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Betas utilizadas por directivos y profesores europeos en 2009

Author

Listed:
  • Fernandez, Pablo

    (IESE Business School)

  • Bermejo, Vicente

    (IESE Business School)

Abstract

Este documento resume 1.466 respuestas a una encuesta por e-mail realizada a directivos de empresas y a profesores de finanzas europeos. 1.143 personas utilizan rentabilidad exigida y 824 utilizan betas para calcularlas. La mayoría (717) de estas 824 personas justifican las betas que utilizan con regresiones, webs, bases de datos, libros o artículos. Solamente 70 personas justifican las betas que utilizan empleando únicamente el sentido común. La proporción de directivos que utilizan rentabilidad exigida pero no utilizan betas para su cálculo (44%) es muy superior a la de los profesores (8%). La proporción de directivos que utilizan sólo el sentido común para justificar las betas que utilizan (15%) es muy superior a la de los profesores (2%). Sorprende que, con los problemas que presentan las betas calculadas por regresión, un gran porcentaje de los profesores y directivos todavía las utilicen para calcular la rentabilidad exigida. La mayoría admite que hay muchos problemas en su determinación, pero continúan enseñándola y utilizándola por diversas razones: "ha obtenido el Premio Nobel en Economía", "se utiliza mucho", "permite defender una valoración, impresionar a la dirección y parecer un gurú financiero"

Suggested Citation

  • Fernandez, Pablo & Bermejo, Vicente, 2009. "Betas utilizadas por directivos y profesores europeos en 2009," IESE Research Papers D/824, IESE Business School.
    • Handle: RePEc:ebg:iesewp:d-0824
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    More about this item

    Keywords

    beta; beta histórica; beta calculada; sentido común;
    All these keywords.

    JEL classification:

    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

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