{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/fines",
 "identifier": "kaal:entity:fines",
 "name": "Fines",
 "termCode": "fines",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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 "sha256": "0eba22a416e89710ad4b15b2b37734aaa1263f0ad74edf531671aed31196b066",
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   "name": "status",
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   "value": 2
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   "@type": "PropertyValue",
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   "value": [
    "2015",
    "2015"
   ]
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-003",
   "identifier": "kaal:claim:2629451-003",
   "text": "Investor response to N/DPAs is not uniform: it varies with the firm's industry, the severity of the financial fine, and the extent of the governance improvements the N/DPA mandates.",
   "abstract": "We also find that investor's response differs depending on the industry and severity of financial fines and N/DPA mandated governance improvements.",
   "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": [
    "ten industry sub-clusters in the sample",
    "partitions relative to median fines and median governance intensity"
   ],
   "source_pdf_sha256": "507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-019",
   "identifier": "kaal:claim:2629451-019",
   "text": "The negative pricing of N/DPA firms immediately before the announcement reflects the market's negative assessment of the agreement and its associated fines, plausibly driven by uncertainty in the days before the announcement resolves it.",
   "abstract": "This data suggests that the market assesses the impact of the N/DPA and the often associated fines negatively immediately before the announcement of the N/DPA execution, which could be a function of market uncertainty before the N/DPA announcement.",
   "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": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "days immediately preceding ANDPAE"
   ],
   "source_pdf_sha256": "507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'fines'. Derived node: a roster, not an adjudicated definition."
}