The Charging Bull • New York, NY • December 2023

David A Criss


"Understanding a question is half an answer."

- Socrates

AEA Annual Meeting • New Orleans, LA • January 2023

Hello and welcome!

I am a Ph.D. Candidate in Economics and Urban Sustainability at Wayne State University. 

My research focuses on Sustainable Finance, ESG, and Health Economics.  

Feel free to explore my work and check back for updates.

Research Insights

I am committed to understanding how businesses and institutions shape economic and environmental outcomes.

Featured Research

My dissertation examines the relationship between capital markets and firms' environmental and social footprints. Grounded in ESG performance analysis, this research provides key insights for investors, corporate leaders, and policymakers.

Henry Ford Health

In collaboration with Henry Ford Health, we study the health trajectories of food-insecure patients involved within a hospital-based intervention program, evaluating how access to whole food nourishment shapes patient outcomes and investment approaches in healthcare.

Lean & Green Michigan

Through my partnership with Lean and Green MI, we assess the financial outcomes of PACE-funded projects. This work strengthens my approach to evaluating sustainable investments and sharpens my understanding of financial strategy's role in advancing sustainability goals.

Affiliations

Job Market Paper

"Capital Markets' Response to ESG"

with Drs. Liang Hu and Hiu Lam Choy


The incorporation of Environmental, Social, and Governance (ESG) performance into corporate strategy demonstrates companies’ dedication to sustainable practices and ethical business operations. This study analyzes the impact of Bloomberg ESG scores on capital costs by studying panel data from U.S.-domiciled and U.S.-listed companies between 2014 and 2022. The findings reveal that ESG performance impacts financing costs unevenly with specific consequences that vary according to both firm size and positioning in capital markets. Investors view higher ESG performance as limiting their flexibility or a potential agency cost which results in increased equity costs. ESG engagement reduces debt costs because creditors link it to diminished default risk and improved financial stability. Large companies see greater debt cost savings from ESG initiatives but encounter higher equity financing expenses. The market effects faced by smaller firms tend to be minimal because their limited visibility and resource constraints reduce the significance of their ESG commitments. These results demonstrate how ESG financial consequences depend on firm size which makes it essential for companies to develop sustainability strategies that best suit their financing needs.

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

Department of Economics

"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).

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