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“Captain Gains” on Capitol Hill

NBER working paper by Shang-Jin Wei and Yifan Zhou, November 2025, on the trades of members who later became congressional leaders.

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Dates
Nov 2025
The debate

What it found

lawmakers who later ascend to leadership positions perform similarly to matched peers beforehand but outperform them by 47 percentage points annually after ascension.1

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Timeline 2 dates
  1. Nov 2025 “Captain Gains” on Capitol Hill
  2. Nov 2025 Shang-Jin Wei authored “Captain Gains” on Capitol Hill
Proof 1 source
  1. “Captain Gains” on Capitol Hill (NBER Working Paper 34524), National Bureau of Economic Research, Nov 2025. Scholarship & press
    lawmakers who later ascend to leadership positions perform similarly to matched peers beforehand but outperform them by 47 percentage points annually after ascension.
    "CAPTAIN GAINS" ON CAPITOL HILL Shang-Jin Wei Yifan Zhou Working Paper 34524
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