kaal:claim:2629451-034

The study's results may be biased toward low impact N/DPAs, because firms that were acquired, merged, or went bankrupt as a result of an N/DPA had to be dropped for lack of public trading data, and those are precisely the highest impact cases.

Source quote, verbatim

It is possible that our results are skewed towards N/DPAs that had a relatively low impact on the respective entity. Because of lacking public trading data, we had to remove those firms subject to N/DPAs that were acquired, merged or went bankrupt as a result of the N/DPA execution.

From

Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015), VI. Discussion, 3. Limitations and Future Research, 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

applies to any stock price study of N/DPAs relying on continuous trading data

Classification

failuresupport: arguedfailure: survivorship-bias-excludes-highest-impact-ndpasfamily: sample-and-selection-biasempirical-evidenceresearch-methods

Verify

The quote above is an exact substring of the source PDF, whose sha256 is 507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957. Extraction method: pdf-text-layer.
Attestation record: colloquium/attestations/c5347b19e60510d6...json
Verify the binding yourself: curl -s https://wulfkaal.github.io/claims/2629451-034.md | sha256sum