David K. Musto

University of Pennsylvania - Finance Department

Professor

The Wharton School

3620 Locust Walk

Philadelphia, PA 19104

United States

SCHOLARLY PAPERS

34

DOWNLOADS
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Top 2,587

in Total Papers Downloads

13,490

CITATIONS
Rank 3,422

SSRN RANKINGS

Top 3,422

in Total Papers Citations

233

Scholarly Papers (34)

1.
Downloads 1,898 ( 3,447)
Citation 58

Mutual Fund Survivorship

Number of pages: 67 Posted: 19 Oct 2000
Kepos Capital LP, New York University (NYU) - Department of Finance, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 1,661 (9,526)
Citation 9

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Mutual Fund Survivorship

NYU Working Paper No. S-AM-00-08
Number of pages: 67 Posted: 13 Nov 2008
Kepos Capital LP, New York University (NYU) - Department of Finance, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 160 (184,173)
Citation 1

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Mutual Fund Survivorship

NYU Working Paper No. FIN-00-038
Number of pages: 67 Posted: 04 Nov 2008
Kepos Capital LP, New York University (NYU) - Department of Finance, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 77 (313,267)

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2.

Vote Trading and Information Aggregation

AFA 2006 Boston Meetings Paper, Sixteenth Annual Utah Winter Finance Conference, ECGI - Finance Working Paper No. 141/2007
Number of pages: 57 Posted: 20 Mar 2005
University of Toronto - Rotman School of Management, University of Pennsylvania - The Wharton School, Finance Department, University of North Carolina Kenan-Flagler Business School and University of Pennsylvania - Finance Department
Downloads 1,325 (14,013)
Citation 8

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information aggregation, voting rights, equity lending, vote trading

3.

What do Consumers’ Fund Flows Maximize? Evidence from Their Brokers’ Incentives

Journal of Finance, Forthcoming, Darden Business School Working Paper No. 1393289
Number of pages: 60 Posted: 22 Apr 2009 Last Revised: 16 Mar 2012
University of Toronto - Rotman School of Management, University of Virginia - Darden School of Business and University of Pennsylvania - Finance Department
Downloads 1,078 (19,210)
Citation 12

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Brokers, mutual funds, compensation, revenue-sharing

4.

Predatory Lending in a Rational World

FRB Philadelphia Working Paper No. 06-2
Number of pages: 42 Posted: 16 Jan 2006
Philip Bond, David K. Musto and Bilge Yilmaz
University of Washington - Michael G. Foster School of Business, University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 991 (21,732)
Citation 6

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Predatory lending, Consumer credit

5.

Contracts with Benefits: The Implementation of Impact Investing

Number of pages: 67 Posted: 26 Apr 2018 Last Revised: 28 Jul 2019
University of Pennsylvania - The Wharton School, Finance Department, University of Chicago - Booth School of Business, University of Pennsylvania - Finance Department and Georgia State University College of Law
Downloads 914 (24,528)
Citation 1

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impact investing, venture capital, private equity, socially responsible investment, sustainable investing, corporate social responsibility, contracts

Failure is an Option: Impediments to Short Selling and Options Prices

EFA 2003 Glasgow
Number of pages: 46 Posted: 01 Aug 2003
University of Virginia - Darden School of Business, University of North Carolina Kenan-Flagler Business School, University of Pennsylvania - The Wharton School, Finance Department and University of Pennsylvania - Finance Department
Downloads 796 (29,243)
Citation 10

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Failure is an Option: Impediments to Short Selling and Options Prices

The Review of Financial Studies, Vol. 22, No. 5, pp. 1955-1980, 2009
Posted: 13 Apr 2009
University of Virginia - Darden School of Business, University of Pennsylvania - The Wharton School, Finance Department, University of Pennsylvania - Finance Department and University of North Carolina Kenan-Flagler Business School

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G12, G13, G29

7.
Downloads 781 ( 30,514)
Citation 10

How Investors Interpret Past Fund Returns

Number of pages: 51 Posted: 28 Mar 2000
Anthony W. Lynch and David K. Musto
New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 781 (30,021)
Citation 10

