Research performed by Dr. Brigitte Ziobrowski, professor of finance, with colleagues from Georgia State University, Kent State University, and Florida Atlantic University recently won one of the most prestigious awards in the finance field. The research was published last year in the Journal of Financial and Quantitative Analysis and, as a result, has been chosen to receive the William F. Sharpe Award for the best article in 2004.
According to the research, stocks that senators invested in were generally flat before purchase but showed big gains once picked up by the senators. Once sold, the stocks leveled out again. Although not every senator's stock transaction was profitable, on average they made 24 percent on their investments, compared with the 12 percent average for other investors.
The research has garnered international attention and has been reported by National Public Radio's All Things Considered program, the Christian Science Monitor newspaper, Money magazine, and CNN.
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