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FinanceProfessor Interview of the Month: Robert Bruner
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Jim Mahar
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Aug 13, 2002 13:31 PDT
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FinanceProfessor News August 13, 2002
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Hi everyone!
We really have a treat today. It is the interview of the month. With
the new semester getting ready to start, I think it is a good time to
turn our attention back to teaching, so today’s guest is none other than
Robert Bruner, the man who is arguably more associated with Teaching
Finance than anyone.
Dr. Bruner has published research work in many of the top financial
journals as well being the author of Case Studies in Finance (which is
widely seen as the best case book for MBA students), the Co-author of
The Portable MBA (3rd.edition), and the Co-editor of FEN Educator series
at FEN.
Not only is Dr. Bruner widely published, but he has also won numerous
awards. It would be impossible to list them all, but a few include The
Harrison Award for Overall Teaching Excellence, Darden’s Distinguished
Case Writer Award, the INSEAD’s award for “outstanding teacher in
Elective courses, and winner of the “European Case of the year.”
http://www.ssrn.com/update/fen/fen_educator.html
But rather than me going on and on about what a great teacher and
researcher he is, let me quote some others:
From the Darden’s website:
Robert Bruner is “long regarded as one of Darden's most demanding
instructors, Bruner is rated as a 5 on a scale of 1 5 on annual
evaluations and his classes are consistently over enrolled. "Students
flock to his classes ... and he is legendary for developing in students
a love of finance and learning."
Gabriel Hawawini the Dean of INSEAD:
Robert Bruner “exemplifies the practice-oriented scholar who has a
vision of finance in a global arena. He travels widely, listens
wherever he goes, and translates his learnings into material that is
accessible both to the serious practitioner and the novice in finance.”
In an effort to help readers of the FinanceProfessor, Dr. Bruner has
graciously been kind enough to take time to be interviewed about
teaching, research, and even the current corporate governance crisis.
I am sure you will enjoy it and find many of his comments to be very
useful and insightful for your own classes (whether you are teaching the
class or taking the class!)
Thanks!
Jim
BTW there will also be a newsletter this week (I think). I am almost
done with it and while I do not want to hit you with too much in a
single week, but since the interview is a “special event” I guess it
will be OK.
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FinanceProfessor.com
interview of the month
Robert
Bruner
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Jim: While I really do not think you need an introduction, why don’t
you briefly start out by telling us a bit about yourself? Where did you
go to school, where do you teach now, etc.?
Robert Bruner: I grew up in Racine, Wisconsin, did my undergraduate
studies at Yale, and then went to Harvard’s MBA program. HBS was a
transforming experience: I had some terrific teachers. Two things
really clicked into place for me: the case method of learning, and
Finance. I discuss this a little in my book, Socrates’ Muse:
Reflections on Excellence in Case Discussion Leadership
(http://papers.ssrn.com/sol3/papers.cfm?abstract_id=320808).
After the MBA, I worked at First Chicago Corporation as a venture
capital analyst and loan officer. It was very interesting work, but I
felt the call to teach and write. So I returned to HBS to enter the
doctoral program in Finance. The University of Virginia’s Darden School
hired me in 1982, and I’ve been here ever since. Today I teach in the
MBA and executive programs, and am the Executive Director of the Batten
Institute (for more on the Batten Institute, see
http://www.darden.virginia.edu/batten/main.htm).
Jim: It is obvious by both your actions and your words, that you enjoy
teaching. What do you like so much about it?
Robert Bruner: Lots of things, but here are three for starters. I like
the look of "Aha!" in students' eyes, the moment of “I get it” about
some big surprising idea that changes the way they think about the
world. I like the sense of play with ideas--here I'm talking about
intellectual exercise, struggle, and discovery. Finally, I like teaching
when it is interactive. Lecturing bores me. Conversation, on the other
hand is lively, surprising, and usually instructive.
Jim: So why Finance?
Robert Bruner: Finance makes a difference. It is based on economic
ideas that have big implications for corporations and individuals.
Money is fascinating to a wide audience. Teaching finance can have a
real impact. Finance is quantitative which means we can model and
measure—this suits my style. And finally, the practice of Finance is
extremely interesting to follow: fear, greed, incompetence, and
incomplete information promise to make the subject relentlessly
relevant—these days the news gives us a steady stream of opportunities
to learn, teach, and write.
