# kaal:claim:2629451-022

**Claim.** From the first day of the N/DPA term through day twenty five, the period in which mandated governance improvements are in force, the market prices the N/DPA as a positive event for the firm.

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

**Holds when.**

- window t=0 to t=25 after BNDPAT
- period during which N/DPA governance improvements are in effect

**Source quote.**

> BNDPAT t=0 and from t=0 to t=25, when N/DPA governance improvements are in effect, Figures 3 and 3a show that the market assesses such N/DPAs as a positive event for the respective entity.

**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.** governance-design, research-methods

**Keywords.** bndpat, governance-improvements, cumulative-abnormal-return, event-study

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