# kaal:claim:2629451-006

**Claim.** Investors treat the expiration of an N/DPA term as a negative event for the firm.

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

**Holds when.**

- end of N/DPA term date, ENDPAT
- reduced sample of 59 firms where the end date fell on a trading day

**Source quote.**

> Inversely, our results suggest that investors see the expiry of applicable N/DPA terms as a negative event.

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

**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, term-expiration, investor-reaction, governance-durability

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