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).

Where We Are, and How We Got Here

2001 ◽  
Author(s):  
William M. Lewis
Keyword(s):  
North America ◽  
Federal Government ◽  
Public Attitude ◽  
The Common ◽  
The Law ◽  
The Government ◽  
Definition Of ◽  
Free People ◽  
Wetland Regulation ◽  
Wetland Policy

English is a subtle language with many words that offer fine shades of meaning, but it also can be blunt and unequivocal. Dictionaries were not made for words such as hairdo, ballpark, or pigpen. The law, however, as practiced by Americans, can mutate the meaning of even the humblest word. If the law concerns itself with pigpens, then we must know whether a pigpen still exists when the pigs are removed and, if so, for how long. We must know if a pen originally built for cattle can become a pigpen if occupied by pigs and if pigpens are the same in all parts of the nation. In short, we must have federal guidance, regional interpretations, legal specialists, and technical authorities on pigpens. So it is with wetlands. The chapters of this book will show how troublesome the definition of wetlands has become since the federal government began regulating them. In the meantime, it will suffice to define wetlands informally as those portions of a landscape that are not permanently inundated under deep water, but are still too wet most years to be used for the cultivation of upland crops such as corn or soybeans. Wetlands, in other words, coincide pretty well with the common conception of swamps, marshes, and bogs. Government has had its hand in wetlands for about 150 years. Between the 1850s and 1970s, the federal government was intent on eliminating wetlands. Since then, it has been equally intent on preserving them. An individual who behaved in this manner would seem at least irresponsible. Many critics of federal wetland policy have in fact given the government a sound thrashing for its inconsistency, but the shift from elimination to protection of wetlands has continued nevertheless. Blaming government is the duty of a free people, and also good sport. Even so, the obvious truth about wetland regulation is that government has merely reflected a change in public attitude toward wetlands. Most Americans now believe that wetlands should be saved throughout the nation, except possibly on their own property. Americans did not always feel this way. Most European colonists of North America came from homelands that were essentially tame.

The Duty to Consult and Accommodate Aboriginal Peoples: A Primer for Ontario Surveyors Working in Resources Development

GEOMATICA ◽  
2014 ◽  
Vol 68 (1) ◽  
pp. 15-24 ◽  
Author(s):  
H.W. Roger Townshend ◽  
Michael McClurg
Keyword(s):  
Resource Development ◽  
Aboriginal Peoples ◽  
Resource Extraction ◽  
Government Decision ◽  
The Common ◽  
The Government ◽  
Aboriginal Law ◽  
Natural Resource Development ◽  
Common Understanding

Aboriginal law has developed to require Aboriginal peoples to be “consulted and accommodated” if their rights may be impacted by a government decision, including a government permit or approval of a project of a private proponent. For example, hunting rights often exist throughout a First Nation’s treaty or traditional territory (i.e. far beyond the limits of reserves), and the duty to consult and accommodate can be triggered by mining and other resource development. Contrary to the common understanding of some of those unfamiliar with this area of law, this duty applies not only to activities undertaken under federal authorization, but also to those under provincial authorization. The Crown’s “duty to consult and accommodate” Aboriginal peoples has become a central theme in the discussion of natural resource development in Canada. In response to various decisions of Canadian courts, the Government of Ontario significantly overhauled its Mining Act in 2009 to provide for some consultation with Aboriginal communities. Those changes came in to effect in the spring of 2013. This paper will describe the constitutional duty to consult as it has been described and elaborated on by courts in Canada and some of the implications it has for resource extraction in Ontario. It will then undertake a case study discussing Ontario’s attempt to respond to its duty to consult by amending the Mining Act regime. Finally, the paper will consider the flaws in the Mining Act and the reasons that exploration companies and surveyors working for them should be prudent and pro-active when undertaking intrusive activities in the traditional territories of Aboriginal peoples.

