David K. Musto

University of Pennsylvania - Finance Department

Professor

The Wharton School

3620 Locust Walk

Philadelphia, PA 19104

United States

  • University of Pennsylvania - Finance Department

SCHOLARLY PAPERS

39

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17,956

SSRN CITATIONS
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Top 2,855

in Total Papers Citations

267

CROSSREF CITATIONS

301

Scholarly Papers (39)

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1.

Mutual Fund Survivorship

Downloads 2,010 ( 6,100)
Citation 62

Mutual Fund Survivorship

Number of pages: 67 Posted: 19 Oct 2000
Mark M. Carhart, Jennifer N. Carpenter, Anthony W. Lynch and David K. Musto
Kepos Capital LP, New York University (NYU) - Department of Finance, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 1,726 (16,867)
Citation 11

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Mutual Fund Survivorship

NYU Working Paper No. S-AM-00-08
Number of pages: 67 Posted: 13 Nov 2008
Mark M. Carhart, Jennifer N. Carpenter, Anthony W. Lynch and David K. Musto
Kepos Capital LP, New York University (NYU) - Department of Finance, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 190 (263,196)
Citation 3

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Mutual Fund Survivorship

NYU Working Paper No. FIN-00-038
Number of pages: 67 Posted: 04 Nov 2008
Mark M. Carhart, Jennifer N. Carpenter, Anthony W. Lynch and David K. Musto
Kepos Capital LP, New York University (NYU) - Department of Finance, New York University (NYU) - Department of Finance and University of Pennsylvania - Finance Department
Downloads 94 (458,106)

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2.

Contracts with (Social) Benefits: The Implementation of Impact Investing

Journal of Financial Economics (JFE), European Corporate Governance Institute – Finance Working Paper No. 674/2020, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 28 Posted: 26 Apr 2018 Last Revised: 25 Sep 2022
Christopher Geczy, Jessica Jeffers, David K. Musto and Anne M. Tucker
University of Pennsylvania - The Wharton School, Finance Department, HEC Paris, University of Pennsylvania - Finance Department and Georgia State University College of Law
Downloads 2,225 (11,478)
Citation 10

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impact investing, contracts, venture capital, private equity, socially responsible investing

3.

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
Susan Kerr Christoffersen, Christopher Geczy, Adam V. Reed and David K. Musto
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 1,393 (23,756)
Citation 17

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information aggregation, voting rights, equity lending, vote trading

4.

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
Susan Kerr Christoffersen, Richard B. Evans and David K. Musto
University of Toronto - Rotman School of Management, University of Virginia - Darden School of Business and University of Pennsylvania - Finance Department
Downloads 1,205 (29,396)
Citation 63

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Brokers, mutual funds, compensation, revenue-sharing

5.

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 1,172 (30,659)
Citation 6

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Predatory lending, Consumer credit

6.

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

Downloads 927 (42,648)

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

EFA 2003 Glasgow
Number of pages: 46 Posted: 01 Aug 2003
Richard B. Evans, Adam V. Reed, Christopher Geczy and David K. Musto
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 927 (42,030)
Citation 39

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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
Richard B. Evans, Christopher Geczy, David K. Musto and Adam V. Reed
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.

Great Expectations: Mission Preservation and Financial Performance in Impact Investing

Number of pages: 32 Posted: 26 Jan 2016
Jacob Gray, Nick Ashburn, Harry Douglas, Jessica Jeffers, David K. Musto and Christopher Geczy
University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, University of Pennsylvania - The Wharton School, HEC Paris, University of Pennsylvania - Finance Department and University of Pennsylvania - The Wharton School, Finance Department
Downloads 879 (45,861)
Citation 6

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

8.

How Investors Interpret Past Fund Returns

Downloads 840 (48,867)
Citation 49

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 840 (48,160)
Citation 49

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How Investors Interpret Past Fund Returns

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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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
Susan Kerr Christoffersen, Richard B. Evans and David K. Musto
University of Toronto - Rotman School of Management, University of Virginia - Darden School of Business and University of Pennsylvania - Finance Department
Downloads 578 (79,504)
Citation 20

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Mutual Fund, Financial Intermediary, Brokers

10.

A Portfolio View of Consumer Credit

Downloads 572 (80,556)
Citation 20

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 520 (89,758)
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 2022
David K. Musto and Nicholas S. Souleles
University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 52 (638,503)
Citation 1

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11.

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
Christopher Geczy, Jessica Jeffers, David K. Musto and Anne M. Tucker
University of Pennsylvania - The Wharton School, Finance Department, HEC Paris, University of Pennsylvania - Finance Department and Georgia State University College of Law
Downloads 555 (83,700)
Citation 5

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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

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 536 (87,349)
Citation 7

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13.

The Market for Record-Date Ownership

Number of pages: 37 Posted: 20 Mar 2002
Susan Kerr Christoffersen, Adam V. Reed, Christopher Geczy and David K. Musto
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 536 (87,349)
Citation 3

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Equity Lending, Shareholder Proposals, Dividend Arbitrage

14.

