Economy & PolicyExtended setlive in productionNew

Lobbying Peer Graph Momentum

Updated dailyData needs: mediumlong only

2016

Borisov, A., Goldman, E., & Gupta, N. (2016). "The Corporate Value of (Corrupt) Lobbying." Review of Financial Studies, 29(4), 1039-1071.

Read the paper →

In plain terms

When the TNIC product-market peers of a firm collectively ramp lobbying spend, the policy tailwind tends to lift the whole cluster.

How it works

Quarterly lobbying spend across focal's TNIC peer set z-scored over 8 quarters. Shared policy-tailwind expectations propagate via product-market cluster.

Live results

0 times picked on its own · 1 times inside a blend (1 beat the stock) · updated 2026-06-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 1 such blended picks (1 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

Loading substrate evidence…

Data dependencies

Lobbying disclosures
OpenSecrets Senate LDA quarterly lobbying-spend filings.
Entity graph edges
A data feed this strategy reads, refreshed on its normal schedule.
Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.

Expected edge

Reported return: ~4-8%/yr
Reported Sharpe: ~0.5
Tested over: T+1 to T+180d

Borisov-Goldman-Gupta 2016 RFS: direct lobbying alpha; peer-graph variant captures the spillover.

Example tickers where this is likely to fire

LLY PFE BMY GD NOC RTX

Illustrative only, the signal fires based on the live data, not a fixed list.

Related families

Lobbying Issue Sector BeneficiaryEconomy & Policy

When the lobbying spend rises on a topic our company cares about, that topic-driven sector tends to outperform. We go LONG.

Lobbying ShockEconomy & Policy

Companies that sharply increased lobbying spend QoQ outperform 6-12 months later — management is signaling private belief in regulatory tailwinds.

Explore Lobbying Peer Graph Momentum on alphactor.ai

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