# kaal:claim:2629451-021

**Claim.** Immediately before the N/DPA term becomes effective, from day minus three to day minus one, the market prices the onset of the term as a negative event.

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

**Holds when.**

- window immediately preceding BNDPAT

**Source quote.**

> suggests that the market assesses the impact of the beginning of the N/DPA term as a negative event immediately before the N/DPAs become effective from t=-3 to t=-1.

**From.** Wulf A. Kaal, Timothy Lacine, *Stock Price Response to Non- and Deferred Prosecution Agreements* (2015), IV. Univariate Analyses, page 11

**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.** bndpat, cumulative-abnormal-return, investor-reaction, event-study

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