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

Number of pages: 36 Posted: 05 Feb 2007
Susan Kerr Christoffersen, Donald B. Keim and David K. Musto
University of Toronto - Rotman School of Management, University of Pennsylvania - Wharton School and University of Pennsylvania - Finance Department
Downloads 532 (88,164)
Citation 28

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mutual funds, trading, trading costs

15.

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
Susan Kerr Christoffersen, Erfan Danesh and David K. Musto
University of Toronto - Rotman School of Management, Board of Governors of the Federal Reserve System and University of Pennsylvania - Finance Department
Downloads 484 (99,024)
Citation 7

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SEC, Reporting Requirements, 13F Filings

16.

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
University of California, Berkeley, Haas School of Business, Institue for Business and Social Impact and University of Pennsylvania - Finance Department
Downloads 432 (113,191)

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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

17.

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 416 (118,345)

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18.

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
Susan Kerr Christoffersen, Adam V. Reed, Christopher Geczy and David K. Musto
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 355 (141,565)
Citation 6

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19.

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

Rotman School of Management Working Paper No. 3137465
Number of pages: 54 Posted: 10 Mar 2018 Last Revised: 30 Jun 2021
Susan Kerr Christoffersen, Donald B. Keim, David K. Musto and Aleksandra Rzeźnik
University of Toronto - Rotman School of Management, University of Pennsylvania - Wharton School, University of Pennsylvania - Finance Department and York University - Schulich School of Business
Downloads 290 (175,475)
Citation 3

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Fund flows, trading costs, information, liquidity

20.

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
Christopher Geczy, Jessica Jeffers, David K. Musto and Anne M. Tucker
University of Pennsylvania - The Wharton School, Finance Department, HEC Paris, University of Pennsylvania - Finance Department and Georgia State University College of Law
Downloads 264 (193,036)

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

21.

High Water Marks in Competitive Capital Markets

EFA 2009 Bergen Meetings Paper, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 46 Posted: 17 Dec 2008 Last Revised: 11 Aug 2020
Susan Kerr Christoffersen, David K. Musto and Bilge Yilmaz
University of Toronto - Rotman School of Management, University of Pennsylvania - Finance Department and University of Pennsylvania - Finance Department
Downloads 263 (193,770)
Citation 4

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

22.

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 219 (231,479)
Citation 9

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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 Board of Governors of the Federal Reserve System
Downloads 194 (258,539)
Citation 12

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

24.

Trading and Voting

Downloads 170 (290,489)
Citation 7

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 170 (290,474)
Citation 7

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Trading and Voting

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.

Costs of Executing Complex Options Trades

Number of pages: 61 Posted: 21 Mar 2023 Last Revised: 05 Apr 2023
Su Li, David K. Musto and Neil D. Pearson
U.S. Securities and Exchange Commission, University of Pennsylvania - Finance Department and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 135 (350,802)

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options trading, complex trade protocols, complex limit order book, complex price improvement auction, transactions costs, effective spread

26.

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 133 (354,769)

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

27.

A Simple Role for Complex Options

Number of pages: 76 Posted: 21 Mar 2023 Last Revised: 12 Sep 2023
Su Li, David K. Musto and Neil D. Pearson
U.S. Securities and Exchange Commission, University of Pennsylvania - Finance Department and University of Illinois at Urbana-Champaign - Department of Finance
Downloads 131 (358,822)

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options trading, complex trades, volatility trades

28.

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 124 (373,926)

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

29.

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

FRB of Philadelphia Working Paper No. 13-3, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
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 104 (424,624)
Citation 7

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Refinance, Mortgage

30.

Delegated Monitoring of Fund Managers

Downloads 96 (448,327)

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 58 (605,565)

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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 38 (728,539)

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31.

Notes on Bonds: Liquidity at all Costs in the Great Recession

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 46 Posted: 03 May 2015
David K. Musto, Greg Nini and Krista Schwarz
University of Pennsylvania - Finance Department, Drexel University - Department of Finance and Board of Governors of the Federal Reserve System
Downloads 70 (541,094)

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32.

Fund Families as Delegated Monitors of Money Managers

Downloads 62 (576,208)
Citation 5

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 62 (585,469)
Citation 5

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33.

Scale Economies in the Money Market

Number of pages: 33 Posted: 05 Dec 2019
Su Li and David K. Musto
U.S. Securities and Exchange Commission and University of Pennsylvania - Finance Department
Downloads 54 (615,559)

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money market, mutual funds, economies of scale

34.

Robo‐advisors and the Growth of Index‐Fund Governance

Financial Planning Review, Vol. 3, No. 3, 2020
Posted: 04 Feb 2021
David K. Musto
University of Pennsylvania - Finance Department

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35.

Investor Flows to Asset Managers: Causes and Consequences

Annual Review of Financial Economics, Vol. 6, pp. 289-310, 2014
Posted: 25 Nov 2014
Susan Kerr Christoffersen, David K. Musto and Russ Wermers
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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36.

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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37.

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

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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38.

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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39.

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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