Study finds US senators are lousy stock pickers [MSN Money]
Citrix Systems, Inc. (CTXS)
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Source: MSN Money
© REUTERS/Joshua RobertsReports that two U.S. sators sold stocks just before the March market crash, likely trading on information about the severity of the pandemic that members of the public didn’t know, have drawn criticism.Load ErrorBut a new academic paper shows that sators’ trad — both purchas and sal — of stocks mostly underperform the broader market. What’s more, the rearchers find that sators’ committee assignmts don’t help them realize greater returns on trad in those particular industri. “Perhaps not surprisingly, we find only limited evidce that sators display stock picking prows,” they conclude.Inthe paperPast rearch has showed that before the legislation, known as the STOCK Act, portfolios held by sators did better than the broader market nearly % of the time.“The literature supports the hypothis that prior to the passage of the STOCK Act members of Congrs were leveraging their privileged positions in order to achieve superior financial returns,” the Dartmouth rearchers
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