# kaal:claim:2629451-030

**Claim.** 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.

**Type.** mechanism  **Support.** argued

**Holds when.**

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

**Source quote.**

> 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, 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.** governance-design

**Keywords.** mandated-governance, firm-value, ndpa, investor-reaction

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