El estado de salud de Steve Jobs y el valor de las acciones de Apple
Publicado
mar 4, 2019
Almetrics
Dimensions
Google Scholar
Ademir Clemente
http://orcid.org/0000-0002-3998-6263
Flávio Ribeiro
http://orcid.org/0000-0002-3547-9539
Romualdo Douglas Colauto
http://orcid.org/0000-0003-3589-9389
http://orcid.org/0000-0002-3998-6263
Flávio Ribeiro
http://orcid.org/0000-0002-3547-9539
Romualdo Douglas Colauto
http://orcid.org/0000-0003-3589-9389
##plugins.themes.bootstrap3.article.details##
Resumen
El objetivo de este artículo es analizar la influencia 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 identificaron 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 financiera fueron factores decisivos para influir en el valor de las acciones de Apple. Además, las noticias sobre la salud de Steve Jobs no causaron impacto significativo 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 definitiva.
Keywords
Steve Jobs, Apple, notable executives, stock pricesSteve Jobs, manzana, ejecutivos notables, precio de las acciones
References
Antunes, M., & Martins, E. (2007). Gerenciando o capital intelectual: uma proposta baseada na controladoria de grandes empresas brasileiras. REAd, 13(1), 1-22. http://www.redalyc.org/articulo.oa?id=401137456001
Antunes, M. (2000). Capital Intelectual. Sao Paulo: Atlas.
Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159. https://doi.org/10.2307/2490232
Baptiste, I. (2001). Educating lone wolves: Pedagogical implications of human capital theory. Adult Education Quarterly, 51(3), 184-201. https://doi.org/10.1177/074171360105100302
Becker, G. (1962). Investment in human capital: A theoretical analysis. The Journal of Political Economy. https://doi.org/10.1086/258724
Bonnier, K., & Bruner, R. (1989). An analysis of stock price reaction to management change in distressed firms. Journal of Accounting and Economics, 11(1), 95-106. https://doi.org/10.1016/0165-4101(89)90015-3
Borokhovich, K., Brunarski, K., Donahue, M., & Harman, Y. (2006). The Importance of Board Quality in the Event of a CEO Death. The Financial Review, 41(3), 307-337. https://doi.org/10.1111/j.1540-6288.2006.00145.x
Brooking, A. (1997). Intellectual Capital: Core Assets for the Third Millennium Enterprise. Long Range Planning (vol. 30).
Bruce Johnson, W., Magee, R., Nagarajan, N., & Newman, H. (1985). An analysis of the stock price reaction to sudden executive deaths. Implications for the managerial labor market. Journal of Accounting and Economics, 7(1-3), 151-174. https://doi.org/10.1016/0165-4101(85)90034-5
Camargos, M. De, & Barbosa, F. (2006). Eficiência informacional do mercado de capitais brasileiro pós-Plano Real: um estudo de eventos dos anúncios de fusões e aquisições. Revista de Administração, São Paulo, 41(1), 43-58. https://doi.org/10.1590/0103-6513.0148T6
Ceretta, P. & Costa Junior, N. (2001). Particularidades do mercado financeiro latino-americano. Revista de Administracao de Empresas. 41(2), 72-77. http://www.scielo.br/pdf/rae/v41n2/v41n2a08.pdf
Copeland, T. & Weston, J. (1992). Financial Theory and Corporate Policy, 3 ed. Reading, MA: Addison-Wesley.
Crawford, R. (1991). In the Era of Human Capital. New York: Harpercollins.
Cunha, J. (2007). Doutores em Ciencias Contabeis da FEA/USP: Analise sob a otica da teoria do Capital Humano. Thesis (Ph.D. in Controlling and Accounting). Universidade de Sao Paulo.
Cunha, J.Da, Cornachione Junior, E., & Martins, G. (2010). Doutores em ciências contábeis: análise sob a óptica da teoria do capital humano. Revista de Administração Contemporânea, 14(3), 532–557. https://doi.org/10.1590/S1415-65552010000300009
Dewatcher, P. (1997). Interaction Entre l’Essartage and l’Ecosystème Forestier. Les Peuples des Forêts Tropicales, Systèmes Traditionnels et Développement Rural en Afrique Equatoriale, Grande Amazonie and Asie du Sud-Est. Bruxelles: Civilisations.
Dolley, J. C. (1933). Characteristics and procedure of common stock split-ups. Harvard Business Review.
