kaal:claim:2629451-003

Investor response to N/DPAs is not uniform: it varies with the firm's industry, the severity of the financial fine, and the extent of the governance improvements the N/DPA mandates.

Source quote, verbatim

We also find that investor's response differs depending on the industry and severity of financial fines and N/DPA mandated governance improvements.

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

ten industry sub-clusters in the sample
partitions relative to median fines and median governance intensity

Classification

empiricalsupport: evidencedgovernance-design

Verify

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