# kaal:claim:2629451-032

**Claim.** Market reaction to N/DPAs is industry specific, supporting the hypothesis that investors in some industries are more sensitive to N/DPA effects than investors in others.

**Type.** empirical  **Support.** asserted

**Holds when.**

- ten industry sub-clusters identified via Morningstar categories and Russell 1000 industry indices

**Source quote.**

> We find industry-specific effects that support Hypothesis 4.

**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.** institutional-design

**Keywords.** industry-effects, hypothesis-testing, cross-sectional-variation, ndpa

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