Drucker, P. F. (1992). The New Society of Organizations. Harvard Business Review, 70(5), 95-105. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=9301105369&lang=es&site=ehost-live
Edvinsson, L., & Malone, M. (1997). Intelectual Capital. Retrieved from http://books.google.com/books?id=uP21YAsNWHcC&dq=capital+intelectual&source=gbs_navlinks_s
Etebari, A., Horrigan, J., & Landwehr, J. (1985). To be or not to be? Reaction of stock returns to sudden deaths of corporate chief executive officers. Financial Review, 20(3), 38-38. https://doi.org/10.1111/j.1540-6288.1985.tb00216.x
Fama, E. (1970). Efficient capital markets-a review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2329297
Fama, E. (1991). Efficient Capital Markets: II. The Journal of Finance, 46(5), 1575. https://doi.org/10.2307/2328565
Fama, E., Fisher, L., Jensen, M., & Roll, R. (1969). The Adjustment of Stock Prices to New Information. International Economic Review, 10(1), 1. https://doi.org/10.2307/2525569
Furtado, E., & Rozeff, M. (1987). The wealth effects of company initiated management changes. Journal of Financial Economics, 18(1), 147–160. https://doi.org/10.1016/0304-405X(87)90065-1
Gruber, J. (2013). Apple’s stock price after product announcements. Daring Fireball. Oct. 04. Available at: http://daringfireball.net/2013/10/apples_stock_price_product_announcements. Access: Mar. 8, 2016.
Hendriksen, E. & Breda, M. (1992). Accounting Theory, 5 ed., Homewood, IL: Irwin.
Hsu, L. & Wang, C. (2012). Clarifying the effect of intellectual capital on performance: The mediating role of dynamic capability. British Journal of Management, 23(2), 179-205. https://doi.org/10.1111/j.1467-8551.2010.00718.x
Huselid, M., & Becker, B. (1997). The Impact of High Performance Work Systems, Implementation Effectiveness and Alignment with Strategy on Shareholder Wealth. Academy of Management Proceedings, 1987(1), 144-148. https://doi.org/10.5465/ambpp.1997.4981101
Kahney, L. (2008). Inside Steve’s Brain. New York: Penguin.
Krantz, M. (2013). Apple heads to lows not seen since Steve Jobs died. USA Today. Access: Jan. 7, 2016, http://www.usatoday.com/story/money/markets/2013/04/18/apple-crash-steve-jobs/2094379/
Kendall, M., & Hill, A. (1953). The analysis of economic time-series-part i: Prices. Journal of the Royal Statistical Society Series A, 116(1), 11. https://doi.org/10.2307/2980947
Murphy, K., & Zimmerman, J. (1993). Financial performance surrounding ceo turnover. Journal of Accounting and Economics, 16(1-3), 273-315. https://doi.org/10.1016/0165-4101(93)90014-7
Nonaka, I. (1991). The Knowledge Creating Company. Harvard Business Review, 69, 96-104. https://doi.org/10.1016/0024-6301(96)81509-3
Nonaka, I., & Takeuchi, H. (1996). The knowledge-creating company: How Japanese companies create the dynamics of innovation. Long Range Planning, 29(4), 592. https://doi.org/10.1016/0024-6301(96)81509-3
Perryman, A., Butler, F., Martin, J., & Ferris, G. (2010). When the ceo is ill: Keeping quiet or going public? Business Horizons, 53(1), 21-29. https://doi.org/10.1016/j.bushor.2009.08.006
Ritholtz, B. (2013). Apple’s stock price post new product announcements. The Big Picture. Available at: http://www.ritholtz.com/blog/2013/10/apples-stock-price-post-new-product-announcements/. Access: Mar. 8, 2016.
Salas, J. (2010). Entrenchment, governance, and the stock price reaction to sudden executive deaths. Journal of Banking and Finance, 34(3), 656-666. https://doi.org/10.1016/j.jbankfin.2009.09.002
Schultz, T. (1961). Investment in Human Capital. The American Economic Review, 51(1), 1-17. https://doi.org/10.2307/1818907
Silverman, M. (2012). How product announcements affect Apple’s stock price. Mashable. Available at: http://mashable.com/2012/03/08/apple-product-stock-price/. Access: Jan. 8, 2016.
Stewart, T. (1997). Intellectual capital. New York : Doubleday/ Currency.
Sveiby, K. (1997). The New Organizational Wealth. San Francisco: Berrett-Koehler.
