kaal:claim:2629451-028

The negative market reaction at the end of the N/DPA term is the market acknowledging that suboptimal governance practices are likely to resume once the term expires.

Source quote, verbatim
In turn, we interpret the negative market reaction at ENDPAT in Figures 4 and 4a as the market's acknowledgment that post N/DPA term expiration suboptimal governance practices are likely to continue
From

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

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
Classification

mechanismsupport: arguedfailure: post-term-governance-reversionfamily: enforcement-gapgovernance-design

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