Jim: Why do you think that many students have the perception that
finance is so difficult and so male-dominated?
Robert Bruner: Let’s not mince words: finance is hard. This is not
something to apologize for. Nor is it a reality we can evade. If you
aim to promote learning, you must avoid the twin dangers of dumbing-down
the subject and overwhelming the student. The tasks for the teacher are
to present learning experiences appropriate for the level of the
student, to coach, to listen hard, to cheerlead and to create energy.
We need to stretch the student, but also give some support.
The gender balance issue is very knotty and justifiably a concern to
financial managers and academicians. I see three promising trends,
however: greater attention to work-life balance, greater attention to
gender patterns in math training in grade school and high school, and
the rise of some excellent professional women in business and academia
who might provide prominent role models.
Jim: As the result of the many cases you have published and your book of
cases (now in the 4th edition), your name is almost synonymous with the
case method. Why do you like it so much?
Robert Bruner: In Socrates’ Muse I survey seven “whys”:
1. The discussion method is effective. One learns best that which one
teaches oneself. True learning is a process of self-discovery, as
opposed to passive absorption of what others say.
2. The discussion method builds the capacity for critical thinking. Neil
Postman said that all knowledge starts with a question. Instructors
model skills of questioning. Discussions exercise skills of debate and
challenge. The case method engages students in this process of
exposure. We want professionals who are capable of thinking critically.
3. The discussion method exercises judgment and action-taking. If the
goal of professional education is to enhance the effectiveness of
decision-makers, then it is important to exercise students in the
practicalities of analysis and decision-making. The best way to do
this is to demand that recommendations always accompany analyses.
4. The discussion classroom models a learning environment. Through
this, the student can learn how to achieve trust, respect, risk-taking,
high quality of debate, and tough-mindedness in other professional
settings. While much has been said about the “learning organization” in
recent years, companies continue to grope slowly toward that goal.
Whatever it finally emerges to be, a culture of high-quality dialogue
will probably be at its core.
5. The discussion method models learning-from-experience that adults
will use throughout their lives. Thus, the method prepares the student
for life-long learning and for being a useful participant in a learning
organization. As Walter Wriston said, “Good judgment comes from
experience. Experience comes from bad judgment.”
6. The teacher learns too. The teacher can encounter fresh perspectives
on old problems, or test classic solutions to new problems. As Charles
I. Gragg wrote years ago, “Not all the teaching should be done by the
teacher. Not all the learning should be done by the student.”
7. The discussion method is fun. It motivates students and energizes
the instructor. Direct debate over practical problems stimulates student
effort.
Jim: I agree, that cases are a great learning experience (both student
and teacher alike) and that they have their role, but if you were
teaching an introductory finance class, do you resort to lectures? I
use cases for about 75% of the classes in the cap-stone finance course I
teach, but use very few cases in introductory classes.
Robert Bruner: I teach with cases whenever I can, but I lecture when
it’s the best path to the learning objectives. It’s fruitless to teach
cases to a class of 300 students who can’t see or hear each other or the
teacher. A basic rule is that one always should adapt to the needs of
the students and the learning objectives. Your use of the case method
is fairly typical among US business schools. But Darden, Harvard, Ivey,
and others have had great success in using cases at the introductory
level. I don’t think it’s ever too early to start teaching with
cases—just be sure to pick the right cases and tailor the classroom
experience to the needs of the student.
Currently I teach Darden’s course on mergers and acquisitions—the
syllabus is on my website (see http://faculty.darden.edu/brunerb/).
This is aimed at MBA students and occurs in the final quarter of the
program. Thus, the course is tailored to be a capstone experience,
synthesizing a range of skills and ideas acquired earlier, and giving
special grounding in M&A. You’ll see that I use a blend of cases,
simulations, team projects, and lectures.
M&A is an enduring interest of mine. But I think the premier teaching
assignment is the introductory Finance course. The “Aha!” factor is
greater there, and I enjoy the challenge of teaching a diverse audience.
