{"id":"S001156","trades":[{"date":"2015-04-21","filed":"2015-05-17","ticker":"STOCK","issuer":"root9B Techologies Inc. (RTNB)","asset_type":"unknown","direction":"buy","amount":[1001,15000],"owner":"spouse","sector":null,"late":false,"trade_id":"H20003115-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2015/20003115.pdf","in_jurisdiction":false,"car_5":null},{"date":"2016-01-19","filed":"2016-02-18","ticker":"BAC","issuer":"Bank of America Corporation","asset_type":"unknown","direction":"buy","amount":[1001,15000],"owner":"spouse","sector":"Financials","late":false,"trade_id":"H20004462-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20004462.pdf","in_jurisdiction":false,"car_5":-0.08163},{"date":"2016-01-19","filed":"2016-02-18","ticker":"F","issuer":"Ford Motor Company","asset_type":"unknown","direction":"buy","amount":[1001,15000],"owner":"spouse","sector":"Consumer Discretionary","late":false,"trade_id":"H20004462-002","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20004462.pdf","in_jurisdiction":false,"car_5":0.015354},{"date":"2016-01-19","filed":"2016-02-18","ticker":"SE","issuer":"Spectra Energy Corp","asset_type":"unknown","direction":"buy","amount":[1001,15000],"owner":"spouse","sector":"Industrials","late":false,"trade_id":"H20004462-003","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20004462.pdf","in_jurisdiction":false,"car_5":null},{"date":"2016-01-19","filed":"2016-02-18","ticker":"UBS","issuer":"UbS Group Ag Registered Ordinary Shares","asset_type":"unknown","direction":"buy","amount":[1001,15000],"owner":"spouse","sector":"Financials","late":false,"trade_id":"H20004462-004","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20004462.pdf","in_jurisdiction":false,"car_5":-0.040334},{"date":"2016-07-05","filed":"2016-08-04","ticker":"UBS","issuer":"UbS Group Ag Registered Ordinary Shares","asset_type":"unknown","direction":"buy","amount":[1001,15000],"owner":"spouse","sector":"Financials","late":false,"trade_id":"H20005523-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20005523.pdf","in_jurisdiction":false,"car_5":0.01073},{"date":"2016-08-09","filed":"2016-09-14","ticker":"INTC","issuer":"Intel Corporation","asset_type":"unknown","direction":"sell","amount":[1001,15000],"owner":"dependent","sector":"Information Technology","late":false,"trade_id":"H20005876-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20005876.pdf","in_jurisdiction":false,"car_5":-0.006759},{"date":"2016-08-09","filed":"2016-09-14","ticker":"PFE","issuer":"Pfizer, Inc.","asset_type":"unknown","direction":"sell","amount":[1001,15000],"owner":"dependent","sector":"Health Care","late":false,"trade_id":"H20005876-002","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20005876.pdf","in_jurisdiction":true,"car_5":0.007849},{"date":"2016-08-09","filed":"2016-09-14","ticker":"DIS","issuer":"Walt Disney Company","asset_type":"unknown","direction":"sell","amount":[1001,15000],"owner":"dependent","sector":"Communication Services","late":false,"trade_id":"H20005876-003","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2016/20005876.pdf","in_jurisdiction":false,"car_5":-0.005415},{"date":"2017-05-17","filed":"2017-06-07","ticker":"F","issuer":"Ford Motor Company","asset_type":"unknown","direction":"buy","amount":[1001,15000],"owner":"spouse","sector":"Consumer Discretionary","late":false,"trade_id":"H20007424-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2017/20007424.pdf","in_jurisdiction":false,"car_5":-0.002983},{"date":"2017-08-04","filed":"2017-12-01","ticker":"MSFT","issuer":"Microsoft Corporation","asset_type":"unknown","direction":"sell","amount":[1001,15000],"owner":"dependent","sector":"Information