# kaal:claim:2629451-018

**Claim.** 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.

**Type.** empirical  **Support.** evidenced

**Holds when.**

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

**Source quote.**

> 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, page 9

**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.** research-methods

**Keywords.** cumulative-abnormal-return, competitor-matching, post-announcement-drift, event-study

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