Shareholder value creators in the S&P 500: 1991-2010

shareholders ($4.5 trillion). In 1991-1999 it created value ($5.1 trillion), but in 2000-2010 it destroyed 9.6 trillion. The market value of the S&P 500 was 2.8 trillion in 1991 and $11.4 trillion in 2010. We also calculate the created shareholder value of the 500 companies during the 18-year period 1993-2010. The top shareholder value creators in that period were Apple ($212bn), Exxon Mobil (86), IBM (78), Altria Group (70) and Chevron (67). The top shareholder value destroyers in that period were American Intl Group ($-217), Pfizer (-188), General Electric (-183), Bank of America (-170), Citigroup (-169) and Time Warner (-130). 41% of the companies included in the S&P 500 in 2004 or 2010 created value in 1993-2010 for their shareholders, while 59% destroyed value. We define created shareholder value and provide the created shareholder value of the 633 companies that were in the S&P 500 in December 2004 or in December 2010.shareholder value creation; created shareholder value; equity market value; shareholder value added; shareholder return; required return to equity;

Effects of the cessation of an aerobic exercise program with nutritional intervention in adults with primary hypertension, overweight/obesity and physically inactive: EXERDIET-HTA study

176 p.Esta tesis doctoral la componen distintos estudios que se centran en la relación de la capacidad cardiorespiratoria (CCR) con el perfil bioquímico y en los efectos del cese de una intervención de 16 semana con ejercicio físico (EF) aeróbico supervisado y dieta hipocalórica, 6 meses (6M) después de la misma, en participantes con hipertensión arterial primaria (HTA), sobrepeso u obesidad y físicamente inactivas. Por ello, los objetivos principales de este trabajo fueron: 1) establecer ,en esta población, las asociaciones entre la CCR y el perfil bioquímico; 2) determinar si las mejoras obtenidas después de una intervención de 16 semanas con dieta hipocalórica y EF aeróbico supervisado en CCR, presión arterial (PA) y composición corporal son mantenidas tras un periodo de 6M sin supervisión; y 3) determinar las diferencias en el perfil metabólico después de una intervención de 16 semanas con dieta hipocalórica y EF aeróbico supervisado y analizar si los cambios observados tras ese periodo son mantenidos tras un periodo de 6M sin supervisión

Effects of the cessation of an aerobic exercise program with nutritional intervention in adults with primary hypertension, overweight/obesity and physically inactive: EXERDIET-HTA study

176 p.Esta tesis doctoral la componen distintos estudios que se centran en la relación de la capacidad cardiorespiratoria (CCR) con el perfil bioquímico y en los efectos del cese de una intervención de 16 semana con ejercicio físico (EF) aeróbico supervisado y dieta hipocalórica, 6 meses (6M) después de la misma, en participantes con hipertensión arterial primaria (HTA), sobrepeso u obesidad y físicamente inactivas. Por ello, los objetivos principales de este trabajo fueron: 1) establecer ,en esta población, las asociaciones entre la CCR y el perfil bioquímico; 2) determinar si las mejoras obtenidas después de una intervención de 16 semanas con dieta hipocalórica y EF aeróbico supervisado en CCR, presión arterial (PA) y composición corporal son mantenidas tras un periodo de 6M sin supervisión; y 3) determinar las diferencias en el perfil metabólico después de una intervención de 16 semanas con dieta hipocalórica y EF aeróbico supervisado y analizar si los cambios observados tras ese periodo son mantenidos tras un periodo de 6M sin supervisión

US market risk premium used in 2011 by professors, analysts and companies: A survey with 5.731 answers

The average Market Risk Premium (MRP) used in 2011 by professors for the USA (5.7%) is higher than the one used by analysts (5.0%) and companies (5.6%). The standard deviation of the MRP used in 2011 by analysts (1.1%) is lower than the ones of companies (2.0%) and professors (1.6%). Most previous surveys have been interested in the Expected MRP, but this survey asks about the Required MRP. The paper also contains the references used to justify the MRP, comments from 58 persons that do not use MRP, and comments of 110 that do use MRP. The comments illustrate the various interpretations of the required MRP and its usefulness. Professors, analysts and companies that cite Ibbotson as their reference use MRP for USA between 2% and 14.5%, and the ones that cite Damodaran as their reference use MRP between 2% and 10.8%.equity premium; required equity premium; expected equity premium; historical equity premium;

