kaal:claim:2629451-005

Investors react negatively to impending N/DPA driven changes in the period before the agreement is executed, but once the N/DPA is executed they generally treat it as a positive event for the firm.

Source quote, verbatim

Our results suggest that while investors consistently react negatively to impending N/DPA changes prior to N/DPA execution, post N/DPA execution, investors generally do perceive N/DPAs as a positive event for the respective entity.

From

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), I. Introduction, p. 4
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

pre-execution versus post-execution windows around the DOJ announcement

Classification

empiricalsupport: evidencedresearch-methods

Verify

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