Jim: And how do you use the cases? For example, is it a group
discussion or does each student hand in a case write-up? FWIW I use
groups. With two groups going at a time: typically management and
consultants, but occasionally financial planner and client, or
investment banker and firm officials etc
Robert Bruner: Occasionally I’ll ask a student or team to hand in a case
write-up, but I have had good results with the basic group discussion
format--it’s interesting, spontaneous, and emphasizes the value to the
student of knowing what he or she is talking about. I use team reports
where the case is especially complicated and/or I’m confident that the
writing part of the task will promote real learning. Avoid assigning
papers as make-work; it just enervates the class. The other problem
with team write-ups is free-riding. It’s hard to know who really did
the work, and it may signal a day off to others in the class who didn’t
have to write up the case. I routinely use team peer evaluations to get
a sense of contribution within the teams. And generally, I address the
free-riding problem through strong course norms: the expectation is that
everyone should come prepared to every class and should participate in
the discussion. The final problem with case write-ups is the grading
burden on the instructor. If it’s an interesting case and a meaningful
part of the course grade, the student will find the paper worthwhile to
write, and the teacher to grade.
Jim: In one of your works you write about answering the question: “If
you are so smart, why aren’t you rich?” Well I have another question
that I have heard: “Don’t you get sick of teaching the same stuff every
year?” I actually have an answer for it, but before I give you my
answer, let me ask you, how do you keep teaching fresh and exciting for
both for you and the student?
Robert Bruner: Renewal is very important. Don’t make it exactly the
same stuff. I turn over perhaps a third of my teaching materials each
year. Also don’t feel a need to teach the old stuff in exactly the same
way. One year you could teach it as a regular case; the second year you
could run it as a simulation; the third year, ask teams to give
presentations, etc. Finally, always remember that though the material
may repeat itself, the students always change—look for the new and
different ways in which they engage the material.
(Editors note: I honestly did answer this before reading his response,
and then included it as well)
Jim: My answer: I don’t teach the same things. Every class is composed
of different students and that forces the material to change however
slightly. Moreover, the material is constantly being updated with new
papers, new findings, etc. Far from being boring, it is fascinating,
ever changing, and fun!
Robert Bruner: Bingo!
Jim: Judging from the cases you have published, you too must constantly
be changing material and incorporating current events.
Robert Bruner: Yes, most of my ideas for new case studies and research
articles come from current events. Students value the practical
application of classroom ideas to the world in motion around them. The
best way to consider inserting current events into a course is to ask,
“What’s the deep idea embedded in this event, and how does it relate to
my course?” If you can’t answer that question very well, then you may
not know enough about it, and/or it may not fit. Every course should
have a value proposition for the student, and the teacher should drive
relentlessly to deliver on that proposition--students appreciate it when
you do.
Jim: Speaking of current events, what should Finance Professors be
teaching about the current “corporate crisis”?
Robert Bruner: What’s happened is simply tragic. Worse, we don’t know
enough yet about the problems of Enron, Tyco, Worldcom, Adelphia, and
Global Crossing and the rest to draw detailed lessons. Based on what
you read in the newspapers, it’s safe to guess that the lessons will be
complicated. Victor Hugo said, “A great blunder, like a large rope, has
many fibers.” The first thing teachers need to do is to promote
intellectual honesty about the crisis. We need to let the
investigations and litigation run their course. It may be a decade
before we get a really clear picture. Part of the tragedy is the
incredible rush to judgment by intelligent, well-informed people. I’m
reminded of Woody Allen’s anecdote that he took a speed reading course
and then read Tolstoy’s War and Peace. All he could say was, “It’s
about Russia.”
Here are some teachable points that one could use with students:
1. Focus on economic reality. Accounting cosmetics can hurt. Finance
teaches that we should focus on flows of cash adjusted for time and
risk, not the illusions created by accrual accounting. The crisis cases
offered earnings hyping, hiding of liabilities, looting, and/or tax
evasion, all to some extent assisted by the wide range of choice under
GAAP. Expect to see very big changes here.
2. Governance and control systems are very important. This, too, has
been a basic tenet of Finance, at least since Jensen and Meckling
(1976). Initial evidence in these cases points to breakdowns in the way
boards of directors monitored their managers. Expect to see very big
changes here.
