Experience Stern | Faculty & Research

Excerpt from USA Today -- "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, 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."

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