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How Investors Interpret Past Fund Returns

Journal of Finance, Vol. 58, pp. 2033-2058, October 2003
Posted: 13 Oct 2003
Anthony W. Lynch and David K. Musto
New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department

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8.
Downloads 517 ( 52,710)
Citation 19

A Portfolio View of Consumer Credit

FRB of Philadelphia Working Paper No. 05-25
Number of pages: 42 Posted: 28 Oct 2005 Last Revised: 11 Dec 2011
David K. Musto and Nicholas S. Souleles
University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 485 (56,535)
Citation 1

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credit supply, consumer credit; default risk, credit scores, loan portfolio analysis

A Portfolio View of Consumer Credit

NBER Working Paper No. w11735
Number of pages: 43 Posted: 27 Jan 2006 Last Revised: 27 Jul 2010
David K. Musto and Nicholas S. Souleles
University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 32 (466,559)

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9.

The Economics of Mutual-Fund Brokerage: Evidence from the Cross Section of Investment Channels

AFA 2006 Boston Meetings Paper
Number of pages: 37 Posted: 23 Mar 2005 Last Revised: 11 Dec 2011
University of Toronto - Rotman School of Management, University of Virginia - Darden School of Business and University of Pennsylvania - Finance Department
Downloads 513 (53,235)
Citation 12

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Mutual Fund, Financial Intermediary, Brokers

10.

The Market for Record-Date Ownership

EFA 2002 Berlin Meetings Presented Paper
Number of pages: 37 Posted: 20 Mar 2002
University of Toronto - Rotman School of Management, University of North Carolina Kenan-Flagler Business School, University of Pennsylvania - The Wharton School, Finance Department and University of Pennsylvania - Finance Department
Downloads 485 (57,173)
Citation 1

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Equity Lending, Shareholder Proposals, Dividend Arbitrage

11.

Valuable Information and Costly Liquidity: Evidence from Individual Mutual Fund Trades

Number of pages: 36 Posted: 05 Feb 2007
University of Toronto - Rotman School of Management, University of Pennsylvania - Wharton School and University of Pennsylvania - Finance Department
Downloads 464 (60,388)
Citation 22

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mutual funds, trading, trading costs

12.

Predatory Mortgage Lending

FRB of Philadelphia Working Paper No. 08-24
Number of pages: 39 Posted: 23 Oct 2008
Philip Bond, David K. Musto and Bilge Yilmaz
University of Washington - Michael G. Foster School of Business, University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 432 (65,843)

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13.

Institutional Investing When Shareholders Are Not Supreme

Harvard Business Law Review, Vol. 5, 2015, Georgia State University College of Law, Legal Studies Research Paper No. 2015-08
Number of pages: 69 Posted: 26 Mar 2015 Last Revised: 26 May 2015
University of Pennsylvania - The Wharton School, Finance Department, University of Chicago - Booth School of Business, University of Pennsylvania - Finance Department and Georgia State University College of Law
Downloads 372 (78,582)

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institutional investing, institutional investors, high fiduciary duty institution, fiduciary duty, corporate law, constituency statutes, empirical legal research, boards of directors, director duties, alternative purpose firms, benefit corporations

14.

Understanding Fee Structures in the Asset Management Business

NYU Working Paper No. FIN-98-050
Number of pages: 49 Posted: 11 Nov 2008
Anthony W. Lynch and David K. Musto
New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 360 (81,661)

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15.

Great Expectations: Mission Preservation and Financial Performance in Impact Investing

Number of pages: 32 Posted: 26 Jan 2016
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, University of Chicago - Booth School of Business, University of Pennsylvania - Finance Department and University of Pennsylvania - The Wharton School, Finance Department
Downloads 353 (83,550)
Citation 2

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impact investing, private equity, venture capital, social impact, financial performance, mission preservation, gross performance, transactions, exits

16.

