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Estimating the market value of Steve Jobs using an event study

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  • Pattanaporn Chatjuthamard
  • Pornsit Jiraporn
  • Napatsorn Jiraporn
  • Shenghui Tong

Abstract

Using an event study approach, we seek to estimate the value investors placed on Steve Jobs by investigating the stock market reactions to his death. In the three-day window surrounding his death, the estimated cumulative abnormal returns are −5.76%. Given the market capitalization of Apple at the time, it can be inferred that investors valued Steve Jobs at 20 billion dollars. While tragic, the news about Jobs’ death is greeted favourably by Apple’s competitors. The competitors appear to be convinced that, without Steve Jobs, they can compete with Apple better.

Suggested Citation

  • Pattanaporn Chatjuthamard & Pornsit Jiraporn & Napatsorn Jiraporn & Shenghui Tong, 2017. "Estimating the market value of Steve Jobs using an event study," Applied Economics Letters, Taylor & Francis Journals, vol. 24(1), pages 30-34, January.
    • Handle: RePEc:taf:apeclt:v:24:y:2017:i:1:p:30-34
    DOI: 10.1080/13504851.2016.1158911
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