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

CFA Digest ◽  
2005 ◽  
Vol 35 (3) ◽  
pp. 74-74
Author(s):  
Stephen M. Horan
Keyword(s):  
Abnormal Returns ◽  
Common Stock ◽  
The Common ◽  
Stock Investments ◽  
The U.S

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

2004 ◽  
Vol 39 (4) ◽  
pp. 661-676 ◽  
Author(s):  
Alan J. Ziobrowski ◽  
Ping Cheng ◽  
James W. Boyd ◽  
Brigitte J. Ziobrowski
Keyword(s):  
Financial Markets ◽  
Federal Government ◽  
Abnormal Returns ◽  
Common Stock ◽  
Decision Making Process ◽  
Government Decision ◽  
The Common ◽  
The Government ◽  
Stock Investments ◽  
The U.S

AbstractThe actions of the federal government can have a profound impact on financial markets. As prominent participants in the government decision making process, U.S. Senators are likely to have knowledge of forthcoming government actions before the information becomes public. This could provide them with an informational advantage over other investors. We test for abnormal returns from the common stock investments of members of the U.S. Senate during the period 1993–1998. 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. The large difference in the returns of stocks bought and sold (nearly one percentage point per month) is economically large and reliably positive.

scholarly journals Abnormal Returns From the Common Stock Investments of Members of the U.S. House of Representatives

2011 ◽  
Vol 13 (1) ◽  
pp. 1-22 ◽  
Author(s):  
Alan J. Ziobrowski ◽  
James W. Boyd ◽  
Ping Cheng ◽  
Brigitte J. Ziobrowski
Keyword(s):  
House Of Representatives ◽  
Abnormal Returns ◽  
Common Stock ◽  
Trading Activity ◽  
Corporate Insiders ◽  
The Common ◽  
Stock Investments ◽  
The U.S ◽  
Informational Advantage

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).

scholarly journals Europe Abhors Donald Trump: The Opinion on the 2020 U.S. Presidential Elections and Their Candidates in the European Newspapers

2021 ◽  
pp. 000276422110055
Author(s):  
Marçal Sintes-Olivella ◽  
Pere Franch ◽  
Elena Yeste-Piquer ◽  
Klaus Zilles
Keyword(s):  
Qualitative Methodology ◽  
Election Campaign ◽  
Donald Trump ◽  
Presidential Debates ◽  
White House ◽  
The United Kingdom ◽  
European Public ◽  
The Media ◽  
The Common ◽  
The U.S

What is the opinion held by the European press on the U.S. election campaign and the candidates running for president? What are the predominant issues that attract the attention of European print media? Does Europe detest Donald Trump? The objective of the present study is to analyze the perception European commentators had of the 2020 race for the White House. The media, the audience, and European governments were captivated more than ever before by how the U.S. election campaign unfolded, fixing their gaze on the contest between Donald Trump and Joe Biden. Through a combined quantitative and qualitative methodology, a combination of content analysis and the application of framing theory (hitherto scarcely applied to opinion pieces), our research centers on exploring the views, opinions, and analyses published in eight leading newspapers from four European countries (France, Germany, Spain, and the United Kingdom) as expressed in their editorials and opinion articles. This study observes how the televised presidential debates were commented on, interpreted, and assessed by commentators from the eight newspapers we selected. The goal was to identify the common issues and frames that affected European public opinion on the U.S. presidential campaign and the aspirants to the White House.

Reliability of Regulating Artificial Intelligence to Restrain Cartelization: A Libertarian Approach

2021 ◽  
Vol 0 (0) ◽  
Author(s):  
Matin Pedram
Keyword(s):  
Artificial Intelligence ◽  
Building Block ◽  
Common Good ◽  
Market Process ◽  
Executive Order ◽  
The Common Good ◽  
Government Interference ◽  
The Common ◽  
The U.S

Abstract Competition is building block of any successful economy, while a cartelized economy is against the common good of society. Nowadays, developing artificial intelligence (AI) and its plausibility to foster cartels persuade governments to revitalize their interference in the market and implement new regulations to tackle AI implications. In this sense, as pooling of technologies might enable cartels to impose high prices and violate consumers’ rights, it should be restricted. By contrast, in the libertarian approach, cartels’ impacts are defined by government interference in the market. Accordingly, it is irrational to rely on a monopolized power called government to equilibrate a cartelized market. This article discusses that AI is a part of the market process that should be respected, and a restrictive or protective approach such as the U.S. government Executive Order 13859 is not in line with libertarian thought and can be a ladder to escalate the cartelistic behaviors.

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