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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. Beyond the glamour, being part of the Clinton family has provided Mr.

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“I gave them money because I thought they would make me money,” said Mr.

The investors include hedge fund managers like Marc Lasry and James Leitner; an overseas money management firm connected to the Rothschild family; and people from Goldman Sachs, including the chief executive, Lloyd C. Some of the investors in Eaglevale have contributed campaign money to the former president and Mrs.

Clinton, who is widely expected to run for president again in 2016.

There are several examples of Eaglevale investors with relationships with the Clintons.

Rock Creek Group, a Washington-based investment advisory firm, placed million from the California Public Employees’ Retirement System and another public pension fund with Eaglevale in late 2011 and early 2012.

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