# Cumulative abnormal return

`kaal:entity:cumulative-abnormal-return`

**Status.** derived

This node is assembled mechanically from the 5 claims that carry the concept tag `cumulative-abnormal-return`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

5 claims across 1 works, 2015 to 2015.

**2015**

- [2629451-017](https://wulfkaal.github.io/claims/2629451-017) [empirical/evidenced] -- 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.
  > 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.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451
- [2629451-018](https://wulfkaal.github.io/claims/2629451-018) [empirical/evidenced] -- 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.
  > 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.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451
- [2629451-021](https://wulfkaal.github.io/claims/2629451-021) [empirical/evidenced] -- 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.
  > 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.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451
- [2629451-022](https://wulfkaal.github.io/claims/2629451-022) [empirical/evidenced] -- 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.
  > 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.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451
- [2629451-023](https://wulfkaal.github.io/claims/2629451-023) [empirical/evidenced] -- 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.
  > 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.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451

## Verify

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