U.S. Senate

Sen. Lisa Blunt Rochester

Democrat · Senator from DE

Banking, Housing, and Urban AffairsCommerce, Science, and TransportationEnvironment and Public WorksHealth, Education, Labor, and Pensions

Results across 16 tests

Fits patternOpen questionDoes not fitNot assessedScreening signal

No test fits; open questions on disclosure timeliness.

Trades disclosed

Jan 3, 2017 to Feb 4, 2019

Companies traded

Disclosed value

$3.2M–$7.6M

Sum of reported ranges

Filed after 45 days

Median filing lag 15 days

Scorecard

Select a test to see the estimate, interval, adjusted p-values and robustness checks.

T7Disclosure timeliness4 of 75 trades (5.3%) were disclosed late; median lag 15 days.Open question

Question
Were trades disclosed within the STOCK Act's 45-day limit?

Insider signature
Delayed disclosure can conceal well-timed trades.

Analyst note
Late share 0.053, Wilson [0.024, 0.114]; 90th percentile lag 35 days; longest 232 days.

Evidence: Descriptive
Late share: 5.3% [2.4%, 11.4%] 90%

0Estimate

This member5.3%

All computed statistics (12)

n	75
amendment_rows_excluded	0
late	4
late_from_trade	4
excused_by_notification	0
late_share	0.0533
late_ci	[0.0242, 0.1136]
median_lag	15
p90_lag	35.2000
max_lag	232
filings	13
late_filings	2

Method and all members for T7

T16Options and leverageNo option trades were reported.Does not fit

Question
Does the member use options, and do option trades point the right way?

Insider signature
Informed traders favour options because leverage raises the payoff to private information.

Analyst note
No option trades were reported.

Evidence: Descriptive
Margin δ: 0.5% per trade over 21 days

All computed statistics (2)

option_trades	0
option_share	0

Method and all members for T16

T1Trade sizeOnly 0 directional trades; too few for a size reading.Not assessed

Question
Are the member's trades unusually large, especially just before news?

Insider signature
Informed trades are large relative to the trader's normal activity, because the profit from an informational edge scales with position size.

Analyst note
Only 0 directional trades; too few for a size reading.

Evidence: Descriptive

All computed statistics (1)

Method and all members for T1

T2Breadth and concentrationOnly 0 directional trades; too few for a concentration reading.Not assessed

Question
Is trading concentrated in a few companies rather than spread across a diversified portfolio?

Insider signature
Informed trading concentrates in the few issuers tied to the information.

Analyst note
Only 0 directional trades; too few for a concentration reading.

Evidence: Descriptive

All computed statistics (1)

Method and all members for T2

T3Cadence and event proximityOnly 0 directional trades; too few for a cadence reading.Not assessed

Question
Do trades arrive in routine rebalancing batches, or sporadically just before company news?

Insider signature
Opportunistic trades carry information and routine trades do not.

Analyst note
Only 0 directional trades; too few for a cadence reading.

Evidence: Descriptive

All computed statistics (1)

Method and all members for T3

T4Event timing (abnormal returns)Abnormal returns were not computed (daily prices unavailable or too few priced trades).Not assessed

Question
Do purchases rise and sales fall more than the market in the weeks after the trade?

Insider signature
Purchases before price rises and sales before price falls.

Analyst note
Abnormal returns were not computed (daily prices unavailable or too few priced trades).

Evidence: Not computed
Margin δ: 0.5% per trade over 21 days

All computed statistics (1)

Method and all members for T4

T5Direction before market-wide shocksNo market-wide shocks or documented events fell within five trading days after the member's trades.Not assessed

Question
Before the market's biggest moves, did the member's trades point the right way?

Insider signature
An informed trader's trades just before a market-moving event point in the direction of the coming move.

Analyst note
No market-wide shocks or documented events fell within five trading days after the member's trades.

