# Prof. Philipp Schnabl's research on mutual funds is cited

1 Faculty News September 19, 2013 ![USA Today logo](/sites/default/files/styles/246w/public/assets/images/con_031097.jpg?itok=ln7a_tqf)>

Excerpt from [USA Today](http://www.usatoday.com/story/money/columnist/waggoner/2013/09/19/money-funds-still-pose-risk/2836575/) -- "Commercial paper outstanding shrunk by 15% a month after the Reserve fund's collapse, to $1.43 billion, according to a paper written by Kacperczyk and [Philipp Schnabl](http://www.stern.nyu.edu/faculty/bio/philipp-schnabl), then with the Stern School of Business. Financial commercial paper — the type used by investment banks and finance companies to fund their operations — plunged 30% in the wake of the Reserve collapse, in large part because money funds aggressively reduced their holdings."

[Read more](http://www.usatoday.com/story/money/columnist/waggoner/2013/09/19/money-funds-still-pose-risk/2836575/)