of Utilities in Spain: 1991-2006

47 Pages Posted: 17 Feb 2007  

Pablo Fernandez

University of Navarra - IESE Business School

Jose M. Carabias

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

Date Written: 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%).

Notes: This paper is in Spanish.

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

JEL Classification: G12, G31, M21

Suggested Citation

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

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 M. Carabias

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

Houghton Street
London WC2A 2AE
United Kingdom

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