Entre diciembre de 1990 y marzo de 2008, 61 empresas españolas (entre 154 analizadas) sufrieron un descenso en su cotización superior al 70%. El promedio del mayor descenso fue del 64%. El mayor descenso del IBEX 35 en este período fue del 58%. Este documento muestra la evolución de la...

Previous studies explain situational antecedents of OCB using social exchange theory. However, the effects of factors such as perceptions of job characteristics on OCB seem to require a different explanatory mechanism. We propose that these effects can be explained through a new exchange...

El volumen de las inversiones del sector seguros y fondos de pensiones europeo representa un porcentaje elevado del mercado inversor de la Unión Europea (UE) y, en particular, este sector es uno de los inversores institucionales más importantes del mercado inmobiliario. La investigación...

2002 was a bad year for the shareholders of the companies in the Euro Stoxx 50: the shareholder value destruction of the companies in the Euro Stoxx 50 was 958,968 million euros. In 2002 only Eni created value (3,374 million euros). The remaining 49 companies destroyed value and had negative...

This paper summarizes the preliminary findings of a research project of an exploratory nature currently being conducted by IESE's Family Business Chair into violations of ethics in Spanish family businesses. The main results indicate that ethics violations are perceived to be most frequent in...

Este documento analiza la creación de valor y la rentabilidad para los accionistas de Endesa (ELE), Iberdrola (IBE) y Unión Fenosa (UNF) entre diciembre de 1991 y diciembre de 2007. En ese período, la creación de valor para los accionistas fue (en millardos de euros): ELE, 31,2; IBE, 32, y...

The market risk premium is one of the most important but elusive parameters in finance. It is also called equity premium, market premium and risk premium. The term 'market risk premium' is difficult to understand because it is used to designate three different concepts: 1) Required market risk...

In this paper we broadly describe the changes in the dollar-euro exchange rate from the time the euro came into effect at the beginning of 1999 until the end of 2005, using daily data. We show how movements in this exchange rate can be presented in different ways, depending on the time scale we...

In this paper, we review twelve valuations of Terra performed by Spanish and non-Spanish bank analysts and brokers. Of the twelve valuations, only one used cash flow discounting. Another valuation was based on multiples, but also used cash flow discounting to perform a reverse valuation. All...

The tension that multinational companies (MNCs) suffer in the transfer of their HR policies and practices leads us to take an in-depth look at the factors that affect this transfer. We divide the transfer process into five phases, ranging from the configuration of HR policies and practices in...