Technology","late":true,"trade_id":"H20008477-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2017/20008477.pdf","in_jurisdiction":false,"car_5":-0.009909},{"date":"2017-08-04","filed":"2017-12-01","ticker":"PFE","issuer":"Pfizer, Inc.","asset_type":"unknown","direction":"sell","amount":[1001,15000],"owner":"dependent","sector":"Health Care","late":true,"trade_id":"H20008477-002","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2017/20008477.pdf","in_jurisdiction":true,"car_5":-0.002609},{"date":"2017-08-04","filed":"2017-12-01","ticker":"DIS","issuer":"Walt Disney Company","asset_type":"unknown","direction":"sell","amount":[1001,15000],"owner":"dependent","sector":"Communication Services","late":true,"trade_id":"H20008477-003","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2017/20008477.pdf","in_jurisdiction":false,"car_5":0.046453},{"date":"2019-02-22","filed":"2020-09-13","ticker":null,"issuer":"Charles Schwab - Bank of America","asset_type":"other","direction":"sell","amount":[1001,15000],"owner":"spouse","sector":null,"late":true,"trade_id":"H20017356-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2020/20017356.pdf","in_jurisdiction":false,"car_5":null},{"date":"2019-02-22","filed":"2020-09-13","ticker":null,"issuer":"Charles Schwab - Enbridge","asset_type":"other","direction":"sell","amount":[1001,15000],"owner":"spouse","sector":null,"late":true,"trade_id":"H20017356-002","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2020/20017356.pdf","in_jurisdiction":false,"car_5":null},{"date":"2019-02-22","filed":"2020-09-13","ticker":null,"issuer":"Charles Schwab - Ford Motor Co","asset_type":"other","direction":"sell","amount":[1001,15000],"owner":"spouse","sector":null,"late":true,"trade_id":"H20017356-003","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2020/20017356.pdf","in_jurisdiction":false,"car_5":null},{"date":"2019-02-22","filed":"2020-09-13","ticker":null,"issuer":"Charles Schwab - Root 9 B Technologies Inc","asset_type":"other","direction":"sell","amount":[25,25],"owner":"spouse","sector":null,"late":true,"trade_id":"H20017356-004","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2020/20017356.pdf","in_jurisdiction":false,"car_5":null},{"date":"2019-02-22","filed":"2020-09-13","ticker":null,"issuer":"Charles Schwab - UBS Group Ag","asset_type":"other","direction":"sell","amount":[1001,15000],"owner":"spouse","sector":null,"late":true,"trade_id":"H20017356-005","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2020/20017356.pdf","in_jurisdiction":false,"car_5":null},{"date":"2025-10-28","filed":"2026-01-09","ticker":"CSCO","issuer":"Cisco Systems, Inc. - Common Stock","asset_type":"stock","direction":"sell","amount":[1001,15000],"owner":"dependent","sector":"Information Technology","late":true,"trade_id":"H20033755-001","source":"house_clerk","source_url":"https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2026/20033755.pdf","in_jurisdiction":false,"car_5":-0.00993}],"tests":[{"id":"T1","reading":"does_not_fit","evidence":"statistical","summary":"100% of 14 trades were in the lowest disclosure band ($1,001-$15,000); trades just before large company-specific moves were not larger than usual.","detail":"Lowest-band share 1.000, 90% Wilson [0.838, 1.000]. Event-linked size gap Delta_z = 0.00 (within-issuer permutation p = 1.000); 0 event-linked trades with z > 3 in bands of $50,001 or more.","estimate":{"label":"Lowest-band share","value":1,"ci":[0.838045,1],"ci_level":0.9,"unit":"share"},"power_limited":false,"screen":false,"p_value":1,"p_holm":1,"q_bh":1,"robust":null,"robustness":[],"sources":[],"stats":{"n":14,"lowest_band_share":1,"lowest_band_ci":[0.838045,1],"share_over_50k":0,"max_z":0,"size_gap":0,"size_gap_p":1,"event_linked":2,"event_linked_outliers":0}},{"id":"T2","reading":"open_question","evidence":"statistical","summary":"10 different companies; the effective number of equally sized positions is 9 and trading spans 72% of maximum sector diversity.","detail":"Dollar