Article(electronic)#1August 1980
American Images of Asia: Myth and Reality
In: Social studies: a periodical for teachers and administrators, Volume 71, Issue 4, p. 184-190
ISSN: 2152-405X
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Book chapter(electronic)#2
Trading as a U.S. Water Quality Management Tool: Prospects for a Market Alternative
In: Advances in the Economics of Environmental Resources; Ecological Economics of Sustainable Watershed Management, p. 385-407
Article(electronic)#3April 2011
Abnormal Returns From the Common Stock Investments of Members of the U.S. House of Representatives
In: Business and politics: B&P, Volume 13, Issue 1, p. 1-22
ISSN: 1469-3569
A previous study suggests that U.S. Senators trade common stock with a substantial informational advantage compared to ordinary investors and even corporate insiders. We apply precisely the same methods to test for abnormal returns from the common stock investments of Members of the U.S. House of Representatives. We measure abnormal returns for more than 16,000 common stock transactions made by approximately 300 House delegates from 1985 to 2001. Consistent with the study of Senatorial trading activity, we find stocks purchased by Representatives also earn significant positive abnormal returns (albeit considerably smaller returns). A portfolio that mimics the purchases of House Members beats the market by 55 basis points per month (approximately 6% annually).
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