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Abnormal Returns from the Common Stock Investments of the U.S. Senate

Study of U.S. senators’ stock trades, 1993–1998, by Alan Ziobrowski and others, in the Journal of Financial and Quantitative Analysis, December 2004.

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Dates
Dec 2004
Also known as
Ziobrowski Senate study
The debate

What it found

We document that a portfolio that mimics the purchases of U.S. Senators beats the market by 85 basis points per month, while a portfolio that mimics the sales of Senators lags the market by 12 basis points per month.1

Who disputes it

Each side is quoted in its own words. Whether a finding holds is not decided here.

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Timeline 3 dates
  1. Dec 2004 Abnormal Returns from the Common Stock Investments of the U.S. Senate
  2. Dec 2004 Alan J. Ziobrowski authored Abnormal Returns from the Common Stock Investments of the U.S. Senate
  3. Apr 2013 Capitol Losses: The Mediocre Performance of Congressional Stock Portfolios disputes a finding of Abnormal Returns from the Common Stock Investments of the U.S. Senate According to Capitol Losses: The Mediocre Performance of Congressional Stock Portfolios
Proof 4 sources
  1. Abnormal Returns from the Common Stock Investments of the U.S. Senate (abstract), Journal of Financial and Quantitative Analysis, via IDEAS/RePEc, Dec 2004. Scholarship & press
    We document that a portfolio that mimics the purchases of U.S. Senators beats the market by 85 basis points per month, while a portfolio that mimics the sales of Senators lags the market by 12 basis points per month.
    Ziobrowski, Alan J. & Cheng, Ping & Boyd, James W. & Ziobrowski, Brigitte J., 2004.
  2. Capitol losses: the mediocre performance of Congressional stock portfolios (abstract), Journal of Politics, via LSE Research Online, Apr 2013. Scholarship & press
    We call this consensus into question.
  3. Capitol Losses: The Mediocre Performance of Congressional Stock Portfolios, 2004-2008 (working paper, December 2011), Authors’ working paper, hosted at MIT, 2 Dec 2011. Scholarship & press
    just four senators account for nearly half of the trades, and therefore high performance by just a few individuals could explain the aggregate results.
  4. Abnormal Returns from the Common Stock Investments of the U.S. Senate (full text, scanned), Journal of Financial and Quantitative Analysis, copy hosted by Consumer Watchdog, Dec 2004. Scholarship & press
    It should be noted that these results should not be used to infer illegal activity.
    We find no reliable differences between the returns earned by Democrats and Republicans
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