kaal:claim:2629451-027

The positive market reaction at announcement and at the start of the term is the market acknowledging that an N/DPA gives the firm an opportunity to be better managed, more compliant, and less exposed to penalties.

Consistent with Hypothesis 2, we interpret the positive market reaction at ANDPA and BNDPAT as the market's acknowledgement that the execution and effectiveness of an N/DPA is an opportunity for the entity to be better managed, more compliant, with fewer possibilities to incur penalties

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), VI. Discussion, p. 19
https://ssrn.com/abstract=2629451 · source PDF

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451

• post-announcement and post-start-of-term windows

mechanismsupport: arguedcompliancegovernance-design

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