kaal:claim:2629451-024

Negative returns after the end of the N/DPA term are evidence that investors regard the expiration of the term, and the consequent unenforceability of the associated governance improvements, as bad news for the firm.

Source quote, verbatim

We interpret the negative N/DPA firms' CARs from t=1 to t=15 in Figures 4 and 4a as evidence that investors see the expiration of the N/DPA term and the expiration and following unenforceability of associated governance improvements as a negative event for the respective entity.

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

days t=1 to t=15 after ENDPAT

Classification

mechanismsupport: arguedgovernance-design

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