Some investors in Eaglevale, and other people briefed on the firm’s management, said that Mr. Mallon have long track records as successful traders at Goldman, and Mr. Mezvinsky, 37, is the most prominent executive at Eaglevale, a so-called macro fund that makes trades based on global economic and political events.
Mezvinsky’s more veteran partners, Bennett Grau and Mark Mallon, have played crucial roles in raising money for the fund. Grau’s involvement was said to be a particular draw to financial investors who run other hedge funds and money management firms. The fund is a relatively small one in an industry with roughly trillion in assets. Mezvinsky is a Stanford graduate who is the child of political parents himself. Mezvinsky, was a two-term member of Congress from Iowa, and his mother, Marjorie Margolies-Mezvinsky, served a term in Congress from Pennsylvania. Mezvinsky worked at Goldman Sachs for eight years before moving to a private equity firm.
I would like to thank Bill Schwert (editor) and Patty Dechow (referee) for many helpful comments and suggestions.
I also thank Mary Barth, Bill Beaver, Larry Brown, Michael Clement (Conference on Financial Economics and Accounting discussant), Darrell Duffie, Paul Fischer, Dan Givoly, Travis Johnson, Dave Larcker, Charles Lee, Ivan Marinovic, Maureen Mc Nichols, Valeri Nikolaev, Maria Ogneva, Joe Piotroski, Darren Roulstone, Kiran So, Jake Thomas, Charles Wang, Matt Wieland (American Accounting Association discussant), and seminar participants at the University of California at Berkeley, the 2011 Penn State Accounting Research Conference, SAC Capital Advisors, the 2011 American Accounting Association Annual Meeting, Stanford University, the 2011 Conference on Financial Economics and Accounting, New York University, Columbia University, the Wharton School at the University of Pennsylvania, the Massachusetts Institute of Technology, Harvard University, Northwestern University, Yale University, the University of Michigan, and the University of Chicago for their helpful feedback.
I hope, however, that no serious distortion results.
I provide evidence that investors overweight analyst forecasts by demonstrating that prices do not fully reflect predictable components of analyst errors, which conflicts with conclusions in prior research.
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Clinton after she stepped down as secretary of state. Lasry, a co-founder of the big hedge fund Avenue Capital and a longtime friend and financial backer of both the former president and Mrs. In an interview in his Park Avenue office, adorned with many photos of him with the former president, he said that he recommended that his relative by marriage, Craig Effron, another hedge fund manager, also invest in the fund.
“I gave them money because I thought they would make me money,” said Mr.
Contrasting characteristic and analyst forecasts predicts analyst forecast errors and revisions.
I find abnormal returns to strategies that sort firms by predicted forecast errors, consistent with investors overweighting analyst forecasts and predictable biases in analyst forecasts influencing the information content of prices.