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 "text": "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.",
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  "name": "Wulf A. Kaal",
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 "citation": "Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451",
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 "abstract": "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.",
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