From June 5 to July 2002, Stephanie, known as the "Little Queen of Asia", endorsed eight advertisements. Products range from watches to sportswear, sanitary products, mobile phones, McDonald's, Lux shower gel, jeans and coffee jelly. And there are countless brands endorsed by people like Andy Lau, especially these products and brands. How to make consumers trust you and even cause disgust? For example, a famous TV presenter in the United States was originally a respected brand spokesperson, but after serving as the spokesperson of 44 different brands, the aura hanging over him began to disappear, because it was difficult for people to believe that his testimony was true and credible, and its promotion effect could be imagined.

Li is a typical example. After many emotional turmoil, fewer and fewer people have a good impression on him. Many people even change channels as soon as they see his advertisements, let alone buy the products he endorses. Many companies also canceled the contract with him to avoid being tired by him. Another example is that Nicholas Tse's image was damaged by judicial irregularities, and the sales of Pepsi he endorsed were also greatly affected. There is also the disgraceful incident of American superstar Michael Jackson, which also embarrassed the enterprises they endorsed. Although this embarrassing situation cannot be completely avoided, we can still avoid possible moral hazard by signing an agreement with the spokesperson to allow the company to terminate the contract when the spokesperson's image is damaged.

The lack of self-discipline of celebrities is the main reason for moral hazard in celebrity advertisements.