Using event analysis method,this paper selects 21 real cases of negative news events spanning 7 years from China's A-share capital market as samples,and analyzes the changes in stock prices of the companies endorsed by celebrities.The findings indicate that:(1)on the day when negative news about a celebrity is disclosed,the stock price of the endorsed company experiences a significant decline,reaching its lowest point on the 7th day;(2)negative news involving"illegal activities"by celebrity endorsers,compared to that involving their"illicit relationship",has a more significant negative impact on stock prices;(3)negative news about female celebrity endorsers has a more pronounced negative effect on stock prices compared to male ones.The paper suggests that listed companies should develop personalized endorsement strategies,select celebrities with a high degree of image compatibility,personality alignment,and balanced overall strength.Additionally,it is necessary to strengthen the constraints on celebrity endorsers'behavior,and establish crisis communication mechanisms.
; 李红霞
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