Courses a.y. 2024/2025

I am course director and co-teacher of the undergraduate courses of Economics and Management of Financial Institutions and Alternative Investments. I am also a co-teacher of the International Banking course. The Alternative Investments course is one of the CIVICA Engage Track courses developed by the European Commission within the framework of the CIVICA alliance.

Biographical note

I am a researcher with tenure in Financial Markets and Institutions at Bocconi University Finance Department. I received the national scientific habilitation (ASN) award as full professor in Financial Markets, Financial Institutions and Corporate Finance (Sector 13/B4) in 2020. I am a member of the steering committee at Blest, the Bocconi Lab for European Studies, a research fellow of the Bocconi Baffi centre, and a fellow of IEP, the Bocconi Institute for European policymaking. I am also a member of the Expert Panel on banking supervision for the European Parliament since 2017.

I was an academic visitor at Saïd Business School at the University of Oxford and visiting professor at the Bangor Business School at Bangor University, UK.

I hold a PhD degree in Financial Markets and Institutions from Università degli Studi di Siena.





At the request of the European Parliament, since 2017 I have conducted several policy-relevant research reports and analyses on key issues in banking supervision. The list of the most recent in-depth analyses is available here:

BECK T., BRUNO B., CARLETTI E. Evolving key risks in the banking sector, and related priorities for the SSM 2022, European Parliament, Brussels

BECK T., BRUNO B. The ECB’s close cooperation on supervising banks in Bulgaria and Croatia 2022, European Parliament, Brussels

BRUNO B., DE MARCO F. European Banks’ Response to COVID19 'Quick Fix' Regulation and Other Measures 2021, European Parliament, Brussels 

BECK T., BRUNO B., CARLETTI E. When and how to unwind COVID-support measures to the banking system? 2021, European Parliament, Brussels 


Research interests

My main research interests are empirical banking and art investing. In banking, I am particularly interested in studying the effects of regulation and supervision on bank behavior and how banks cope with credit risk. My most recent research is on the effects of climate-related risks on bank credit allocation policies.  

Working papers

Bruno, Brunella; Marino, Immacolata
How do Banks Respond to Non Perfoming Loans?
CSEF Working Paper 513, July 2021

Selected Publications

Internal Ratings and Bank Opacity: Evidence from Analysts’ Forecasts
Journal of Financial Intermediation, Vol 56, October 2023, 2023

Climate Transition Risk and Bank Lending
Journal of Financial Research Vol 46, Issue S1 / 2023, 2023

Alessi, Lucia; Bruno, Brunella; Carletti, Elena; Negebauer, Katja; Wolfskeil, Isabella
Cover your assets: non-performing loans and coverage ratios in Europe
Economic Policy, 2021

Bruno, Brunella; Onali, Enrico; Schaeck, Klaus
Market reaction to bank liquidity regulation
Journal of Financial and Quantitative Analysis, 2018

Bruno, Brunella; Garcia-Appendini, Emilia; Nocera, Giacomo
Experience and brokerage in asset markets: evidence from art auctions
Financial Management, 2018

Bruno, Brunella; D'Onofrio, Alexandra; Marino, Immacolata
Financial structure and corporate investment in Europe
Finance and investment: the European case, 2018

Bruno, Brunella; D'Onofrio Alexandra; Marino, Immacolata
Determinants of bank lending in Europe and the United States. Evidence from crisis and post-crisis years
Finance and investment: the European case, 2018

Bedendo, Mascia; Bruno, Brunella
Credit risk transfer in U.S. commercial banks: what changed during the 2007–2009 crisis?
Journal of Banking & Finance, 2012

Bedendo, Mascia; Bruno, Brunella
Credit derivatives versus loan sales: evidence from the European banking market
Financial innovation in retail and corporate banking, 2009

Bruno, Brunella
Il mercato secondario dei prestiti bancari