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Toshiba’s market valuation in the midst of a long term turmoil

Author

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  • Sophie Nivoix

    (CEREGE [Poitiers] - Centre de recherche en gestion [EA 1722] - IAE Poitiers - Institut d'Administration des Entreprises (IAE) - Poitiers - UP - Université de Poitiers = University of Poitiers - UP - Université de Poitiers = University of Poitiers - ULR - La Rochelle Université, Axe 2 (2017-2021) : "Vulnérabilités et risques" (MSHS Poitiers) - MSHS de Poitiers - Maison des sciences de l'homme et de la société de Poitiers - UP - Université de Poitiers = University of Poitiers - CNRS - Centre National de la Recherche Scientifique, CPER INSECT - CPER "INnovation Sociale, Economique et Culturelle dans des Territoires en mutation" (MSHS Poitiers) - MSHS de Poitiers - Maison des sciences de l'homme et de la société de Poitiers [UAR 3565] - UP - Université de Poitiers = University of Poitiers - CNRS - Centre National de la Recherche Scientifique)

  • Serge Rey

    (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour, UPPA - Université de Pau et des Pays de l'Adour)

Abstract

Since 2008 Toshiba is experiencing a major fraud and financial scandal, which has impaired its stock price, governance and reputation. As this conglomerate is one of the largest and more ancient Japanese industrial group, it is highly interesting to analyze the impact of this situation on the main financial indicators of the company in a long run perspective. Our study underlines that while the risk level of the firm was increasing the returns and stock price were dropping. Such an evolution really endangered the group, as showed by the stock market ratios. In addition, the calculation of abnormal returns confirms that the news considered a priori as good (or bad) generated cumulative increases (or decreases) in the returns of the Toshiba stock.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Sophie Nivoix & Serge Rey, 2018. "Toshiba’s market valuation in the midst of a long term turmoil," Post-Print hal-01879840, HAL.
    • Handle: RePEc:hal:journl:hal-01879840
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