The Federalist Society

The Stop Trading on Congressional Knowledge Act

November 16, 2009

Stephen Bainbridge

Over time, nobody beats the market. This basic premise of efficient capital markets theory has been confirmed in numerous academic studies. The only important exception to the rule traditionally has been corporate insiders trading in their own corporation’s stock. The obvious and generally accepted explanation for insiders’ results is their access to and use of material nonpublic information about the company...

The Stop Trading on Congressional Knowledge Act  


The Federalist Society