kaal:claim:2629451-030

The paired positive reaction at the start and negative reaction at the end of the N/DPA term is direct evidence that N/DPA mandated governance changes matter to investors.

Source quote, verbatim

We interpret the positive market reaction at BNDPAT and its negative reaction at ENDPAT as evidence that governance changes mandated by N/DPAs matter.

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

governance changes are effective and mandatory only during the N/DPA term

Classification

mechanismsupport: arguedgovernance-design

Verify

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Attestation record: colloquium/attestations/2ae8803c101c860f...json
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