# kaal:claim:2629451-015

**Claim.** 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.

**Type.** condition  **Support.** asserted

**Holds when.**

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

**Source quote.**

> 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, page 8

**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.** economics, research-methods

**Keywords.** information-leakage, market-discounting, event-study, ndpa

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