NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Ranjan Sehgal

6106 Rockefeller
Dartmouth College
Hanover, NH 03755

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
Institutional Affiliation: Dartmouth College

NBER Working Papers and Publications

April 2020Relief Rally: Senators As Feckless As the Rest of Us at Stock Picking
with William Belmont, Bruce Sacerdote, Ian Van Hoek: w26975
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 Ja...
 
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