Thanks for posting this!
I am curious about the trackers who are following this, and what they find. If anyone here gets more detailed about documentable investing advantages, please post. I'd be particularly interested about enduring rather than temporary advantages, and if the disclosure bump regresses to the mean.
Interesting that the theory is based on the idea that Congresspeople must be insider trading, yet the data being studied flow directly from a bill designed to stop insider trading by members of Congress. I had thought that the STOCK act, which requires the disclosures of Congressmembers' trades, was a good bill that made real advances. It made insider trading by Congressmembers illegal at long last, anyway.
https://en.wikipedia.org/wiki/STOCK_ActAlso interesting that, according to the article itself, a study from before the STOCK Act found evidence of outperformance while a study the year after passage did not. Presumably the insider trading stopped for a while.
Now maybe insider trading is quietly back? Again, curious for more info if someone does a deeper dive.