| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26975 |
| 来源ID | Working Paper 26975 |
| Relief Rally: Senators As Feckless As the Rest of Us at Stock Picking | |
| William Belmont; Bruce Sacerdote; Ranjan Sehgal; Ian Van Hoek | |
| 发表日期 | 2020-04-13 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We examine the stock trading behavior and returns of U.S. senators from 2012-March 2020. Stocks purchased by senators on average slightly underperform stocks in the same industry and size (market cap) categories by 11 basis points, 28 basis points and 17 basis points at the 1, 3, and 6-month time horizons. Stocks sold by senators underperform slightly for the first three months and then outperform slightly (a statistically insignificant 14 basis points) at the one year mark. We find no evidence that senators have industry specific stock picking ability related to their committee assignments. Neither Republican nor Democratic senators are skilled at picking stocks to buy, while stocks sold by Republican senators underperform by 50 basis points over three months. Stocks sold following the January 24th COVID-19 briefing do underperform the market by a statistically significant 9 percent while stocks purchased during this period underperform by 3 percent. Our findings contrast somewhat with recent news reports and studies of pre-STOCK Act (2012) returns, though are consistent with Eggers and Hainmueller (2013). |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w26975 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584647 |
| 推荐引用方式 GB/T 7714 | William Belmont,Bruce Sacerdote,Ranjan Sehgal,et al. Relief Rally: Senators As Feckless As the Rest of Us at Stock Picking. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26975.pdf（527KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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