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论文类型：会议论文

发表时间：2011-01-01

收录刊物：CPCI-SSH

页面范围：717-722

关键字：capital market; unethical behavior; punishment effect; event study

摘要：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.