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.

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

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-expiration windows in Figures 4 and 4a

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

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