Warner, J., Watts, R., & Wruck, K. (1988). Stock prices and top management changes. Journal of Financial Economics, 20(C), 461-492. https://doi.org/10.1016/0304-405X(88)90054-2
Weisbach, M. (1988). Outside directors and ceo turnover. Journal of Financial Economics, 20(C), 431-460. https://doi.org/10.1016/0304-405X(88)90053-0
Antunes, M. (2000). Capital Intelectual. Sao Paulo: Atlas.
Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159. https://doi.org/10.2307/2490232
Baptiste, I. (2001). Educating lone wolves: Pedagogical implications of human capital theory. Adult Education Quarterly, 51(3), 184-201. https://doi.org/10.1177/074171360105100302
Becker, G. (1962). Investment in human capital: A theoretical analysis. The Journal of Political Economy. https://doi.org/10.1086/258724
Bonnier, K., & Bruner, R. (1989). An analysis of stock price reaction to management change in distressed firms. Journal of Accounting and Economics, 11(1), 95-106. https://doi.org/10.1016/0165-4101(89)90015-3
Borokhovich, K., Brunarski, K., Donahue, M., & Harman, Y. (2006). The Importance of Board Quality in the Event of a CEO Death. The Financial Review, 41(3), 307-337. https://doi.org/10.1111/j.1540-6288.2006.00145.x
Brooking, A. (1997). Intellectual Capital: Core Assets for the Third Millennium Enterprise. Long Range Planning (vol. 30).
Bruce Johnson, W., Magee, R., Nagarajan, N., & Newman, H. (1985). An analysis of the stock price reaction to sudden executive deaths. Implications for the managerial labor market. Journal of Accounting and Economics, 7(1-3), 151-174. https://doi.org/10.1016/0165-4101(85)90034-5
Camargos, M. De, & Barbosa, F. (2006). Eficiência informacional do mercado de capitais brasileiro pós-Plano Real: um estudo de eventos dos anúncios de fusões e aquisições. Revista de Administração, São Paulo, 41(1), 43-58. https://doi.org/10.1590/0103-6513.0148T6
Ceretta, P. & Costa Junior, N. (2001). Particularidades do mercado financeiro latino-americano. Revista de Administracao de Empresas. 41(2), 72-77. http://www.scielo.br/pdf/rae/v41n2/v41n2a08.pdf
Copeland, T. & Weston, J. (1992). Financial Theory and Corporate Policy, 3 ed. Reading, MA: Addison-Wesley.
Crawford, R. (1991). In the Era of Human Capital. New York: Harpercollins.
Cunha, J. (2007). Doutores em Ciencias Contabeis da FEA/USP: Analise sob a otica da teoria do Capital Humano. Thesis (Ph.D. in Controlling and Accounting). Universidade de Sao Paulo.
Cunha, J.Da, Cornachione Junior, E., & Martins, G. (2010). Doutores em ciências contábeis: análise sob a óptica da teoria do capital humano. Revista de Administração Contemporânea, 14(3), 532–557. https://doi.org/10.1590/S1415-65552010000300009
Dewatcher, P. (1997). Interaction Entre l’Essartage and l’Ecosystème Forestier. Les Peuples des Forêts Tropicales, Systèmes Traditionnels et Développement Rural en Afrique Equatoriale, Grande Amazonie and Asie du Sud-Est. Bruxelles: Civilisations.
Dolley, J. C. (1933). Characteristics and procedure of common stock split-ups. Harvard Business Review.
Drucker, P. F. (1992). The New Society of Organizations. Harvard Business Review, 70(5), 95-105. Retrieved from http://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=9301105369&lang=es&site=ehost-live
Edvinsson, L., & Malone, M. (1997). Intelectual Capital. Retrieved from http://books.google.com/books?id=uP21YAsNWHcC&dq=capital+intelectual&source=gbs_navlinks_s
Etebari, A., Horrigan, J., & Landwehr, J. (1985). To be or not to be? Reaction of stock returns to sudden deaths of corporate chief executive officers. Financial Review, 20(3), 38-38. https://doi.org/10.1111/j.1540-6288.1985.tb00216.x
Fama, E. (1970). Efficient capital markets-a review of theory and empirical work. The Journal of Finance, 25(2), 383-417. https://doi.org/10.2307/2329297
Fama, E. (1991). Efficient Capital Markets: II. The Journal of Finance, 46(5), 1575. https://doi.org/10.2307/2328565
Fama, E., Fisher, L., Jensen, M., & Roll, R. (1969). The Adjustment of Stock Prices to New Information. International Economic Review, 10(1), 1. https://doi.org/10.2307/2525569
Furtado, E., & Rozeff, M. (1987). The wealth effects of company initiated management changes. Journal of Financial Economics, 18(1), 147–160. https://doi.org/10.1016/0304-405X(87)90065-1
Gruber, J. (2013). Apple’s stock price after product announcements. Daring Fireball. Oct. 04. Available at: http://daringfireball.net/2013/10/apples_stock_price_product_announcements. Access: Mar. 8, 2016.
