kaal:claim:2629451-007

The combination of a positive market reaction at the start of the N/DPA term and a negative reaction at its end is evidence that the governance changes N/DPAs mandate actually matter to firm value.

Source quote, verbatim

We interpret the positive market reaction at the beginning of the N/DPA term and investors' negative reaction at the end of the N/DPA term as evidence that governance changes mandated by N/DPAs matter.

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

governance changes become mandatory at the start of the term and unenforceable at its end

Classification

mechanismsupport: arguedgovernance-designcorporate-governanceresearch-methods

Verify

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Attestation record: colloquium/attestations/14793daecde48933...json
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