Evidence: Descriptive
Margin δ: 10 points above a coin flip

All computed statistics (1)

n_episodes

Method and all members for T5

T6Control and independenceTrading arrangement: not documented.Not assessed

Question
Does the member direct the trades, and does trading change when the member's access to information changes?

Insider signature
The person holding the information directs the trade.

Analyst note
Trading arrangement: not documented.

Evidence: Documentary

Method and all members for T6

T8Committee overlapOnly 0 directional trades; too few for a committee-overlap reading.Not assessed

Question
Does the member trade industries their committees oversee, and do those trades do better?

Insider signature
Members may trade on information about industries their committees oversee.

Analyst note
Only 0 directional trades; too few for a committee-overlap reading.

Evidence: Descriptive
Margin δ: 0.5% per trade over 21 days

All computed statistics (1)

Method and all members for T8

T9Policy-topic overlapNo legislative event calendar with daily returns was available for this member.Not assessed

Question
Did trades in stocks affected by the member's legislative work come before votes and move the right way?

Insider signature
Trading on knowledge of legislation before it is public.

Analyst note
No legislative event calendar with daily returns was available for this member.

Evidence: Not computed
Margin δ: 0.5% per trade

Method and all members for T9

T10Behavior after scrutinyOnly 0 directional trades.Not assessed

Question
Did trading change after press scrutiny or an ethics inquiry?

Insider signature
A member who trades on information has an incentive to keep control of trading after scrutiny.

Analyst note
Only 0 directional trades.

Evidence: Descriptive

Method and all members for T10

T11Performance relative to CongressRequires T4 for every member; computed in the cross-member pass.Not assessed

Question
After accounting for noise, does the member's trading beat that of other members?

Insider signature
A member with an information edge stands out from the cross-section of congressional traders.

Analyst note
Requires T4 for every member; computed in the cross-member pass.

Evidence: Not computed
Margin δ: 0.5% per trade over 21 days

Method and all members for T11

T12Anticipation of large stock movesDaily prices unavailable.Not assessed

Question
When a traded stock made a large unexpected move soon after the trade, was the trade on the right side?

Insider signature
Buying shortly before a large jump or selling shortly before a large drop.

Analyst note
Daily prices unavailable.

Evidence: Not computed
Margin δ: 10 points above a coin flip

Method and all members for T12

T13Co-trading with other membersOnly 0 directional trades.Not assessed

Question
Does the member trade the same stock in the same direction as other members at the same time more than chance predicts?

Insider signature
Shared nonpublic information spreads through networks and shows up as clustered trades.

Analyst note
Only 0 directional trades.

Evidence: Descriptive

All computed statistics (1)

Method and all members for T13

T14Family-account tradesOnly 0 trades name the account owner; at least 10 are needed.Not assessed

Question
Do trades in a spouse's or dependent's name do better than the member's own?

Insider signature
Routing informed trades through family accounts.

Analyst note
Only 0 trades name the account owner; at least 10 are needed.

Evidence: Not computed
Margin δ: 0.5% per trade over 21 days

All computed statistics (1)

owner_unknown

Method and all members for T14

T15Short-swing round tripsOnly 0 directional trades.Not assessed

Question
Does the member buy and sell the same stock within six months, and do those round trips beat the market?

Insider signature
Short-horizon round trips capture a temporary informational edge.

Analyst note
Only 0 directional trades.

Evidence: Descriptive
Margin δ: 0.5% per trade over 21 days

Method and all members for T15

Disclosed trades per monthPurchasesSales

40040

201720182019

Largest positions traded

Company	Trades	Disclosed value
GOLDMAN SACHS BK USA NY CD 3%	3	$130K to $350K
GOLDMAN SACHS BK USA NY CD 3% 06/07/2021	2	$115K to $300K
CINCINNATI FINANCIAL CORP SENIOR DEBENTURE 6.92% 05/15/2028	3	$115K to $250K
MOODY'S CORP SENIOR MED TERM NOTE CLBL M/W 2.75% 07/15/2019	1	$100K to $250K
CVS HEALTH CORPORATION SENIOR NOTE CALLABLE	1	$100K to $250K
LENNOX INTERNATIONAL INC SENIOR NOTE CALLABL	1	$100K to $250K
$FZC: BHP BILLITON FIN USA LTD SENIOR NOTE 2.875% 02/24/2022 SELL TRADE 100 @100.922	1	$100K to $250K
CHEVRON CORP SENIOR NOTE CALLABLE M/W 3.326% 11/17/2025 SELL TRADE 100 @102.686	1	$100K to $250K

