The Punishment Effects of Capital Markets on Company Unethical Behavior
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.
capital market unethical behavior punishment effect event study
REN Shuming WANG Hongjing DIAO Hong
Department of Economics, Dalian University of Technology, Dalian, China, 116023
国际会议
大连
英文
717-722
2011-06-30（万方平台首次上网日期，不代表论文的发表时间）