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"Wit beyond measure is man's greatest treasure."
Friday, February 27, 2004
Check Bush, Cheney,and Rummy, too!
Senators' stocks often outperform market
FT February 24 2004
US senators' personal stock portfolios outperformed the market by an average of 12 per cent a year in the five years to 1998, according to a new study.
"The results clearly support the notion that members of the Senate trade with a substantial informational advantage over ordinary investors," says the author of the report, Professor Alan Ziobrowski of the Robinson College of Business at Georgia State University.
There was no difference in performance between Democrats and Republicans.
The Ziobrowski study notes that the politicians' timing of transactions is uncanny. Most stocks bought by senators had shown little movement before the purchase. But after the stock was bought, it outperformed the market by 28.6 per cent on average in the following calender year.
Returns on sell transactions are equally intriguing. Stocks sold by senators performed in line with the market the year following the sale.
Senators' stocks often outperform market
FT February 24 2004
US senators' personal stock portfolios outperformed the market by an average of 12 per cent a year in the five years to 1998, according to a new study.
"The results clearly support the notion that members of the Senate trade with a substantial informational advantage over ordinary investors," says the author of the report, Professor Alan Ziobrowski of the Robinson College of Business at Georgia State University.
There was no difference in performance between Democrats and Republicans.
The Ziobrowski study notes that the politicians' timing of transactions is uncanny. Most stocks bought by senators had shown little movement before the purchase. But after the stock was bought, it outperformed the market by 28.6 per cent on average in the following calender year.
Returns on sell transactions are equally intriguing. Stocks sold by senators performed in line with the market the year following the sale.
