{
  "run": "015-disclosure-lag",
  "as_of": "2026-07-13",
  "source": "QuiverQuant congressional trading (STOCK Act filings): transaction date, filing date, per-trade excess return vs market",
  "n_buys": 52113,
  "n_all": 103035,
  "compliance": {
    "within_45d_pct": 89.4,
    "median_lag_days": 28.0,
    "late_pct": 10.6
  },
  "naive": {
    "prompt_mean": -9.1,
    "prompt_n": 10138,
    "late_mean": 20.9,
    "late_n": 5975,
    "gap": 30.0,
    "t": 3.88,
    "p": 0.00010342827210546697
  },
  "fat_tail": {
    "sd": 395.0,
    "max": 26381.0,
    "min": -417.0,
    "share_gt_200pct": 16.9,
    "median": -43.1
  },
  "robust": {
    "winsor_slope_per_day": 0.0143,
    "winsor_r2": 0.0,
    "winsor_p": 0.5024633851350474,
    "spearman_rho": -0.029,
    "spearman_p": 3.4896820448646095e-11,
    "within_member_rho": -0.0085,
    "within_member_p": 0.05352898324608888,
    "within_member_n": 51320
  },
  "buckets": [
    {
      "label": "0-7d",
      "n": 3057,
      "mean": -2.0,
      "winsor_mean": -12.9,
      "median": -32.9
    },
    {
      "label": "8-14d",
      "n": 7081,
      "mean": -12.1,
      "winsor_mean": -25.2,
      "median": -40.2
    },
    {
      "label": "15-30d",
      "n": 21124,
      "mean": -19.2,
      "winsor_mean": -28.6,
      "median": -41.5
    },
    {
      "label": "31-45d",
      "n": 14876,
      "mean": -18.1,
      "winsor_mean": -29.9,
      "median": -45.0
    },
    {
      "label": "46-90d",
      "n": 3770,
      "mean": 46.0,
      "winsor_mean": -3.9,
      "median": -48.8
    },
    {
      "label": ">90d",
      "n": 2205,
      "mean": -21.9,
      "winsor_mean": -37.6,
      "median": -56.0
    }
  ]
}