kaal:claim:2629451-023

The sign of the market reaction reverses at the end of the N/DPA term: where the announcement and the start of the term produce positive CARs, the end of the term produces negative CARs at day zero and from day one through day fifteen.

Source quote, verbatim

Unlike ANDPAE and BNDPAT that show positive CARs for N/DPA firms, at ENDPAT N/DPA firms show negative CARs at t=0 and from t=1 to t=15.

From

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), IV. Univariate Analyses, p. 13
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

59 firm ENDPAT sample excluding terms ending on non-trading days
1993 to 2015

Classification

empiricalsupport: evidencedresearch-methods

Verify

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Attestation record: colloquium/attestations/9a3c8ad01b690646...json
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