# kaal:claim:2629451-034

**Claim.** 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.

**Type.** failure  **Support.** argued

**Holds when.**

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

**Source quote.**

> 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, 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

**Failure mode.** survivorship-bias-excludes-highest-impact-ndpas  (family: sample-and-selection-bias)

**Topics.** empirical-evidence, research-methods

**Keywords.** survivorship-bias, sample-selection, limitations, event-study

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