# kaal:claim:2629451-026

**Claim.** The data support Hypothesis 2: the market reacts positively at the DOJ announcement and at the start of the N/DPA term and negatively at the end of the term.

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

**Holds when.**

- evidence drawn from Figures 2 through 4a
- 94 firm sample, 59 firms at ENDPAT

**Source quote.**

> Figures 2 to 4a support Hypothesis 2: The market reacts positively at ANDPAE (E1a) and BNDPAT (E1b) and negatively at ENDPAT (E1c).

**From.** Wulf A. Kaal, Timothy Lacine, *Stock Price Response to Non- and Deferred Prosecution Agreements* (2015), VI. Discussion, page 19

**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.** hypothesis-testing, event-study, investor-reaction, ndpa

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