{"id":"https://openalex.org/W2116571339","doi":"https://doi.org/10.2202/1469-3569.1308","title":"Abnormal Returns From the Common Stock Investments of Members of the U.S. House of Representatives","display_name":"Abnormal Returns From the Common Stock Investments of Members of the U.S. House of Representatives","publication_year":2011,"publication_date":"2011-04-01","ids":{"openalex":"https://openalex.org/W2116571339","doi":"https://doi.org/10.2202/1469-3569.1308","mag":"2116571339"},"language":"en","primary_location":{"id":"doi:10.2202/1469-3569.1308","doi":"https://doi.org/10.2202/1469-3569.1308","is_oa":false,"landing_page_url":"https://doi.org/10.2202/1469-3569.1308","pdf_url":null,"source":{"id":"https://openalex.org/S99707577","display_name":"Business and Politics","issn_l":"1369-5258","issn":["1369-5258","1469-3569"],"is_oa":false,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-c","anvur-class-a","anvur-scientific","cwts-core","doaj","erih-plus","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Business and Politics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5111788136","display_name":"Alan J. Ziobrowski","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I181565077","display_name":"Georgia State University","ror":"https://ror.org/03qt6ba18","country_code":"US","type":"education","lineage":["https://openalex.org/I181565077"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Alan J. Ziobrowski","raw_affiliation_strings":["Georgia State University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Georgia State University","institution_ids":["https://openalex.org/I181565077"]}]},{"author_position":"middle","author":{"id":null,"display_name":"James W. Boyd","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I98865867","display_name":"Lindenwood University","ror":"https://ror.org/01qf95793","country_code":"US","type":"education","lineage":["https://openalex.org/I98865867"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"James W. Boyd","raw_affiliation_strings":["Lindenwood University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Lindenwood University","institution_ids":["https://openalex.org/I98865867"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5103650213","display_name":"Ping Cheng","orcid":"https://orcid.org/0009-0005-3288-5469","observed_orcids":["https://orcid.org/0009-0005-3288-5469"]},"institutions":[{"id":"https://openalex.org/I63772739","display_name":"Florida Atlantic University","ror":"https://ror.org/05p8w6387","country_code":"US","type":"education","lineage":["https://openalex.org/I63772739"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Ping Cheng","raw_affiliation_strings":["Florida Atlantic University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Florida Atlantic University","institution_ids":["https://openalex.org/I63772739"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5050320332","display_name":"Brigitte J. Ziobrowski","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I25041050","display_name":"Augusta University","ror":"https://ror.org/012mef835","country_code":"US","type":"education","lineage":["https://openalex.org/I25041050"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Brigitte J. Ziobrowski","raw_affiliation_strings":["Augusta State University"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Augusta State University","institution_ids":["https://openalex.org/I25041050"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":4,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":3550,"currency":"USD","value_usd":3550},"apc_paid":null,"fwci":6.521,"has_fulltext":false,"cited_by_count":79,"citation_normalized_percentile":{"value":0.96502381,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"13","issue":"1","first_page":"1","last_page":"22"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12225","display_name":"Political Influence and Corporate Strategies","score":9.999999747378752e-05,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/abnormal-returns","display_name":"abnormal returns","score":0.6919999718666077},{"id":"https://openalex.org/keywords/u-s-house-of-representatives","display_name":"United States House of Representatives","score":0.7820000052452087},{"id":"https://openalex.org/keywords/insider-trading","display_name":"insider trading","score":0.7770000100135803},{"id":"https://openalex.org/keywords/informational-advantage","display_name":"information advantage","score":0.6439999938011169},{"id":"https://openalex.org/keywords/portfolio-performance","display_name":"portfolio performance","score":0.41200000047683716},{"id":"https://openalex.org/keywords/political-influence-on-markets","display_name":"political influence on markets","score":0.35100001096725464}],"concepts":[{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.7582030296325684},{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6309123635292053},{"id":"https://openalex.org/C35138590","wikidata":"https://www.wikidata.org/wiki/Q1081659","display_name":"Common