Hendriksen, E. & Breda, M. (1992). Accounting Theory, 5 ed., Homewood, IL: Irwin.
Hsu, L. & Wang, C. (2012). Clarifying the effect of intellectual capital on performance: The mediating role of dynamic capability. British Journal of Management, 23(2), 179-205. https://doi.org/10.1111/j.1467-8551.2010.00718.x
Huselid, M., & Becker, B. (1997). The Impact of High Performance Work Systems, Implementation Effectiveness and Alignment with Strategy on Shareholder Wealth. Academy of Management Proceedings, 1987(1), 144-148. https://doi.org/10.5465/ambpp.1997.4981101
Kahney, L. (2008). Inside Steve’s Brain. New York: Penguin.
Krantz, M. (2013). Apple heads to lows not seen since Steve Jobs died. USA Today. Access: Jan. 7, 2016, http://www.usatoday.com/story/money/markets/2013/04/18/apple-crash-steve-jobs/2094379/
Kendall, M., & Hill, A. (1953). The analysis of economic time-series-part i: Prices. Journal of the Royal Statistical Society Series A, 116(1), 11. https://doi.org/10.2307/2980947
Murphy, K., & Zimmerman, J. (1993). Financial performance surrounding ceo turnover. Journal of Accounting and Economics, 16(1-3), 273-315. https://doi.org/10.1016/0165-4101(93)90014-7
Nonaka, I. (1991). The Knowledge Creating Company. Harvard Business Review, 69, 96-104. https://doi.org/10.1016/0024-6301(96)81509-3
Nonaka, I., & Takeuchi, H. (1996). The knowledge-creating company: How Japanese companies create the dynamics of innovation. Long Range Planning, 29(4), 592. https://doi.org/10.1016/0024-6301(96)81509-3
Perryman, A., Butler, F., Martin, J., & Ferris, G. (2010). When the ceo is ill: Keeping quiet or going public? Business Horizons, 53(1), 21-29. https://doi.org/10.1016/j.bushor.2009.08.006
Ritholtz, B. (2013). Apple’s stock price post new product announcements. The Big Picture. Available at: http://www.ritholtz.com/blog/2013/10/apples-stock-price-post-new-product-announcements/. Access: Mar. 8, 2016.
Salas, J. (2010). Entrenchment, governance, and the stock price reaction to sudden executive deaths. Journal of Banking and Finance, 34(3), 656-666. https://doi.org/10.1016/j.jbankfin.2009.09.002
Schultz, T. (1961). Investment in Human Capital. The American Economic Review, 51(1), 1-17. https://doi.org/10.2307/1818907
Silverman, M. (2012). How product announcements affect Apple’s stock price. Mashable. Available at: http://mashable.com/2012/03/08/apple-product-stock-price/. Access: Jan. 8, 2016.
Stewart, T. (1997). Intellectual capital. New York : Doubleday/ Currency.
Sveiby, K. (1997). The New Organizational Wealth. San Francisco: Berrett-Koehler.
Warner, J., Watts, R., & Wruck, K. (1988). Stock prices and top management changes. Journal of Financial Economics, 20(C), 461-492. https://doi.org/10.1016/0304-405X(88)90054-2
Weisbach, M. (1988). Outside directors and ceo turnover. Journal of Financial Economics, 20(C), 431-460. https://doi.org/10.1016/0304-405X(88)90053-0
Cómo citar
Clemente, A., Ribeiro, F., & Douglas Colauto, R. (2019). El estado de salud de Steve Jobs y el valor de las acciones de Apple. Cuadernos De Contabilidad, 19(48), 1–14. https://doi.org/10.11144/Javeriana.cc19-48.hcsj
Número
Sección
Artículos