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Exhibit 761

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

Exhibit 761 ยท Peer-reviewed study

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

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.

Studies Senators' common stock trades 1993-1998. Finds Senators' purchases beat the market and their sales lagged it.

Source
Ziobrowski, Cheng, Boyd and Ziobrowski, Journal of Financial and Quantitative Analysis 39(4):661-676
Date
December 2004
Quoted from
Abstract (via Crossref)
Grade
Peer-reviewed
Document
https://doi.org/10.1017/S0022109000003161
Accessed
2026-11-09
Cited by
Findings citing this exhibit

Cited by

Finding POL-4.8
Peer-reviewed A study of Senators' trades in 1993-1998 found that a portfolio copying their purchases beat the market by 85 basis points per month, and a study of House trades in 1985-2001 found that a portfolio copying their purchases beat it by 55 basis points per month.