# kaal:claim:2629451-033

**Claim.** Because the market reacts positively both to N/DPA announcements and to the governance improvements taking effect, the DOJ's escalation of N/DPA executions beginning in 2002 could be justified on market value grounds.

**Type.** normative  **Support.** argued

**Holds when.**

- holds to the extent market reaction is an acceptable measure of policy value

**Source quote.**

> The positive market reaction to announcements of N/DPAs and to N/DPA governance improvements at the beginning of the N/DPA term suggest that the DOJ's increase in N/DPA executions, starting in 2002, could be justified.

**From.** Wulf A. Kaal, Timothy Lacine, *Stock Price Response to Non- and Deferred Prosecution Agreements* (2015), VI. Discussion, 2. Policy Implications, 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.** compliance

**Keywords.** policy-implications, doj-enforcement, ndpa, regulatory-justification

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