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Ph.D. Candidate • 2025–26 Economics Job Market
David A Criss is a Ph.D. Candidate in Economics and Urban Sustainability at Wayne State University and a trainee in the NSF-funded Transformative Research in Urban Sustainability Training program. His research examines how sustainability principles shape financial markets, corporate behavior, urban development, and social health. He applies his research to create practical solutions and build collaborative partnerships with organizations such as Henry Ford Health, Data Driven Detroit, and Lean & Green Michigan. He has taught Principles of Microeconomics, Principles of Macroeconomics, Intermediate Microeconomics, and Environmental Justice in Detroit at Wayne State University, as well as Economics of Energy and the Environment at Oakland University. He is currently on the 2025–26 job market, pursuing opportunities where he can leverage his expertise in applying sustainability principles across finance and urban development, directed toward advancing practical solutions to social, economic, and health challenges.
Transformative Research in Urban Sustainability Training (T-RUST) Program, (2019 Cohort)
▼ Selected Work (* indicates work in progress or under review)
1. "Capital Markets' Response to ESG"* (Job Market Paper)
Abstract
This study examines whether firms’ Environmental, Social, and Governance (ESG) performance influences their cost of equity and cost of debt in U.S. markets. Using panel data from 2014 to 2022, I analyze how ESG performance relates to financing costs across both equity and debt markets within a consistent empirical framework. To address potential endogeneity, I use industry-year average ESG scores as an instrument for firm-level ESG performance, isolating variation driven by broader industry dynamics. The findings indicate that higher ESG performance is associated with a lower cost of debt, suggesting that creditors perceive ESG engagement as reducing credit risk. However, the relationship between ESG performance and the cost of equity is less consistent, with results varying across empirical approaches. These results imply that ESG performance may be priced differently in equity and debt markets and highlight the role of industry context in shaping capital market responses to ESG factors.
2. "C-PACE Financing and Policy Structures in Wayne County"* (with C. Adamczyk)
Abstract
Property Assessed Clean Energy (PACE) financing is an innovative tool that provides property owners with access to capital for energy efficiency, renewable energy, and water conservation improvements through a special assessment on their property tax bill. By reducing upfront capital barriers, PACE advances local environmental and social goals while offering long-term economic benefits. In Michigan, the commercial PACE (C-PACE) market has expanded significantly, with over $300 million in cumulative assessments statewide and more than $100 million in Wayne County alone as of November 2024. This white paper examines the role of C-PACE in supporting Wayne County’s sustainability objectives, as outlined in the region’s Priority Climate Action Plan. Drawing on Detroit-area case studies and Michigan’s program framework, this paper examines how C-PACE helps local property owners cut emissions, reduce costs, and upgrade building performance. It also highlights key trends shaping the future of C-PACE in Michigan, including recent policy changes, technology innovation, and broader market participation.
Hello and Welcome!
Thanks for visiting. This site shares my work in research and teaching, highlighting projects, collaborations, and insights. I keep it current and focused so it remains useful and easy to navigate. Whether you are exploring for professional interests or simply out of curiosity, I hope you find the information clear, relevant, and worth your time.
With appreciation,
David A Criss
Site sections reflect my experience in applied work, teaching, and professional practice.
AEA Annual Meeting • New Orleans, LA • 2023
Academic Training
Michigan State University
James Madison College
"The JMC curriculum, with its multidisciplinary perspective and focus on applied social science, prepares students to face real-world challenges with maturity, creativity, and responsibility. Consequently, the College's name garners considerable respect. Across Michigan, throughout the Midwest, and increasingly, throughout the country and world, new graduates find many opportunities available to them based on previous contact by employers with Madison students and graduates" (MSU JMC).
Wayne State University
Graduate School
"Wayne State University is among the nation's top public universities for research expenditures, with more than $220 million spent annually, has been awarded the Carnegie Foundation's top classifications in research and community engagement, and is a member of the University Research Corridor along with the University of Michigan and Michigan State University, generating 95 percent of research in the state and supporting economic growth throughout Michigan" (WSU Graduate School).
Postgraduate Research Supported By:
Disclosures
We operate independently as davidacriss.com. While we share an affiliation with Criss Systems, it is essential to clarify that we have full control over our website's content, publications, and mission.
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