HHI 0.112 (identified set [0.100, 0.520]); trade-count HHI 0.112 vs. 95th percentile 0.082 of 14 random draws from all congressional trades (p = 0.004). Normalized sector entropy 0.72 [0.73, 0.74]. Top three issuers (F, DIS, UBS) carry at least 5% of dollar volume.","estimate":{"label":"Effective number of issuers","value":8.909091,"ci":[1.922591,10],"ci_level":0.9,"unit":"count"},"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"n":14,"issuers":10,"hhi_mid":0.112245,"hhi_bounds":[0.1,0.520131],"n_eff":8.909091,"hhi_count":0.112245,"peer_benchmark_p95":0.081633,"peer_benchmark_p":0.004,"sector_entropy":0.724795,"sector_entropy_ci":[0.729972,0.738793],"top3_share_lower":0.047664,"top3":["F","DIS","UBS"],"top3_tied_to_events":true}},{"id":"T3","reading":"does_not_fit","evidence":"statistical","summary":"43% of trading days were batches of three or more companies; 21% of trades look routine; 14.3% of trades came within five trading days before a large company-specific move (chance alone: 6.8%).","detail":"Batch-day share 3/7, Wilson [0.19, 0.71]; index of dispersion 2.71 (chi-square p = 0); routine share 0.21 (portfolio-routine or Cohen-Malloy-Pomorski two-year rule). Proximity share 0.143 vs. circular-shift null mean 0.068, p = 0.256.","estimate":{"label":"Batch-day share","value":0.428571,"ci":[0.186443,0.710523],"ci_level":0.9,"unit":"share"},"power_limited":false,"screen":false,"p_value":0.256,"p_holm":1,"q_bh":0.677926,"robust":null,"robustness":[],"sources":[],"stats":{"n":14,"trade_days":7,"batch_share_trades":0.714286,"batch_day_share":0.428571,"batch_day_ci":[0.186443,0.710523],"dispersion_index":2.710174,"dispersion_p":0,"routine_share":0.214286,"proximity_share":0.142857,"proximity_null_mean":0.067993,"proximity_null_p95":0.214286,"proximity_p":0.256,"proximity_nonroutine":0.090909,"proximity_routine":0.333333}},{"id":"T4","reading":"open_question","evidence":"statistical","summary":"Across 12 priced trades, purchases and sales moved 1.89% against the trade's direction relative to the market over the next month on average.","detail":"Mean signed CAR(1,21) = -0.0189; 90% KP interval [-0.0664, 0.0287]; t_BMP = -0.80, r-bar = 0.044, t_KP = -0.64, Patell Z = -1.16, Corrado Z = -0.73. Dollar-weighted identified set [-0.1169, 0.0348]. Calendar-time alpha -22.46%/yr (NW t = -0.75, 126 days).","estimate":{"label":"Mean signed 21-day CAR","value":-0.018881,"ci":[-0.066432,0.028669],"ci_level":0.9,"unit":"return"},"power_limited":true,"screen":false,"p_value":0.772575,"p_holm":1,"q_bh":0.982752,"robust":false,"robustness":[{"variant":"Horizon 5 days","reading":"open_question","value":-0.006599},{"variant":"Horizon 63 days","reading":"open_question","value":0.001232},{"variant":"Excluding largest batch date","reading":"not_assessed","value":0.00521},{"variant":"Self-owned accounts only","reading":"not_assessed","value":null},{"variant":"Dollar-weighted (bounds)","reading":"open_question","value":0.034819},{"variant":"Calendar-time alpha (annualized)","reading":null,"value":-0.224575}],"sources":[],"stats":{"n":12,"theta":-0.018881,"ci":[-0.066432,0.028669],"p":0.732938,"t_kp":-0.641838,"rbar":0.043734,"se_cs":0.021275,"se_kp":0.026477,"t_cs":-0.887464,"t_bmp":-0.798777,"patell_z":-1.158136,"corrado_z":-0.725127,"dollar_weighted_bounds":[-0.116884,0.034819],"calendar_time":{"alpha_daily":-0.000891,"se":0.001192,"days":126,"t":-0.747354,"p_one_sided":0.772575},"calendar_alpha_ci":[-0.003033,0.00125],"by_horizon":{"5":{"n":12,"theta":-0.006599,"ci":[-0.026651,0.013454],"p":0.641205,"t_kp":-0.371129,"rbar":0.043734,"se_cs":0.008972,"se_kp":0.011166,"t_cs":-0.735468,"t_bmp":-0.461875,"patell_z":-0.676133,"corrado_z":-0.768491},"21":{"n":12,"theta":-0.018881,"ci":[-0.066432,0.028669],"p":0.732938,"t_kp":-0.641838,"rbar":0.043734,"se_cs":0.021275,"se_kp":0.026477,"t_cs":-0.887464,"t_bmp":-0.798777,"patell_z":-1.158136,"corrado_z":-0.725127},"63":{"n":12,"theta":0.001232,"ci":[-0.061413,0.063877],"p":0.490745,"t_kp":0.023733,"rbar":0.043734,"se_cs":0.028029,"se_kp":0.034882,"t_cs":0.043942,"t_bmp":0.029536,"patell_z":0.032102,"corrado_z":0.32766}}}},{"id":"T5","reading":"not_assessed","evidence":"descriptive","summary":"No