# kaal:claim:2629451-002

**Claim.** 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.

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

**Holds when.**

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

**Source quote.**

> 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, 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.** research-methods, economics

**Keywords.** ndpa, event-study, market-interpretation, sequential-events

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