Chris Muscarella

, Professor Emeritus of Finance , L. W.'Roy' and Mary Lois Clark Teaching Fellow
Department: Finance
Office: 361 Business Building
Phone: 814-865-1481
Fax: 814-865-3362
Member of Faculty Since: 1991


Chris J. Muscarella is Professor Emeritus of Finance and the L. W. 'Roy' and Mary Lois Clark Teaching Fellow at the Smeal College of Business Administration of The Pennsylvania State University. His teaching interests center on corporate finance and he has won over twenty teaching awards from the Master of Business Administration students at Penn State. He was named a J. William Fulbright Distinguished Chair at Portuguese Catholic University for the spring of 2001. Prior to coming to Penn State, he held an appointment as Senior Financial Economist with the U.S. Securities and Exchange Commission in Washington, DC where he worked on insider trading cases and public policy issues. Professor Muscarella has served on the faculties of the Darden School at the University of Virginia, the University of Chicago, Southern Methodist University, the University of Utah, the University of Oregon and the University of Notre Dame. He has also taught in executive MBA programs and numerous executive education programs. Professor Muscarella has authored case studies that are used in universities all over the U.S.


Current Research

Professor Muscarella's current research interests include the valuation of corporate patents and the impact of management compensation plans on corporate spending decisions.. He has published numerous research articles including papers in The Journal of Finance, The Journal of Financial Economics, The Journal of Financial Research, The European Finance Review and The Journal of Applied Corporate Finance. His research has over 3000 citations in textbooks and academic journals and has been highlighted in The New York Times, Fortune, The Economist, The Chicago Sun-Times, The Dallas Morning News and The CFA Digest. Professor Muscarella has made over fifty research presentations in the U.S., Europe, and Asia. He is a former Associate Editor for The Journal of Financial Research. He served as Program Chair for the 2002 Financial Management Association annual confernece and as President of FMA in 2005.



PhD, Finance, Purdue University,

MBA, Finance, University of Notre Dame,

BSEE, Electrical Engineering, University of Notre Dame,