"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.

"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.

"Effects of a Food Assistance Intervention on Health Care Utilization in Detroit"

"An Updated Measure of Food Insecurity" (with B. Friday), Data Driven Detroit Blog, 2023

Overview

During their time as graduate students at Wayne State University (WSU), Brenna Friday and David Criss studied the drivers and consequences of food insecurity in Detroit, Michigan. Their work in this field was made possible through the support of the Transformative Research in Urban Sustainability Training (T-RUST) program at WSU. This analysis builds upon the food insecurity index model originally developed by Data Driven Detroit (D3) in 2017, and identifies a troubling pattern: the rising risk of food insecurity appears to overshadow the modest improvements observed in specific areas of Detroit.

AEA Summer Mentoring Pipeline Conference, 2022 - present

NBER Summer Institute, 2025

Wayne State University Graduate Research Symposium, 2025

AEA Annual Meeting, 2023

Detroit Food 2020 Conference, 2020