All disclosed trades

Amounts are the ranges reported on the filing. Late filings are those made more than 45 days after the trade.

JSON · CSV

Trade date	Asset	Type	Amount	Owner	Filed after
Feb 4, 2019	AMERICAN EXPRESS CENTRN CD 2.2% 09/13/2021	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	BANK OF AMERICA CORP SENIOR MEDIUM TERM NOTE 4.125% 01/22/2024	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	BERKSHIRE HATHAWAY FIN SENIOR MEDIUM TERM NOTE M/W 3% 05/15/2022	Sale	$100K to $250K	self	15 d	Filing
Feb 4, 2019	CARLISLE COS INC SENIOR NOTE CALLABLE M/W 3.75% 12/01/2027	Sale	$1,001 to $15K	self	15 d	Filing
Feb 4, 2019	CELGENE CORP SENIOR NOTE M/W 3.95% 10/15/2020	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	CINCINNATI FINANCIAL CORP SENIOR DEBENTURE 6.92% 05/15/2028	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	CINCINNATI FINANCIAL CORP SENIOR DEBENTURE 6.92% 05/15/2028	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	COLGATE-PALMOLIVE CO SENIOR MEDIUM TERM NOTE M/W 3.25% 03/15/2024	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	DIRECTV HLDGS LLC / DIRECTV SENIOR NOTE CALLABLE M/ 4.45% 04/01/2024	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	DISCOVERY COMMUNICATIONS LLC SENIOR NOTE M/W 5.05% 06/01/2020	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	ENTERGY MISSISSIPPI LLC FIRST MORTGAGE CALLABLE M/W 3.1% 07/01/2023	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	FEDERAL HOME LN MTG CORP	Sale	$50K to $50K	self	15 d	Filing
Feb 4, 2019	GENERAL MTRS FINL CO INC SENIOR NOTE M/W 2.35% 10/04/2019	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	GOLDMAN SACHS BK USA NY CD 3% 06/07/2021	Sale	$100K to $250K	self	15 d	Filing
Feb 4, 2019	GOLDMAN SACHS BK USA NY CD 3% 06/07/2021	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	GOLDMAN SACHS SENIOR MED TERM NOTE CLBL M/W 3.85% 07/08/2024	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	HEWLETT PACKARD CO SENIOR NOTE M/W 3.75% 12/01/2020	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	JOHNSON & JOHNSON SENIOR NOTE 6.95% 09/01/2029	Sale	$100K to $250K	self	15 d	Filing
Feb 4, 2019	JPMORGAN CHASE & CO.	Sale	$15K to $15K	self	15 d	Filing
Feb 4, 2019	LENNOX INTERNATIONAL INC SENIOR NOTE CALLABLE M/W 3% 11/15/2023	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	LYB INTL FINANCE BV SENIOR NOTE M/W 4% 07/15/2023	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	MORGAN ST DEAN WITTER SENIOR MEDIUM TERM NOTE M/W 3.875% 04/29/2024	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	MORGAN STANLEY SENIOR MEDIUM TERM NOTE M/W 5.5% 07/28/2021	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	NEW YORK ST DORM AUTH ST PERS REV BDS CALLABLE 5% 03/15/2033	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	NEWMONT MINING CORP SENIOR NOTE M/W 5.125%	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	PENNSYLVANIA STATE GO BDS CALLABLE 5% 10/15/2029	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	PRIVATE EXPORT FUNDING NOTE 2.3% 09/15/2020	Sale	$100K to $250K	self	15 d	Filing
