kaal:claim:2629451-015

Pre-announcement leaks about a pending N/DPA, including leaks by prosecutors, should not move markets significantly because leaked details carry no certainty or finality as to final terms or fine amount.

Source quote, verbatim

We assume that such leaks will not precipitate significant market movements as there is no certainty or finality as to the final terms of the NDPA and the amount of a fine.

From

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), IV. Univariate Analyses, p. 8
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

leaks of fine amounts or agreement form weeks or months before the announcement

Classification

conditionsupport: assertedeconomicsresearch-methods

Verify

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