The health condition of Steve Jobs and the value of Apple's shares
| Autor | Ademir Clemente - Flávio Ribeiro - Romualdo Douglas Colauto |
| Cargo | Universidade Federal do Paraná, Brasil - Universidade Federal do Paraná, Brasil - Universidade Federal do Paraná, Brasil |
| Páginas | 1-14 |
e health condition of Steve Jobs and the value of Apple’s shares*
El estado de salud de Steve Jobs y el valor de las acciones de Apple
Ademir Clemente a
Universidade Federal do Paraná, Brasil
ademir@ufpr.br
ORCID: http://orcid.org/0000-0002-3998-6263
Flávio Ribeiro
Universidade Federal do Paraná, Brasil
ORCID: http://orcid.org/0000-0002-3547-9539
Romualdo Douglas Colauto
Universidade Federal do Paraná, Brasil
ORCID: http://orcid.org/0000-0003-3589-9389
DOI: https://doi.org/10.11144/Javeriana.cc19-48.hcsj
Redalyc: http://www.redalyc.org/articulo.oa?
id=151557795003
Date received: 20 November 2017
Date accepted: 17 July 2018
Date published: 20 December 2018
Abstract:
is paper aims to analyze the inuence of news about Steve Jobs’ health on the price of Apple stock during the period from
10/16/2003 to 10/05/2011. Seven major events were identied for which signicant market reaction was detected within ve days
aer the release. e results indicate a trend dampening market reactions over time, suggesting that aer the rst news, investors
gradually included in their predictions the frequent absences of the ceo. e mistaken announcement of Steve Jobs’ death on
August 28th, and his appearance showing signs of physical weakness on September 9th 2008, in the acute phase of the nancial
crisis, were decisive factors in inuencing the value of Apple’s shares. Furthermore, the news about Steve Jobs’ health did not cause
signicant impact on the price of the shares aer he returned to the presidency of Apple. is indicates that the market had already
picked up signs of a probable permanent absence.
Keywords: Steve Jobs, Apple, notable executives, stock prices.
Resumen:
El objetivo de este artículo es analizar la inuencia de las noticias sobre el estado de salud de Steve Jobs en el valor de las acciones
de Apple durante el período comprendido entre el 16/10/2003 al 05/10/2011. Se identicaron siete eventos ante los cuales el
mercado reaccionó dentro de los cinco días posteriores a la divulgación. Los resultados indican una tendencia a la amortiguación
de las reacciones del mercado con el tiempo, lo que sugiere que, después de la primera noticia, los inversores pasaron a incluir en
sus previsiones los seguidos alejamientos del ceo. El anuncio equivocado de la muerte de Steve Jobs el 28 de agosto, sus señales
aparentes de debilidad física el 9 de septiembre de 2008, y la fase aguda de la crisis nanciera fueron factores decisivos para inuir
en el valor de las acciones de Apple. Además, las noticias sobre la salud de Steve Jobs no causaron impacto signicativo en el
precio de las acciones después de su regreso a la presidencia de Apple. Esto indica que el mercado ya captaba señales de una
probable ausencia denitiva. Palabras clave: Steve Jobs, manzana, ejecutivos notables, precio de las acciones.
Introduction
Furtado & Rozeff (1987), Weisbach (1988), Bonnier & Bruner (1989), Salas (2010) consider that the
death or removal of a prominent executive does not adversely affect the value of an organization. However
Johnson, Magee, Nagarajan & Newman (1985) and Borokhovich, Brunarski, Donahue & Harman
(2006)
show evidence that such events cause devaluation of shares.
Steve Paul Jobs was eccentric and arrogant, evidenced difficulty with social interaction and little ability to
express his own emotional state. He sometimes exhibited socially unacceptable behavior and some researchers
Author notes
aCorrespondence author. E-mail: ademir@ufpr.br
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