No. It woud be a miracle if the number that appears in the shareholders’ equity had anything to do with the value of shares.When we have a look at the relation between the market value and the book value of all the Spanish companies in the continuous market, we arrive at several conclusions:

1. In February 2005 and December 2006, there was no company whose market value its book value.
2. The average was 4.1 in February 2005 and 4.6 in December 2006.
3. There was just one company (Tavex cotton Maker) whose market value was lower than its book value in December 2006.

If we repeat the same exercise for the companies included in the S&P 500, we can notice that in February 2005 and December 2006, there was no company whose market value equaled its book value. The average 3.8 in 2005 and 4.5 in 2006.