kaal:claim:2629451-018

After the DOJ announcement, competitor firms' cumulative abnormal returns trend negative from day zero to day twenty five while N/DPA firms' CARs continue on a neutral to positive trend.

Source quote, verbatim

Figure 2a demonstrates that while the competitor CARs show a negative trend from t=0 to t=25, the neutral/positive trend in N/DPA firms' CARs continues from t=0 to t=25.

From

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

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

matched competitor sample of 94 firms
post-announcement window t=0 to t=25

Classification

empiricalsupport: evidencedresearch-methods

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