{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/governance-durability",
 "identifier": "kaal:entity:governance-durability",
 "name": "Governance durability",
 "termCode": "governance-durability",
 "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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   "value": 2
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   "value": [
    "2015",
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-006",
   "identifier": "kaal:claim:2629451-006",
   "text": "Investors treat the expiration of an N/DPA term as a negative event for the firm.",
   "abstract": "Inversely, our results suggest that investors see the expiry of applicable N/DPA terms as a negative event.",
   "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": [
    "end of N/DPA term date, ENDPAT",
    "reduced sample of 59 firms where the end date fell on a trading day"
   ],
   "source_pdf_sha256": "507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2629451-024",
   "identifier": "kaal:claim:2629451-024",
   "text": "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.",
   "abstract": "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.",
   "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 t=1 to t=15 after ENDPAT"
   ],
   "source_pdf_sha256": "507404d641abb922ab6d8e3a0b032e35ead2befd7b88746d09d178a8fa816957",
   "status": "current"
  }
 ],
 "description": "2 claims in the published works of Wulf A. Kaal carry the concept tag 'governance-durability'. Derived node: a roster, not an adjudicated definition."
}