kaal:claim:2629451-016

Unlike legislative mandates, N/DPA governance changes are preceded by no public debate or publicity, so their effect on firm value is not gradually incorporated into prices and is therefore testable by event study.

Source quote, verbatim

congressional mandates, prior to the ANDPAE there is no public debate or other publicity pertaining to the anticipated governance changes in the NDPA or possible fines. Accordingly, the effect of NDPA governance changes on firm value is not gradual and therefore testable.

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

contrast with congressional regulatory changes whose effects are anticipated gradually

Classification

mechanismsupport: arguedresearch-methods

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