The Limits to Dividend Arbitrage: Implications for Cross Border Investment

Rodney L. White Center for Financial Research Working Paper No. 08-03
Number of pages: 30 Posted: 25 Jun 2003
University of Toronto - Rotman School of Management, University of North Carolina Kenan-Flagler Business School, University of Pennsylvania - The Wharton School, Finance Department and University of Pennsylvania - Finance Department
Downloads 308 (97,294)
Citation 3

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17.

Who Benefits from Bond Market Modernization?

Number of pages: 66 Posted: 11 Jan 2016 Last Revised: 16 Sep 2018
Jillian Grennan and David K. Musto
Duke University - Fuqua School of Business and University of Pennsylvania - Finance Department
Downloads 301 (99,702)
Citation 1

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Raising Capital, Financial Innovation, Financial Intermediation, Fixed Income, Corporate Bonds, Contracting, Covenants, Primary Offerings, WKSI, Securities Offering Reform, Underwriting Quality, WorldCom Litigation, Liability Risk

18.

Why Do Institutions Delay Reporting Their Shareholdings? Evidence from Form 13F

Rotman School of Management Working Paper No. 2661535, 27th Annual Conference on Financial Economics and Accounting Paper
Number of pages: 57 Posted: 18 Sep 2015 Last Revised: 07 Jul 2016
University of Toronto - Rotman School of Management, Board of Governors of Federal Reserve System and University of Pennsylvania - Finance Department
Downloads 257 (117,959)
Citation 2

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SEC, Reporting Requirements, 13F Filings

19.

High Water Marks in Competitive Capital Markets

EFA 2009 Bergen Meetings Paper
Number of pages: 46 Posted: 17 Dec 2008 Last Revised: 24 Feb 2013
University of Toronto - Rotman School of Management, University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 219 (138,430)
Citation 4

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Hedge funds, High water marks, Efficient contracts, Adverse Selection, Moral Hazard, Learning, Competitive Capital

20.

The Reacquisition of Credit Following Chapter 7 Personal Bankruptcy

Wharton Financial Institutions Center Working Paper No. 99-22
Number of pages: 35 Posted: 07 Dec 1999
David K. Musto
University of Pennsylvania - Finance Department
Downloads 196 (153,692)
Citation 6

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21.

Passive-Aggressive Trading: The Supply and Demand of Liquidity by Mutual Funds

Rotman School of Management Working Paper No. 3137465
Number of pages: 40 Posted: 10 Mar 2018
University of Toronto - Rotman School of Management, University of Pennsylvania - Wharton School, University of Pennsylvania - Finance Department and Vienna University of Economics and Business - Department of Finance, Accounting & Statistics
Downloads 185 (162,019)

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22.

In Pursuit of Good & Gold: Data Observations of Employee Ownership & Impact Investment

Seattle University Law Review, Vol. 40, No. 2, 2017, Georgia State University College of Law, Legal Studies Research Paper No. 2017-10
Number of pages: 56 Posted: 10 Mar 2017 Last Revised: 29 Jun 2017
University of Pennsylvania - The Wharton School, Finance Department, University of Chicago - Booth School of Business, University of Pennsylvania - Finance Department and Georgia State University College of Law
Downloads 175 (170,322)

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Shareholders, Impact Investors, Employee Shareholders, Employee Stock Ownership, Venture Capital, Employee Ownership, Investment Funds, Startups

23.

Notes on Bonds: Illiquidity Feedback During the Financial Crisis

Number of pages: 52 Posted: 01 Jul 2015 Last Revised: 30 Dec 2017
David K. Musto, Greg Nini and Krista Schwarz
University of Pennsylvania - Finance Department, Drexel University - Department of Finance and University of Pennsylvania - Finance Department
Downloads 152 (192,144)
Citation 21

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liquidity, feedback, Treasury market, financial crisis, limits to arbitrage, repo

24.
Downloads 151 (193,200)
Citation 1

Trading and Voting

Rodney L. White Fin. Research Working Paper No. 22-00
Number of pages: 15 Posted: 12 Mar 2001
David K. Musto and Bilge Yilmaz
University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 151 (193,570)
Citation 1

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Trading and Voting

Journal of Political Economy, Vol. 111, October 2003
Posted: 10 Sep 2003
David K. Musto and Bilge Yilmaz
University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department

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25.

Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages

FRB of Philadelphia Working Paper No. 13-3
Number of pages: 42 Posted: 26 Dec 2012
Philip Bond, Ronel Elul, Sharon Garyn-Tal and David K. Musto
University of Washington - Michael G. Foster School of Business, Federal Reserve Bank of Philadelphia, Max Stern Academic College of Emek Yezreel and University of Pennsylvania - Finance Department
Downloads 71 (324,700)
Citation 2

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Refinance, Mortgage

Delegated Monitoring of Fund Managers

NYU Working Paper No. SC-AM-02-01
Number of pages: 30 Posted: 13 Nov 2008
Simon Gervais, Anthony W. Lynch and David K. Musto
Duke University - Fuqua School of Business, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 41 (426,564)

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Delegated Monitoring of Fund Managers

NYU Working Paper No. FIN-02-004
Number of pages: 30 Posted: 03 Nov 2008
Simon Gervais, Anthony W. Lynch and David K. Musto
Duke University - Fuqua School of Business, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 21 (530,207)

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27.

The Effect of NAV Flotation on the Management of Prime Money Fund Portfolios

DERA Working Paper, 2018
Number of pages: 45 Posted: 03 Jan 2019
Su Li, Wei Liu and David K. Musto
U.S. Securities and Exchange Commission, U.S. Securities and Exchange Commission and University of Pennsylvania - Finance Department
Downloads 52 (379,310)

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Money Market Funds, Money Market Regulation, Financial Stability, Floating Net Asset Value

Fund Families as Delegated Monitors of Money Managers

NYU Working Paper No. SC-AM-03-14
Number of pages: 38 Posted: 04 Nov 2008
Simon Gervais, Anthony W. Lynch and David K. Musto
Duke University - Fuqua School of Business, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 45 (410,825)

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29.

Can Brands Circumvent Marketing Regulations? Exploiting Umbrella Branding in Financial Markets

Marketing Science, Forthcoming
Number of pages: 55 Posted: 25 Mar 2019
Yan Lu, Debanjan Mitra, David K. Musto and Sugata Ray
University of Central Florida - College of Business Administration, University of Connecticut - Department of Marketing, University of Pennsylvania - Finance Department and University of Alabama - Department of Economics, Finance and Legal Studies
Downloads 37 (433,987)

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Umbrella Branding, Advertising Regulation, Natural Experiment, Financial Services Marketing, Public Policy

30.

Investor Flows to Asset Managers: Causes and Consequences

Annual Review of Financial Economics, Vol. 6, pp. 289-310, 2014
Posted: 25 Nov 2014
University of Toronto - Rotman School of Management, University of Pennsylvania - Finance Department and University of Maryland - Robert H. Smith School of Business

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31.

The Economics of Mutual Funds

Annual Review of Financial Economics, Vol. 3, pp. 159-172, 2011
Posted: 10 Jan 2012
David K. Musto
University of Pennsylvania - Finance Department

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32.

Leaning for the Tape: Evidence of Gaming Behavior in Equity Mutual Funds

The Journal of Finance, Vol. 57, pp. 661-693, 2002
Posted: 19 Nov 2002
Mark M. Carhart, Adam V. Reed, Ron Kaniel and David K. Musto
Kepos Capital LP, University of North Carolina Kenan-Flagler Business School, University of Rochester - Simon Business School and University of Pennsylvania - Finance Department

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33.

Investment Decisions Depend on Portfolio Disclosure

Wharton 97-49
Posted: 11 Feb 1998
David K. Musto
University of Pennsylvania - Finance Department

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34.

Portfolio Disclosures and Year-End Price Shifts

Journal of Finance, Vol. 52, No. 4, September 1997
Posted: 20 Nov 1996
David K. Musto
University of Pennsylvania - Finance Department

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