I didn’t get a chance to read the entire NBER paper, but an important nuance is that it takes an industry-normalized perspective. It could be possible that som

I didn’t get a chance to read the entire NBER paper, but an important nuance is that it takes an industry-normalized perspective. It could be possible that someone in Congress has insider information about a specific industry that helps them, but not about a specific stock. For example, if I knew about specific legislation that would impact auto manufacturers I may have a better idea to get in or out of that sector without necessarily knowing if Ford will do better than GM. To your point about meta-analysis it would also be useful to know if members are worse than normies at picking industries as well.