# Endpat

`kaal:entity:endpat`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `endpat`. 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

3 claims across 1 works, 2015 to 2015.

**2015**

- [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
- [2629451-024](https://wulfkaal.github.io/claims/2629451-024) [mechanism/argued] -- Negative returns after the end of the N/DPA term are evidence that investors regard the expiration of the term, and the consequent unenforceability of the associated governance improvements, as bad news for the firm.
  > We interpret the negative N/DPA firms' CARs from t=1 to t=15 in Figures 4 and 4a as evidence that investors see the expiration of the N/DPA term and the expiration and following unenforceability of associated governance improvements as a negative 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
- [2629451-028](https://wulfkaal.github.io/claims/2629451-028) [mechanism/argued] *(failure mode)* -- The negative market reaction at the end of the N/DPA term is the market acknowledging that suboptimal governance practices are likely to resume once the term expires.
  > In turn, we interpret the negative market reaction at ENDPAT in Figures 4 and 4a as the market's acknowledgment that post N/DPA term expiration suboptimal governance practices are likely to continue
  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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    curl -s https://wulfkaal.github.io/entities/endpat.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.