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Indexed by:会议论文

Date of Publication:2011-01-01

Included Journals:CPCI-SSH

Page Number:717-722

Key Words:capital market; unethical behavior; punishment effect; event study

Abstract:This paper chooses the Libel case event of Mengniu, and examines its effects on the stock prices of Mengniu and its lending banks, and discusses whether the capital markets has punishment effects on unethical behavior. The results show: in event window, cumulative average abnormal returns of Mengniu Dairy shows "Disappointed-flat" reaction; cumulative average abnormal returns of Bank of China and Industrial and Commercial Bank of China which lend loans to Mengniu shows "Expected - Disappointed" reaction in A-share market and "Expected - flat" reaction in H-share market; cumulative average abnormal returns of BNP Paribas which lends loans to Mengniu shows "Disappointed - flat" reaction. This shows that the punishment of China capital market is limited to shareholders, while developed capital market has punishment effects for the stakeholders except for shareholders.