kaal:claim:2629451-017

Around the DOJ announcement, N/DPA firms show a significant positive cumulative abnormal return trend before day minus five, a significant drop at day minus five, and negative CARs relative to matched competitors from day minus four to day minus one.

the CARs for N/DPA firms show a significant positive trend before t=-5, followed by a significant drop at -5 before the event date t=0 ANDPAE and negative CARs in comparison with the competitors from t=-4 to t=-1.

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), IV. Univariate Analyses, p. 9
https://ssrn.com/abstract=2629451 · source PDF

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

• 94 N/DPA firms matched to 94 direct competitors by market capitalization
• window t=-25 to t=25 around ANDPAE

empiricalsupport: evidencedresearch-methods

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