Christopher Bruno

Doctoral Candidate

Contact Information

Primary Email:
ccbruno@wharton.upenn.edu

office Address:
3114 SH-DH
3620 Locust Walk
Philadelphia, PA 19104

Overview

My research interests lie in connecting place-based features and activities of corporations, such as office re-location, structural attention, and philanthropy, to local community (e.g., poverty) and performance outcomes (e.g., local sentiment & sales).

More broadly, I seek to understand the reciprocal system-level relationship between corporations and the features of their local environments. This includes understanding how the activities of large corporations affect, or are affected by nonprofits, government, and entrepreneurial activity.

I apply theory from stakeholder and non-market strategy, as well as organizational theory on the expectations of corporations, to place-based corporate activity linked to large-scale temporal geospatial datasets of media coverage, demography, and institutional features that often vary by city, county, country or state.

Research

Christopher Bruno and Witold Henisz (2024), Environmental, Social, and Governance (ESG) Outcomes and Municipal Credit Risk, Business & Society, 63 (8), pp. 1709-1756.
Abstract: We investigate the association between a wide range of community-level environmental, social, and governance (ESG) outcomes and the credit risk of U.S. municipal finance fixed-income securities. We develop a novel dataset of multiple ESG outcomes for U.S. counties and connect it to a 2001-2020 panel of municipal bonds issued within those counties. Overall, we find supportive evidence that collective increases in community-level ESG factors (i.e., ESG outcomes) are associated with reductions in credit risk for U.S. municipal finance instruments over time. We theorize that these associations arise from variations in investor perceptions and manifested changes in fiscal health over time as a function of changing ESG outcomes. Post hoc analyses leveraging quasi-exogenous shocks to uncertainty, as well as connecting ESG outcomes to various measures of fiscal health at the county-year level, and credit ratings at the bond-year level, help validate this theory. Our research suggests that even socially agnostic investors should investigate the environmental and social performance of a municipality as part of their credit due diligence.
Ulrich Atz, Tracy Van Holt, Zoe Liu, Christopher Bruno (2022), Does Sustainability Generate Better Financial Performance? Review, Meta-analysis, and Propositions, Journal of Sustainable Finance & Investment.
Abstract: Sustainability in business and ESG (environmental, social, and governance) in finance have exploded in popularity among researchers and practitioners. We surveyed 1,141 primary peer-reviewed papers and 27 meta-reviews (based on ∼1,400 underlying studies) published between 2015 and 2020. Aggregate conclusions from a sample suggest that the financial performance of ESG investing has on average been indistinguishable from conventional investing (with one in three studies indicating superior performance) – in contrast with research in the wider management literature as well as industry reports. Until recently top finance journals did not publish climate change related studies, yet these studies capture the frontier of corporate risk and ESG investment strategies. We developed three propositions: first, ESG integration as a strategy seems to perform better than screening or divestment; second, ESG investing provides asymmetric benefits, especially during a social or economic crisis; and third, decarbonization strategies can potentially capture a climate risk premium.

Teaching

All Courses

MGMT1010 - Intro To Management
We all spend much of our lives in organizations. Most of us are born in organizations, educated in organizations, and work in organizations. Organizations emerge because individuals can't (or don't want to) accomplish their goals alone. Management is the art and science of helping individuals achieve their goals together. Managers in an organization determine where their organization is going and how it gets there. More formally, managers formulate strategies and implement those strategies. This course provides a framework for understanding the opportunities and challenges involved in formulating and implementing strategies by taking a "system" view of organizations,which means that we examine multiple aspects of how managers address their environments, strategy, structure, culture, tasks, people, and outputs, and how managerial decisions made in these various domains interrelate. The course will help you to understand and analyze how managers can formulate and implement strategies effectively. It will be particularly valuable if you are interested in management consulting, investment analysis, or entrepreneurship - but it will help you to better understand and be a more effective contributor to any organizations you join, whether they are large, established firms or startups. This course must be taken for a grade.

Activity

Latest Research

Christopher Bruno and Witold Henisz (2024), Environmental, Social, and Governance (ESG) Outcomes and Municipal Credit Risk, Business & Society, 63 (8), pp. 1709-1756.

All Research