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Exhibit 763

Capitol Losses: The Mediocre Performance of Congressional Stock Portfolios

Exhibit 763 · Peer-reviewed study

Capitol Losses: The Mediocre Performance of Congressional Stock Portfolios

Second, we conduct the first analysis of members’ portfolio holdings, showing that between 2004 and 2008 the average member of Congress would have earned higher returns in a passive index fund.

Reinterprets the 1985-2001 studies, analyzes 2004-2008 trades, and analyzes portfolio holdings. Finds no information advantage in either period and lower returns than an index fund for the average member in 2004-2008.

Source
Eggers and Hainmueller, Journal of Politics 75(2):535-551
Date
April 2013
Quoted from
Abstract (LSE Research Online copy)
Grade
Peer-reviewed
Document
https://doi.org/10.1017/S0022381613000194
Accessed
2026-11-09
Cited by
Findings citing this exhibit

Cited by

Finding POL-4.10
Peer-reviewed Eggers and Hainmueller (2013) found no information advantage in 1985-2001 or 2004-2008 and found that the average member's 2004-2008 portfolio would have earned more in an index fund, and Belmont and colleagues (2022) found no superior performance in 2012-2020, including among senators accused of informed trading.