market-wide shocks or documented events fell within five trading days after the member's trades.","detail":"No market-wide shocks or documented events fell within five trading days after the member's trades.","estimate":null,"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"n_episodes":0}},{"id":"T6","reading":"not_assessed","evidence":"statistical","summary":"Trading arrangement: not documented; trading during absence ran at 0.00 times the normal rate.","detail":"Trading arrangement: not documented; trading during absence ran at 0.00 times the normal rate.","estimate":{"label":"Absence rate ratio","value":0,"ci":[0,72.560597],"ci_level":0.9,"unit":"ratio"},"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"rate_ratio":0,"rate_ratio_ci":[0,72.560597],"rate_ratio_batchdays":0,"rate_ratio_batchdays_ci":[0,162.434078],"absence_days":9,"trades_in_absence":0}},{"id":"T7","reading":"open_question","evidence":"descriptive","summary":"3 of 19 trades (15.8%) were disclosed late; median lag 36 days. Another 6 were over 45 days from the trade but filed within 30 days of the stated notification date.","detail":"Late share 0.158, Wilson [0.065, 0.336]; 90th percentile lag 569 days; longest 569 days.","estimate":{"label":"Late share","value":0.157895,"ci":[0.06492,0.336155],"ci_level":0.9,"unit":"share"},"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":true,"robustness":[{"variant":"Late from the trade date alone, ignoring notification dates","value":0.473684,"reading":"open_question"}],"sources":[],"stats":{"n":19,"amendment_rows_excluded":0,"late":3,"late_from_trade":9,"excused_by_notification":6,"late_share":0.157895,"late_ci":[0.06492,0.336155],"median_lag":36,"p90_lag":569,"max_lag":569,"filings":8,"late_filings":1,"late_priced":3,"timely_priced":9,"late_priced_dates":1}},{"id":"T8","reading":"does_not_fit","evidence":"descriptive","summary":"15% of the member's mapped trading by dollar value was in industries their committees oversee, against 14% for a comparable benchmark.","detail":"Committees HSWM; jurisdiction sectors Distillers & Vintners, Health Care, Life & Health Insurance, Tobacco. Dollar share 0.154 (identified set [0.012, 0.732], bootstrap 0.016-0.395); benchmarks S&P 500 0.139, congressional peers 0.119.","estimate":{"label":"Jurisdiction excess share","value":0.015232,"ci":[-0.122278,0.256521],"ci_level":0.9,"unit":"share"},"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"n":13,"in_jurisdiction_trades":2,"share":0.153846,"share_bounds":[0.011988,0.731511],"share_ci":[0.016336,0.395135],"benchmark_sp500":0.138614,"benchmark_peers":0.11941,"excess":0.015232,"excess_ci":[-0.122278,0.256521],"committees":["HSWM"],"jurisdiction_sectors":["Distillers & Vintners","Health Care","Life & Health Insurance","Tobacco"]}},{"id":"T9","reading":"not_assessed","evidence":"descriptive","summary":"1 priced trades fell in affected industries in the 30 days before the member's committee events and 11 did not; at least 10 of each are needed to compare them.","detail":"1 priced trades fell in affected industries in the 30 days before the member's committee events and 11 did not; at least 10 of each are needed to compare them.","estimate":null,"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"n":1,"n_other":11,"events":1493}},{"id":"T10","reading":"not_assessed","evidence":"descriptive","summary":"No documented scrutiny date; the estimated change point in trading activity is shown for reference.","detail":"No documented scrutiny date; the