kaal:claim:2629451-020

The positive post-announcement reaction is best read as the market rewarding both the end of a costly DOJ investigation and the governance terms the N/DPA is expected to impose.

Source quote, verbatim

the positive market reaction from t=0 to t=25 as a positive reaction to the end of the costly DOJ investigation and the anticipated governance terms imposed by the N/DPA.

From

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), IV. Univariate Analyses, p. 10
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

window t=0 to t=25 after the DOJ announcement

Classification

mechanismsupport: arguedgovernance-designsystemic-risk

Verify

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