Addressing the U.S. Federal Government Financial Crisis

2013 ◽  
pp. 729-749
Author(s):  
William S. Boddie
Keyword(s):  
Financial Crisis ◽  
Federal Government ◽  
Enterprise Architecture ◽  
Operating Costs ◽  
Enterprise Management ◽  
Management Approach ◽  
National Debt ◽  
Improved Performance ◽  
The Government ◽  
The U.S

The United States (U.S.) Federal Government is in an extreme financial crisis. The U.S. national debt is $14T and the national deficit is $1.3T. The U.S. Government seeks to improve government-wide performance, reduce operating costs, reduce the national debt, and reduce the national deficit. If the U.S. Government continues its current enterprise management approach, the national debt and national deficit could become greater and the Government could default on its debt. The DoD institutionalized a Business Mission Area Enterprise Architecture (EA) and improved performance and reduced operating costs. Leaders in the DoD leveraged an EA-based approach to improve department-wide performance and reduce costs in selected instances. This chapter proposes that the DoD institutionalize an EA-based approach to improve department-wide performance, reduce operating costs, reduce the national debt, and reduce the national deficit.

scholarly journals Politiques canadiennes de l’énergie et libre-échange – ou le sacrifice d’Iphigénie

2005 ◽  
Vol 19 (1) ◽  
pp. 5-32
Author(s):  
Michel Duquette
Keyword(s):  
Federal Government ◽  
Energy Policy ◽  
Free Trade ◽  
Energy Industry ◽  
The Us ◽  
Canadian Nationalism ◽  
The Government ◽  
National Reconciliation ◽  
The U.S ◽  
Made In

This study looks into the federal government' s relinquishment of its 1980 energy policy known as the National Energy Programme. Such a sacrifice was made in the name of free trade between Canada and the U.S. Indeed, it is suggested that for the Conservatives, their deregulation of the energy industry for the sake of the economic integration of North America has served as the very proof of free trade. Hence also the end of the Foreign Investment Review Agency symbol of Canadian nationalism. For the free trade negotiations to be concluded, Ottawa needs to establish a common front with the provinces. This new context is in agreement with the "national reconciliation" policy extolled by the Tories soon after they came to power. In the name of a more decentralized Federation, they would surrender much in order to stimulate trade between the regions and the American market. This appears to them as the best way to boost the economy to a point which is already reached by our neighbours in the south. Thus the two projects, i.e. a complete redefinition of the energy policy and rapprochement with Washington, are being seen through simultaneously, in a spirit of compromise. In handing over to the provinces the administration of their off shore territories, and going as far even as to promote their traditional stance regarding the canadian energy policy, Alberta being a case in point, the government espouses a particular style of relationship with the industry. So as to bring Canada to par with current practices in the U.S., it brings forth its objective of "privatisation" which is in accordance with the neo-conservative credo: the subsidization of industry, deregulation, sharing out of the energy industry to the advantage of the private sector, the eventual privatization of Petro Canada. In this study, a first framework for analysis of those phenomena, with regard to the current negotiations between Canada and the US, is proposed.

scholarly journals PUBLIC SECTOR ACCOUNTABILITY – EVIDENCE FROM THE AUDITOR GENERAL’S REPORTS

2017 ◽  
Vol 16 (2) ◽  
pp. 231 ◽  
Author(s):  
Juliana Shariman ◽  
Anuar Nawawi ◽  
Ahmad Saiful Azlin Puteh Salin
Keyword(s):  
Public Sector ◽  
Federal Government ◽  
Asset Management ◽  
Secondary Data ◽  
Civil Servants ◽  
General Report ◽  
The Common ◽  
The Government

This study aimed to identify the common issues frequently raised in the Auditor General’s reports and to investigate whether the levels of inefficiencies quoted in the Auditor General’s reports keep increasing or decreasing during the period of investigation. This study was based on the secondary data of Auditor’s General report and was supported with feedback reports received from the ministry, department, state, and agency of the government. This study found that not in compliance with procedures recorded the highest issues highlighted in the Auditor General’s report, followed by the procurement and asset management. In addition, all the issues showed a decreasing trend for both federal government and statutory bodies, indicated an improvement in the efficiencies of management and higher accountability have been demonstrated by the civil servants.

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