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 "name": "Cumulative abnormal return",
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 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-017",
   "identifier": "kaal:claim:2629451-017",
   "text": "Around the DOJ announcement, N/DPA firms show a significant positive cumulative abnormal return trend before day minus five, a significant drop at day minus five, and negative CARs relative to matched competitors from day minus four to day minus one.",
   "abstract": "the CARs for N/DPA firms show a significant positive trend before t=-5, followed by a significant drop at -5 before the event date t=0 ANDPAE and negative CARs in comparison with the competitors from t=-4 to t=-1.",
   "citation": "Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451",
   "datePublished": "2015",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "94 N/DPA firms matched to 94 direct competitors by market capitalization",
    "window t=-25 to t=25 around ANDPAE"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-018",
   "identifier": "kaal:claim:2629451-018",
   "text": "After the DOJ announcement, competitor firms' cumulative abnormal returns trend negative from day zero to day twenty five while N/DPA firms' CARs continue on a neutral to positive trend.",
   "abstract": "Figure 2a demonstrates that while the competitor CARs show a negative trend from t=0 to t=25, the neutral/positive trend in N/DPA firms' CARs continues from t=0 to t=25.",
   "citation": "Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451",
   "datePublished": "2015",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "matched competitor sample of 94 firms",
    "post-announcement window t=0 to t=25"
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-021",
   "identifier": "kaal:claim:2629451-021",
   "text": "Immediately before the N/DPA term becomes effective, from day minus three to day minus one, the market prices the onset of the term as a negative event.",
   "abstract": "suggests that the market assesses the impact of the beginning of the N/DPA term as a negative event immediately before the N/DPAs become effective from t=-3 to t=-1.",
   "citation": "Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451",
   "datePublished": "2015",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "window immediately preceding BNDPAT"
   ],
   "source_pdf_sha256": "507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957",
   "status": "current"
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  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-022",
   "identifier": "kaal:claim:2629451-022",
   "text": "From the first day of the N/DPA term through day twenty five, the period in which mandated governance improvements are in force, the market prices the N/DPA as a positive event for the firm.",
   "abstract": "BNDPAT t=0 and from t=0 to t=25, when N/DPA governance improvements are in effect, Figures 3 and 3a show that the market assesses such N/DPAs as a positive event for the respective entity.",
   "citation": "Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451",
   "datePublished": "2015",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "window t=0 to t=25 after BNDPAT",
    "period during which N/DPA governance improvements are in effect"
   ],
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   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-023",
   "identifier": "kaal:claim:2629451-023",
   "text": "The sign of the market reaction reverses at the end of the N/DPA term: where the announcement and the start of the term produce positive CARs, the end of the term produces negative CARs at day zero and from day one through day fifteen.",
   "abstract": "Unlike ANDPAE and BNDPAT that show positive CARs for N/DPA firms, at ENDPAT N/DPA firms show negative CARs at t=0 and from t=1 to t=15.",
   "citation": "Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451",
   "datePublished": "2015",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "59 firm ENDPAT sample excluding terms ending on non-trading days",
    "1993 to 2015"
   ],
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   "status": "current"
  }
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 "description": "5 claims in the published works of Wulf A. Kaal carry the concept tag 'cumulative-abnormal-return'. Derived node: a roster, not an adjudicated definition."
}