3. Innovation is still good. Economic research suggests that society is
wealthier where there is more innovation. An element in some of these
cases was that the company invented a new product or service, or tried
to do business in a different way. Enron pioneered the trading of
tailored energy contracts—this innovation was not the proximate cause of
Enron’s demise but some would like to roll the clock back. Suppression
of innovation would leave us all poorer. The better idea would be to
work toward the development of agile governance, monitoring, and control
systems that can adapt to innovations as they come along.
4. Business is risky. Big companies can fail. Many innovations fizzle.
Markets can move sharply. Sober up. Reflecting on the risk/return
paradigm of Modern Finance is a good place to start.
5. Diversification is good. The concentration of pension and 401(k)
assets in the stocks of these companies is a grim reminder of the
importance of Nobel Laureate Harry Markowitz’ discovery in the 1950s.
6. Personal integrity is vital. The problem of moral hazard is
well-known in economics, finance, and insurance. Concepts from
behavioral finance may help us understand how good and rational people
could have compromised themselves. Here’s where it’s especially
important to let the investigative process finish.
Jim: do you think the problems have gotten worse?
Robert Bruner: It appears so, though appearances can be deceiving. The
business failures are certainly much bigger. But so is the US economy.
I can’t remember executive self-enrichment filling the headlines this
much. And the negative shift in attitudes about CEOs and business as a
profession seems more pronounced. But headlines always chase crises and
consumer attitudes bounce around quite a bit. Through all this noise I
think there are three signals worth remembering:
1. We’ve discovered room for improvement in business practice and are
taking action. Transparency, democratic process, rule of law, property
rights, freedom of the press, academic inquiry, and other features of US
society are powerful instruments of improvement.
2. Innovation and self-interest in the market economy will continue to
explore the limits of monitoring and control systems. A 1930s-style
re-regulation of the business economy merely treats 1930s-style
problems. The business economy today is much bigger, more complex, and
more dynamic than then—in this sense, the problem is worse today than
before. The solution may lie in inventing much more agile governance,
monitoring, and control systems. For instance, an idea that has merit
is to post executive stock sales on the Internet immediately upon
execution. This uses new technology to improve monitoring and
transparency.
3. The political and economic news would be bad even if there were no
spectacular business failures. War, national security, and recession
hardly reassure the public. Against this backdrop it takes great
discipline to study the crisis carefully.
Jim: What guilt must be placed on the finance profession? At some point
we can’t just continue to blame managers and accountants.
Robert Bruner: There’s nothing to feel good about in these business
collapses. But I’m reluctant to assign collective blame because can it
damage innocent people and shield the truly guilty. For instance, was
everyone at Arthur Andersen guilty? I doubt it. However, recent
developments should prompt finance practitioners to reflect on the
never-ending strife within firms and markets between economic reality
and a culture of illusion—a culture that promotes illusory growth (e.g.,
through revenue recognition games), illusory capitalization (e.g.,
through special purpose entities), etc.
This would be an appropriate moment for Finance teachers to reflect.
As my six teaching points suggest, teachers have been advancing concepts
for decades that warn and condemn the practices now alleged in the
press. We can probably respond further. The core concepts of finance
are more important than ever—teach them with vigor. Never stop with
tools and techniques. Extend them to implications for the manager and
investor. Alert students to the messiness of practice. The world is
loaded with choice, which students must understand the difficulty of
confronting. The easy or attractive choice is often times the wrong
one. The high-impact way of doing this is to put the student in the
shoes of a decision-maker subject to intense pressure, powerful
incentives, incomplete information, and so on—cases and simulations are
ideal for this.
Jim: if you don’t mind let’s change tack and look at research a bit. A
few months ago I had the pleasure to kick off these monthly interviews
with one of my favorite teachers I ever had Cliff Smith. In the
interview we got speaking on two of the main roles a professor plays.
One being a teacher and the second being a researcher. Many in the
field feel the two are at odds with one another since there are only so
many hours in a day. If you could, would you speak to this issue.
Robert Bruner:
I don’t think the two are at odds at all. I discuss this in Socrates’
Muse. Here is the outline of my argument about why research matters for
teaching.
1. Curiosity and an attitude of discovery are vital attributes of good
teachers. It builds a teacher’s passion and sense of engagement with a
subject field—students can sense a teacher’s personal engagement with a
subject, which only increases the odds of animated classroom
discussions.
