# kaal:claim:2629451-003

**Claim.** 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.

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

**Holds when.**

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

**Source quote.**

> 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, 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.** governance-design

**Keywords.** ndpa, industry-effects, fines, governance-intensity, cross-sectional-variation

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