Feb 4, 2019	PSEG POWER SENIOR NOTE M/W 5.125% 04/15/2020	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	STARBUCKS CORP SENIOR NOTE	Sale	$15K to $15K	self	15 d	Filing
Feb 4, 2019	TD AMERITRADE HOLDING CORP SENIOR NOTE CALLABLE M/ 3.625%	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	THE HARTFORD FIN SERVICES GRP SENIOR NOTE M/ 5.125% 04/15/2022	Sale	$50K to $100K	self	15 d	Filing
Feb 4, 2019	THERMO FISHER SCIENTIFIC INC SENIOR NOTE CALLABLE M 3.65% 12/15/2025	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	VERIZON COMMUNICATIONS SENIOR NOTE CALLABLE M 4.15% 03/15/2024	Sale	$15K to $50K	self	15 d	Filing
Feb 4, 2019	YORK CNTY PA GO BDS CALLABLE 4.75% 03/01/2036	Sale	$50K to $100K	self	15 d	Filing
Jan 14, 2019	JPMORGAN CHASE & CO. SENIOR NOTE 6.3% 04/23/2019	Sale	$50K to $100K	self	36 d	Filing
Jan 14, 2019	KINDER MORGAN ENERGY PARTNERS SENIOR NOTE M/W 2.65% 02/01/2019	Sale	$15K to $50K	self	36 d	Filing
Jan 14, 2019	MARATHON OIL CORPORATION SENIOR NOTE CALLABLE M/W 3.85% 06/01/2025	Sale	$15K to $50K	self	36 d	Filing
Jan 14, 2019	MOSAIC CO SENIOR NOTE CALLABLE M/W 3.75% 11/15/2021	Sale	$50K to $100K	self	36 d	Filing
Nov 30, 2018	CINCINNATI FINANCIAL CORP SENIOR DEBENTURE 6.92% 05/15/2028	Purchase	$50K to $100K	self	4 d	Filing
Sep 17, 2018	THERMO FISHER SCIENTIFIC SENIOR NOTE CALLABLE M/W 3.65%	Purchase	$15K to $50K	self	15 d	Filing
Sep 14, 2018	BLOCK FINANCIAL CORP SR NOTE CLBL M/W CR SENS 5.5%	Sale	$15K to $50K	self	18 d	Filing
Sep 6, 2018	STARBUCKS CORP SENIOR NOTE CALLABLE M/W 3.8% 08/15/2025	Purchase	$15K to $50K	self	232 d	Filing
Sep 6, 2018	STARWOOD HOTELS & RESORTS SENIOR NOTE CALLAB 3.125% 02/15/2023	Sale	$15K to $50K	self	232 d	Filing
May 30, 2018	GOLDMAN SACHS BK USA NY CD 3%	Purchase	$15K to $50K	self	13 d	Filing
May 30, 2018	GOLDMAN SACHS BK USA NY CD 3%	Purchase	$15K to $50K	self	13 d	Filing
May 30, 2018	GOLDMAN SACHS BK USA NY CD 3%	Purchase	$100K to $250K	self	13 d	Filing
Mar 6, 2018	CARLISLE COS INC SENIOR NOTE CALLABLE	Purchase	$1,001 to $15K	self	34 d	Filing
Mar 2, 2018	CINCINNATI FINANCIAL CORP SENIOR DEBENTURE, RATE: 6.92	Purchase	$15K to $50K	self	6 d	Filing
Feb 22, 2018	LYB INTL FINANCE BV SENIOR NOTE M/W 4% 07/15/2023 BUY TRADE 40 @102.521	Purchase	$15K to $50K	self	14 d	Filing
Feb 15, 2018	HESS CORPORATION SENIOR NOTE M/W 8.125% 02/15/2019	Sale	$15K to $50K	self	21 d	Filing