# kaal:claim:2629451-001

**Claim.** Stock prices respond significantly and predictably in a positive direction to the DOJ press release announcing execution of a non- or deferred prosecution agreement and to the start of the N/DPA term.

**Type.** empirical  **Support.** evidenced

**Holds when.**

- publicly traded U.S. firms that executed N/DPAs between 1993 and 2015
- event windows measured around the DOJ press release date and the start date of the N/DPA term

**Source quote.**

> We document a significant and predictable positive stock price response to the DOJ press release and the start of the N/DPA term.

**From.** Wulf A. Kaal, Timothy Lacine, *Stock Price Response to Non- and Deferred Prosecution Agreements* (2015), Abstract, page 2

**Cite as.** Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451

**Verify.** sha256 of source PDF `507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Lacine%20-%202015%20-%20Stock%20Price%20Response%20to%20Non-%20and%20Deferred%20Prosecution%20Agreements.pdf

**Topics.** economics, research-methods, governance-design, corporate-governance, compliance

**Keywords.** ndpa, stock-price-response, event-study, corporate-governance, doj-enforcement

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.