kaal:claim:2629451-002

The market does not price the three defining N/DPA events in isolation; it treats the announcement, the start of the term, and the end of the term as sequential and conditional events.

Source quote, verbatim

Our tests indicate that the market interprets the three events not in isolation but as sequential and conditional events.

From

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), Abstract, p. 2
https://ssrn.com/abstract=2629451 · source PDF

Cite as

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

Holds when

sample of 94 publicly traded N/DPA firms, 1993 to 2015

Classification

empiricalsupport: evidencedresearch-methodseconomics

Verify

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Attestation record: colloquium/attestations/0583195f7e74cfc2...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2629451-002.md | sha256sum