Rentabilidad y creación de valor de 125 empresas españolas en 2010

En 2010 hubo 35 empresas (entre 125) con rentabilidad positiva. Considerando conjuntamente los años 2008, 2009 y 2010, sólo 13 empresas tuvieron rentabilidad positiva. Las 125 empresas destruyeron valor para sus accionistas por importe de ¿117 millardos. Inditex fue la empresa que más valor creó para sus accionistas en 2010 y en el periodo 2008-2010. Iberia la más rentable más rentable en 2010. Pero la crisis de España-país es mucho más seria de lo que nos indican los datos de la bolsa. Esta "crisis" se superará cuando el sentido común, el trabajo bien hecho, la competencia profesional y la veracidad vuelvan a ser la tónica dominante en la sociedad (dirigentes políticos, directivos de empresas, organismos reguladores, empleados¿). Los anexos 4 y 5 son parte de un trabajo sobre la crisis española que se está terminando y que esperamos publicar si no se produce antes la intervención de España.Creación valor; IBEX 35; Rentabilidad accionistas; Capitalización bursátil;

Telefónica: 1991-2010. Creación de valor y rentabilidad

La rentabilidad de los accionistas de Telefónica en 2010 fue -7,7% mientras que la del IBEX 35 fue -12,9% (la rentabilidad del IBEX sin Telefónica habría sido -14,4%). En el periodo 1991-2010, la rentabilidad de los accionistas de Telefónica fue 15,2% mientras que la del IBEX 35 fue 11%. La inflación media en ese periodo fue 3,1%. Entre diciembre de 1991 y diciembre de 2010, el aumento del valor para los accionistas de Telefónica fue ¿85,8 millardos y la creación de valor para los accionistas fue ¿34,2 millardos. La capitalización de Telefónica osciló en estos 19 años entre el 11,2% y el 27,6% de la del IBEX 35; fue 22,2% en 2010. El documento también compara la evolución de la cotización de Telefónica con la de las grandes empresas de telecomunicaciones, con la del Santander, con la del BBVA y con la del IBEX 35 en los últimos 20, 10 y 5 años.Telefónica; creación valor accionistas; aumento valor accionistas; rentabilidad accionistas;

Prima de riesgo del mercado utilizada para España: Encuesta 2011

Este documento resume 1.502 respuestas a una encuesta por e-mail realizada a directivos de empresas, a analistas y a profesores de universidad. Los resultados más relevantes de la encuesta son: 1) gran dispersión de las repuestas (los profesores utilizan primas entre 3 y 8%, los analistas entre 2 y 11,9%, y las empresas entre 1,5 y 15%); 2) un elevado número de empresas no utilizan la prima de riesgo del mercado (bastantes de ellas utilizan un WACC mínimo, una TIR mínima... otras utilizan criterios como ebitda/ventas, PER…); 3) la prima promedio utilizada por las empresas (6,1%) es superior a la utilizada por los profesores (5,5%) y a la utilizada por los analistas (5,6%); 4) muchos profesores y directivos justifican la prima que utilizan con libros y artículos publicados (aunque con la misma fuente se utilizan primas de mercado muy diferentes).Prima riesgo mercado; equity premium; required market risk premium; historical market risk premium; expected market risk premium; risk premium; market risk premium;

A Metabolically Healthy Profile Is a Transient Stage When Exercise and Diet Are Not Supervised: Long-Term Effects in the EXERDIET-HTA Study

