Christopher Bruno

• Christopher Bruno, Farhed Shah, Gary Robbins (2025), An Economic Model of Transboundary Water Agreements With Groundwater and Surface Water Interaction: Application to a US River Basin With a History of Conflict, Water Resources Research, 61 (7). 10.1029/2024WR037585 Abstract

  This study examines the connection between groundwater and surface water in the design of transboundary compacts. A steady‐state hydro‐economic model is developed and applied to a river basin in the United States. Simulations demonstrate that when a water compact is designed to govern only surface water, the assigned allocations are nonbinding and lead to decreased river‐flow in the downstream region. When the compact is designed to govern surface water and groundwater usage combined, however, the assigned allocations are binding and changes in them can increase overall net benefits, with the extent dependent on flexibility in compact design.

  Description
  Key Points: • Allocation of transboundary water resources can cause conflict between regions, especially if mechanisms for allocation are not adequate • Economic analysis of transboundary water compacts often does not incorporate the connection between groundwater and surface water • We develop a hydro‐economic model that considers this connection and apply it to a case region in the US
• 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.

Past 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.

• When Does Corporate Silence Backfire?, Knowledge at Wharton - 08/13/2025 Description

  Companies are increasingly expected to weigh in on politically polarizing issues, from voting rights to LGBTQ+ legislation. But not all do — and for some, silence carries little risk. New research from Wharton academics finds that backlash tends to follow only when companies are expected to speak out. For those firms, staying quiet may invite the very criticism they hoped to avoid.

Knowledge @ Wharton

• Does Your Insurance Protect You From Climate Risk?, Knowledge @ Wharton - 05/19/2026
• Should AI Nudge You or Tell You What to Do?, Knowledge @ Wharton - 05/19/2026
• How Rwanda Is Using Drones to Improve Health Care, Knowledge @ Wharton - 05/19/2026
• AI’s Real Impact on Jobs and Productivity, Knowledge @ Wharton - 05/15/2026
• Career Growth, Job Mobility, and the Modern Workforce, Knowledge @ Wharton - 05/13/2026
• How Advanced Analytics Are Changing Professional Hockey, Knowledge @ Wharton - 05/13/2026
• AI’s Supply Chain Problem, Knowledge @ Wharton - 05/12/2026
• Lasting Loyalty: Why ‘Unreasonable Hospitality’ Wins, Knowledge @ Wharton - 05/12/2026
• Why Leadership Changes Often Backfire, Knowledge @ Wharton - 05/12/2026
• Rethinking Urban Tax Policy Through Land Value Taxation, Knowledge @ Wharton - 05/08/2026