2. There are strong parallels between the discovery process in research,
and the discovery process of finding an “aha” in the student’s mind.
3. Don’t discount the value of academic debate. Though the academy
(like legislatures, corporations, and other large bodies) may move
slowly to reject false ideas, the process is inexorable.
4. Research promotes teachers’ and students’ capacities for critical
thinking. Professional development of teachers that focuses only on an
accepted canon of ideas easily degrades into rote teaching.
5. Research is vital for establishing even the “basics” to which
teachers might return. Without the processes of research and
peer-reviewed publication, the “basics” would be whatever bureaucrats or
special interest groups say they should be.
6. Research refreshes the teachers. It keeps them intellectually alive
and alert to news and its implications.
7. Teaching and research are similar in the sense that they both address
an audience. To do research and get it published entails a set of
skills that help develop one for the classroom.
8. Finally, an instructor’s interest in research exemplifies for
students the attributes necessary to confront a world awash in research,
some of it good, much of it indifferent or bad.
The key attribute here is the ability to think critically about
questions, hypotheses, data, tests, and interpretation of results.
Nobel Laureate Richard P. Feynman said, “The questions of students are
often the source of new research…they remind me of a problem by asking
questions in the neighborhood of that problem. It’s not so easy to
remind yourself of these things…I would never accept any position in
which somebody has invented a happy situation for me where I don’t have
to teach. Never.”
Jim: As an example to all young professors, what advice do you have with
regard to research?
Robert Bruner: Seek teaching assignments within your research
interests, but be careful to remain student-centered. Listen very hard
to the questions of your students—these are great leads to research
issues. Co-teach with someone else who has similar research interests
to yours. The intellectual synergy from co-teaching can be impressive.
Get a view. Form your own opinion about the issues in the field. Be
careful of the knee-jerk tendency to reject ideas that seem difficult or
counterintuitive, and of the opposite knee-jerk tendency to accept views
promoted by leading textbooks. Having a view means having a critical
perspective on received wisdom.
Jim: You have written widely both in what I would call pure financial
research as well as more education-based research. Both are obviously
important. Do you feel that we in finance are guilty of emphasizing the
basic research and ignoring the presentation to a degree? Are there
enough outlets for research on teaching finance?
Robert Bruner: Research and presentation are complements, yin and yang.
In my previous answer I argued that teachers need to hold a research
mind-set. The complement is true for researchers. A great idea with
no guidance about its implications for the practitioner, or about its
possible application won’t find much of an audience or have much impact.
In The Tipping Point, Malcolm Gladwell argues that ideas spread
virally—dissemination depends on a sticky message, favorable conditions,
and carriers. Teachers, case writers, textbook writers, and consultants
serve the vital function of carrying ideas. Other carriers are
electronic journals like this one, or like FEN Educator: Courses, Cases,
and Teaching Abstracts, which I edit with Peter Tufano and Kent Womack
http://www.ssrn.com/update/fen/fen_educator.html
Jim: As we approach the beginning of a new semester, I think it is
worthy to remind everyone that you have a survey work on “Opening a
Course.” Briefly give all of the professors a few pieces of advice so
that they can be ready for the class.
Robert Bruner: Here are four suggestions:
1. Start shaping students’ expectations even before the course starts.
This sets the “classroom contract,” a vitally important notion. Your
syllabus, a website with frequently asked questions, and suggestions on
how you want them to prepare have a big influence. See my “Note to the
Student: How to Study Cases.”
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=274201
2. Communicate a solid value proposition to the students. Don’t expect
them to figure it out for themselves. And don’t get legalistic (e.g.,
if you do X I’ll do Y). Motivate the course. Make some meaning about
the work you’ll be asking them to do. And feed their imagination about
how the course can help them.
3. Get your mind and body ready. It’s August. You should be getting
some rest before the Fall push. Great actors tell us about the
importance of getting mentally prepared to play a role. You should be
thinking ahead about your role, especially what you would like to do
differently this time than you did last time.