Metabolically unhealthy obesity (MUO) is a regular state in people with primary hypertension (HTN), obesity, and who are physically inactive. To achieve and maintain a metabolically healthy overweight/obese (MHO) state should be a main treatment goal. The aims of the study were (1) to determine differences in metabolic profiles of overweight/obese, physically inactive individuals with HTN following a 16-week (POST) supervised aerobic exercise training (SupExT) intervention with an attentional control (AC) group, and (2) to determine whether the changes observed were maintained following six months (6 M) of unsupervised time. Participants (n = 219) were randomly assigned into AC or SupExT groups. All participants underwent a hypocaloric diet. At POST, all participants received diet and physical activity advice for the following 6 M, with no supervision. All measurements were assessed pre-intervention (PRE), POST, and after 6 M. From PRE to POST, MUO participants became MHO with improved (p < 0.05) total cholesterol (TC, ∆ = −12.1 mg/dL), alanine aminotransferase (∆ = −8.3 U/L), glucose (∆ = −5.5 mg/dL), C-reactive protein (∆ = −1.4 mg/dL), systolic blood pressure (SBP), and cardiorespiratory fitness (CRF) compared to unhealthy optimal cut-off values. However, after 6 M, TC, glucose, and SBP returned to unhealthy values (p < 0.05). In a non-physically active population with obesity and HTN, a 16-week SupExT and diet intervention significantly improves cardiometabolic profile from MUO to MHO. However, after 6 M of no supervision, participants returned to MUO. The findings of this study highlight the need for regular, systematic, and supervised diet and exercise programs to avoid subsequent declines in cardiometabolic health.P.C., A.M.A.-B., and I.G.-A. were supported by the Basque Government with predoctoral grants. This study was supported by the University of the Basque Country (EHU14/08, PPGA18/15)

Physical activity, sedentary behavior, and sleep quality in adults with primary hypertension and obesity before and after an aerobic exercise program: Exerdiet-hta study

© 2020 by the authors. Licensee MDPI, Basel, Switzerland. Background: The purposes of the study were to: analyze, by objective (accelerometry) and subjective (International Physical Activity Questionnaire, IPAQ) methodologies, the physical activity (PA) and sedentary behavior (SB) in healthy adults (HEALTHY, n = 30) and individuals with primary hypertension (HTN) and overweight/obesity (n = 218); assess the effects of an aerobic exercise intervention on physical activity (PA), sedentary behavior (SB), and sleep quality in the HTN group; and evaluate the relationship between objectively measured and subjectively reported PA and SB. Methods: The measurements were performed before a 16-week exercise intervention period in both HEALTHY and HTN groups and after the intervention period only in the HTN group, randomized to attention control or exercise training (ExT) subgroups. Results: The HEALTHY group showed more moderate-to-vigorous PA (p \u3c 0.05) and better sleep quality (p \u3c 0.05) than the HTN group, but no difference in SB. After the intervention, HTN participants’ PA and SB, objectively measured by accelerometry, were unchanged, but increased PA and decreased SB (p \u3c 0.05) were observed through IPAQ in ExT. The intervention was effective in improving sleep quality in HTN participants. Conclusions: The differences in moderate-to-vigorous PA and SB may be useful in defining the health profile of a population. The supervised aerobic exercise program was effective in increasing PA, reducing SB, and improving sleep quality in overweight/obese adults with HTN. Accelerometer-measured and self-reported data were not comparable, but complementary

Impact on Health-Related Quality of Life after Different Aerobic Exercise Programs in Physically Inactive Adults with Overweight/Obesity and Primary Hypertension: Data from the EXERDIET-HTA Study

Primary hypertension (HTN) and obesity are associated with a worse health-related quality of life (QoL). This research was carried out to analyze the health-related QoL measurements in a physically inactive and obese population with HTN (n = 253) in comparison to a HEALTHY sample (n = 30), to determine the HTN sample changes in QoL following different (high-volume moderate-intensity continuous training, high-volume high-intensity interval training (HIIT), low-volume HIIT) 16-week supervised aerobic exercise training (ExT) programs compared to attention control, and to assess the differences in QoL variables between the different ExT programs. The SF-36 questionnaire was used to assess health-related QoL. At baseline, HTN showed lower scores (p < 0.05) in physical function (88.6 vs. 99.2), general health (63.3 vs. 82.4), vitality (58.2 vs. 68.7), social functioning (88.5 vs. 95.2), and mental health (76.1 vs. 81.8) compared to HEALTHY. Following intervention, all HTN subgroups showed higher (p < 0.05) vitality, but physical functioning and general health significantly improved only in the ExT groups, with even better values in general health for both HIIT subgroups. Only the low-volume HIIT showed positive changes (p < 0.05) in social functioning (∆ = 6.9%) and mental health (∆ = 6.4%) domains after the intervention. These results highlight the important role of supervised exercise in improving physical and psychological health.This study was supported by the University of the Basque Country (EHU14/08, PPGA18/15). MTE was supported by the University of the Basque Country (UPV/EHU). IGA, PC, and AMAB were supported by the Basque Government with predoctoral grants