estimated change point in trading activity is shown for reference. Estimated change point 2017-08-07 (permutation p = 0.006).","estimate":null,"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"changepoint":"2017-08-07","changepoint_LR":13.022187,"changepoint_p":0.006,"tradeday_rate_before":0.010017,"tradeday_rate_after":0.000466}},{"id":"T11","reading":"does_not_fit","evidence":"statistical","summary":"After adjusting for noise, the member's trades rank at the 15% percentile of 134 members (shrunk estimate -0.28% per trade over a month).","detail":"Empirical Bayes: raw -0.0189, posterior -0.0028 (sd 0.0015); Congress mean -0.0028, between-member variance 0.000000.","estimate":{"label":"Shrunk signed 21-day CAR","value":-0.002769,"ci":[-0.005272,-0.000265],"ci_level":0.9,"unit":"return"},"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"raw":-0.018881,"posterior_mean":-0.002769,"posterior_sd":0.001522,"congress_mean":-0.002769,"tau2":0,"percentile":0.149254,"members_compared":134,"lower95":-0.005752}},{"id":"T12","reading":"open_question","evidence":"statistical","summary":"3 trades were followed within two weeks by a large company-specific move; 1 were on the profitable side.","detail":"Hit rate 0.33, Clopper-Pearson [0.02, 0.86], exact one-sided p = 0.875; threshold |AR| > 3 sigma.","estimate":{"label":"Hit rate","value":0.333333,"ci":[0.016952,0.86465],"ci_level":0.9,"unit":"share"},"power_limited":true,"screen":false,"p_value":0.875,"p_holm":1,"q_bh":1,"robust":null,"robustness":[],"sources":[],"stats":{"n":3,"hits":1,"hit_rate":0.333333,"ci":[0.016952,0.86465],"priced":12,"share_followed":0.25}},{"id":"T13","reading":"does_not_fit","evidence":"statistical","summary":"21% of trades had another member trading the same stock the same way within a week (chance alone: 17%).","detail":"Co-traded share 0.214; circular-shift null mean 0.169, 95th pct 0.357, p = 0.410. Co-traded signed CAR 0.0419, p = 0.060.","estimate":{"label":"Co-traded share","value":0.214286,"ci":null,"ci_level":null,"unit":"share"},"power_limited":false,"screen":false,"p_value":0.059731,"p_holm":0.358388,"q_bh":0.902015,"robust":true,"robustness":[{"variant":"Without M001157, the member with the most trades, in the co-trade index","value":0.214286,"reading":"does_not_fit"}],"sources":[],"stats":{"n":14,"cotraded_share":0.214286,"null_mean":0.168831,"null_p95":0.357143,"excess_p":0.41,"cotraded_share_wo_top":0.214286,"excess_p_wo_top":0.33,"cotraded_car":0.041867,"cotraded_car_ci":[0.013586,0.070149],"cotraded_car_p":0.059731}},{"id":"T14","reading":"open_question","evidence":"statistical","summary":"100% of trades were in family accounts; those moved -1.89% in the trade's favour over a month.","detail":"Family signed CAR -0.0189 [-0.0664, 0.0287], t_KP = -0.64.","estimate":{"label":"Family-account signed CAR","value":-0.018881,"ci":[-0.066432,0.028669],"ci_level":0.9,"unit":"return"},"power_limited":true,"screen":false,"p_value":0.732938,"p_holm":1,"q_bh":0.928388,"robust":null,"robustness":[],"sources":[],"stats":{"family_trades":14,"family_share":1,"owner_unknown":0,"family_car":-0.018881,"family_ci":[-0.066432,0.028669],"diff":null,"diff_ci":[null,null],"diff_p":null}},{"id":"T15","reading":"does_not_fit","evidence":"descriptive","summary":"No purchase and sale of the same stock within six months.","detail":"No purchase and sale of the same stock within six months.","estimate":null,"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"round_trips":0,"share_in_round_trips":0}},{"id":"T16","reading":"does_not_fit","evidence":"descriptive","summary":"No option trades were reported.","detail":"No option trades were reported.","estimate":null,"power_limited":false,"screen":false,"p_value":null,"p_holm":null,"q_bh":null,"robust":null,"robustness":[],"sources":[],"stats":{"option_trades":0,"option_share":0}}]}