# kaal:claim:2629451-007

**Claim.** 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.

**Type.** mechanism  **Support.** argued

**Holds when.**

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

**Source quote.**

> 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, 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, corporate-governance, research-methods

**Keywords.** ndpa, corporate-governance, firm-value, mandated-governance, event-study

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.