stock","level":3,"score":0.5939623713493347},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.46824896335601807},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.44021591544151306},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.4341880977153778},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.43207159638404846},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3280327320098877},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.05908483266830444},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.05896899104118347},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.2202/1469-3569.1308","doi":"https://doi.org/10.2202/1469-3569.1308","is_oa":false,"landing_page_url":"https://doi.org/10.2202/1469-3569.1308","pdf_url":null,"source":{"id":"https://openalex.org/S99707577","display_name":"Business and Politics","issn_l":"1369-5258","issn":["1369-5258","1469-3569"],"is_oa":false,"is_in_doaj":true,"is_core":true,"listed_in":["abdc-c","anvur-class-a","anvur-scientific","cwts-core","doaj","erih-plus","fnege-4","jufo-1","norway-1","poland-40","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310311721","host_organization_name":"Cambridge University Press","host_organization_lineage":["https://openalex.org/P4310311721","https://openalex.org/P4310311702"],"host_organization_lineage_names":["Cambridge University Press","University of Cambridge"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Business and Politics","raw_type":"journal-article"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.496.3900","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.496.3900","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://insidertrading.procon.org/sourcefiles/abnormal.pdf","raw_type":"text"},{"id":"pmh:oai:RePEc:cup:buspol:v:13:y:2011:i:01:p:1-22_00","doi":null,"is_oa":false,"landing_page_url":"https://www.cambridge.org/core/product/identifier/S1369525800003156/type/journal_article","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/17","score":0.5699999928474426,"display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":17,"referenced_works":["https://openalex.org/W1971432209","https://openalex.org/W1979436160","https://openalex.org/W1995834279","https://openalex.org/W2029056003","https://openalex.org/W2029095630","https://openalex.org/W2083148578","https://openalex.org/W2098630070","https://openalex.org/W2111255674","https://openalex.org/W2111675806","https://openalex.org/W2116988722","https://openalex.org/W2125520394","https://openalex.org/W2131773668","https://openalex.org/W2136120210","https://openalex.org/W3123753686","https://openalex.org/W4231546411","https://openalex.org/W4239488419","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W630892679","https://openalex.org/W2111675806","https://openalex.org/W3036170424","https://openalex.org/W7217862683","https://openalex.org/W2523181601","https://openalex.org/W3123722961","https://openalex.org/W2594048934","https://openalex.org/W4210629287","https://openalex.org/W2581806107","https://openalex.org/W189478858"],"abstract_inverted_index":{"A":[0,92],"previous":[1],"study":[2,71],"suggests":[3],"that":[4,94],"U.S.":[5,43],"Senators":[6],"trade":[7],"common":[8,36,55],"stock":[9,37,56],"with":[10,69],"a":[11],"substantial":[12],"informational":[13],"advantage":[14],"compared":[15],"to":[16,29,66],"ordinary":[17],"investors":[18],"and":[19],"even":[20],"corporate":[21],"insiders.":[22],"We":[23,47],"apply":[24],"precisely":[25],"the":[26,35,42,70,96,102],"same":[27],"methods":[28],"test":[30],"for":[31,51],"abnormal":[32,49,86],"returns":[33,50,87],"from":[34,64],"investments":[38],"of":[39,41,45,72,98],"Members":[40,100],"House":[44,62,99],"Representatives.":[46],"measure":[48],"more":[52],"than":[53],"16,000":[54],"transactions":[57],"made":[58],"by":[59,80,104],"approximately":[60],"300":[61],"delegates":[63],"1985":[65],"2001.":[67],"Consistent":[68],"Senatorial":[73],"trading":[74],"activity,":[75],"we":[76],"find":[77],"stocks":[78],"purchased":[79],"Representatives":[81],"also":[82],"earn":[83],"significant":[84],"positive":[85],"(albeit":[88],"considerably":[89],"smaller":[90],"returns).":[91],"portfolio":[93],"mimics":[95],"purchases":[97],"beats":[101],"market":[103],"55":[105],"basis":[106],"points":[107],"per":[108],"month":[109],"(approximately":[110],"6%":[111],"annually).":[112]},"counts_by_year":[{"year":2026,"cited_by_count":4},{"year":2025,"cited_by_count":6},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":5},{"year":2022,"cited_by_count":6},{"year":2021,"cited_by_count":12},{"year":2020,"cited_by_count":7},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":6},{"year":2017,"cited_by_count":9},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":5},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}