About: Did Congress trade ahead? Considering the reaction of US industries to COVID-19

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An Entity of Type : schema:ScholarlyArticle, within Data Space : covidontheweb.inria.fr associated with source document(s)

Attributes	Values
type	Academic Article research paper schema:ScholarlyArticle
isDefinedBy	Covid-on-the-Web dataset
has title	Did Congress trade ahead? Considering the reaction of US industries to COVID-19
Creator	Donadelli, Michael Edmans, ; Elyas, Iqbal Elyasiani, ; Garcia, Diego Gerotto, Luca Mansur, Babatunde Norli, Øyvind Odusami,
Source	Elsevier; Medline; PMC
abstract	Abstract During the ongoing COVID-19 pandemic in the US, there has been considerable media attention regarding several US legislators who traded stocks in late January through February 2020. The concern is that these legislators traded in anticipation of COVID-19 having a major impact on the financial markets, while publicly suggesting otherwise. We consider whether these legislator trades were in a time window, and of a nature, that would be consistent with trading ahead of the market. Towards this end, we assess the reactions of US industries to sudden COVID-related news announcements, concomitantly with an analysis of levels of investor attention to COVID. Results suggest that, at an industry-level, for legislator trading to be “ahead of the market” it needed to have been done prior to February 26, and involving the 15 industries we identify as having abnormal returns, especially medical and pharmaceutical products (positive); restaurants, hotels, and motels (negative); as well as services and utilities. These criteria are met by many of the legislator trades. Our results help to both parameterize concerns about this case of legislator trading; as well as provide insight into the reactions and expectations of investors toward COVID-19.
has issue date	2020-05-31(xsd:dateTime)
bibo:doi	10.1016/j.frl.2020.101578
bibo:pmid	32837361
has license	els-covid
sha1sum (hex)	eaa643fb82f44e6d442bc784dfa002f33d6b6023
schema:url	https://doi.org/10.1016/j.frl.2020.101578
resource representing a document's title	Did Congress trade ahead? Considering the reaction of US industries to COVID-19
has PubMed Central identifier	PMC7261360
has PubMed identifier	32837361
schema:publication	Finance research letters
resource representing a document's body	covid:eaa643fb82f44e6d442bc784dfa002f33d6b6023#body_text
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