4. It ain’t over ‘till it’s over. You haven’t finished opening the
course until it has hit its stride. You may need to remind students
several times about how you want them to come prepared to class. It may
take you three weeks just to learn everyone’s name (which I urge you to
do.) A classic blunder by novices is to assume that once one has
handed out a syllabus and discussed office hours that the course has
been opened. Instead the shaping process that necessarily constitutes
“opening a course” probably goes on for a while. Be patient and use
every device you can to get the course shaped the right way.
The SSRN website contains a number of short essays on this. See
especially, “Opening a Course”
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=178748. Also,
Socrates’ Muse devotes a few chapters and mini-cases to this.
Jim: what about for students? Do you have any advice for them? Either
for the beginning of class or for the course.
Robert Bruner: I encourage students to get ready in three ways. First,
get a good attitude. A lot of problems stem from fatigue,
discouragement, or confusion about why they’re taking the course. A
teacher can help a little to motivate a good attitude, but a lot of it
has to come from within. Second, get good infrastructure: a quiet place
to study, a computer that works, a business dictionary, a business
newspaper, etc. Joining a study group is an extremely helpful bit of
infrastructure, as is developing a positive relationship with the
teacher. Third, execute the assignments well: come to class each day
prepared to talk, participate actively, and follow up quickly to resolve
any points of confusion. I expand on these three tips in my “Note to
the Student: How to Study and Discuss Cases.”
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=274201
Jim: One thing that I feel is important is to allow your students to
know you as a person and not just as a nameless person who gets to stand
up in class. Judging from your web-site, you agree with that strategy.
What you may not know it, but we actually have quite a bit in common in
our non-finance interests. For example, biking, reading, and Thomas
Jefferson. I find it helpful for students to know me and to be able to
relate to me. Would you agree?
Robert Bruner: Teachers are given a community; the choice is whether to
participate. I think the answer is pretty clear. The poet, T.S. Eliot,
said, “There is no life not lived in community.” How to live in the
community is the big question. Here are some tips for engaging
students:
1. On your own terms. I don’t enjoy large beer parties or coffee hours.
I’m pretty busy, so I don’t hang out with students. But I do like
dinner parties for 8-10 people. My wife and I entertain three or four
groups of students a year for the sheer pleasure of it (it’s certainly
not in the job description, and won’t get you tenure.) Years later the
students (now alumni) fondly recall the dinners; so do I. Do not
canvass for votes. You’re not soliciting proxies or campaigning for
office. Students can leap quickly to assume that you’re insincere, and
can damage your effort to join the community.
2. Open up. Professors are typically private personalities (I am). The
distance may feel comfortable, but it also erodes your engagement with
students. Look for ways to open up to them: Be natural. Share some of
your life outside of work. Listen instead of talking. Look for points
of mutual interest. All of this is hardest for the most senior
professors whose age and position may throw up barriers, and for the
most junior professors who may rely on the distance to achieve control
in the classroom. Mentioning personal interests on your home page works
well in bringing like-minded students into your circle of acquaintance.
3. Follow your instinct. Life is too short to spend with repellent
people. But make an effort to get to know well those students with whom
there is some resonance. Avoid the appearance and fact of creating a
“teacher’s pet.” Within the bounds of accepted professional conduct,
make friends. Swap cartoons and newspaper clippings. Offer advice
(when solicited). Carve out some time. You’ll be making a friend for
life.
Jim: Well speaking about life, I should let you get on with yours and
rest up some before the semester. I know while I love teaching, the
summers do go too fast. Please accept my thanks and the thanks of the
readers for your interesting answers. There is no doubt that many
people around the US and the globe will find them interesting and
helpful.
Robert Bruner: You are welcome. I am glad could help.
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Here are some helpful links about Robert Bruner as well as to articles
discussed in the interview:
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HOME PAGE: http://faculty.darden.edu/brunerb/
Abstract: Socrates’ Muse:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=320808
Case: Enron 1986-2001
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=302155
Case: Enron’s Weather Derivatives
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=274195
Note to the Student: How to Study and Discuss Cases;
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=274201
Essay: “Opening a Course:”
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=178748
Essay: “Setting expectations”:
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=274203
Case Studies in Finance, Fourth Edition
http://www.amazon.com/exec/obidos/ASIN/0072338628/finpapers/104-9378365-5272442
A complete listing for Robert Bruner on SSRN:
http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=66030
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