The results of this paper suggest that in addition to the loss suffered by these companies owing to
speculation with derivative instruments, resulting in losses that will certainly affect investments and the
ensuing value of their future cash flows in the long run, they were also subjected to considerable costs
owing to their shares depreciation in the short run. These costs will penalize indiscriminately their
shareholders, controllers or minority interests, and the latter will as always be the most adversely
affected, as they can only hope that managers and controllers will abide by the tag-along principles in
order to mitigate the large losses that struck them.