Yrjo Koskinen

Dr. Yrjo Koskinen



Haskayne School of Business, Finance [FNCE]

BMO Professorship in Sustainable Finance

Haskayne School of Business, Finance [FNCE]

Contact information

Phone number

Office: 403.220.5540


Office: SH150

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Educational Background

Doctor of Philosophy Finance, INSEAD, 1999

Masters of Social Sciences Economics, University of Helsinki, 1991


Yrjö Koskinen the BMO Professor of Sustainable and Transition Finance at the Haskayne School of Business. He served as the Associate Dean of Research and Business Impact from 2017 to 2022. He has previously been a faculty member at Stockholm School of Economics, Boston University’s Questrom School of Business, and the Wharton School of the University of Pennsylvania. He holds an MSc degree in Economics from the University of Helsinki, and a PhD in Management (Finance) from INSEAD. Prior to his academic career,  Yrjö worked as a financial journalist, asset manager and as an economist at the Bank of Finland.

Yrjö currently serves on the advisory board of the Institute of Sustainable Finance at Queen’s University and on the steering committee for the Canadian Sustainable Finance Network. He is also a fellow at the Nordic Initiative in Corporate Economics and a research member at the European Corporate Governance Institute. He is the past co-president of the Northern Finance Association.

Yrjö’s main research areas are corporate finance and governance, and sustainable finance. His current research focuses on environmental, social and governance (ESG) issues and how they affect trading and prices in financial markets. His research has been published in the leading finance and management journals, such as the Journal of Financial Economics, Review of Financial Studies, Management Science, Journal of Financial and Quantitative Analysis, and Review of Finance. He is the recipient of the Standard Life Investments Finance Prize for his research on corporate social responsibility and firm risk.


Areas of Research

Sustainable Finance, Corporate Governance, ESG

Participation in university strategic initiatives


Course number Course title Semester
FNCE 668 Seminar in Sustainable Finance Spring 2022


Mutual Fund Trading and ESG Clientele During the COVID-19 Stock Market Crash

This paper studies trading behavior of actively managed equity mutual funds comparing Environmental, Social and Governance (ESG) and conventional funds during a market collapse. Using monthly holdings data and the COVID-19 market crash as a quasi-natural experiment, we find that ESG funds maintained a stable share of their portfolio in ESG stocks in response to fund flows during the crash. In contrast, conventional funds, who experienced outflows the most, increased their net sales to flows for ESG and non-ESG stocks. Results are consistent with ESG funds catering to their clientele in market downturns, contributing to market stability for ESG stocks.

Does Limited Liability Matter? Evidence from a Quasi-Natural Experiment

We use the enactment of limited liability legislation across Canadian provinces to examine the effect of the change in liability status on firm outcomes for a group of public firms known as income trusts. We show that the switch from unlimited to limited liability increases trusts’ institutional ownership, net external financing, investments, profitability, payouts, and riskiness. Our results are stronger for energy trusts, which are more capital-intensive and face potentially greater liability risks. 


  • Finnish Securities Markets Foundation research award, Finnish Securities Markets Foundation. 2020
  • Dean's Research Scholar, Haskayne School of Business. 2019
  • The Standard Life Investments Finance Prize, European Corporate Governance Institute. 2014
  • Best paper award, Geneva Summit on Sustainable Finance, University of Geneva. 2013
  • Professor of the Year, Questrom School of Business, Boston University. 2011
  • Broderick Award for Excellence in Research, Questrom School of Business, Boston University. 2007
  • Best paper award, Financial Management Association. 2001


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