# Fines

`kaal:entity:fines`

**Status.** derived

This node is assembled mechanically from the 2 claims that carry the concept tag `fines`. 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

2 claims across 1 works, 2015 to 2015.

**2015**

- [2629451-003](https://wulfkaal.github.io/claims/2629451-003) [empirical/evidenced] -- 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.
  > We also find that investor's response differs depending on the industry and severity of financial fines and N/DPA mandated governance improvements.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451
- [2629451-019](https://wulfkaal.github.io/claims/2629451-019) [mechanism/argued] -- 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.
  > 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.
  Wulf A. Kaal, Timothy Lacine, Stock Price Response to Non- and Deferred Prosecution Agreements (2015). SSRN: https://ssrn.com/abstract=2629451

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/fines.md | sha256sum

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