Dr. Yrjo Koskinen
Positions
Professor
Haskayne School of Business, Finance [FNCE]
BMO Professor in Sustainable and Transition Finance
Haskayne School of Business, Finance [FNCE]
Contact information
Phone number
Cell: 403.390.8925
Location
Office: SH150
For media enquiries, contact
Janice Hillmer
Senior Communications Strategist
Email: janice.hillmer@ucalgary.ca
Background
Educational Background
Doctor of Philosophy Finance, INSEAD, 1999
Masters of Social Sciences Economics, University of Helsinki, 1991
Biography
Yrjö Koskinen the BMO Professor of Sustainable and Transition Finance at the Haskayne School of Business and Director of Research with the Insitute for Sustainable Finance at Smith School of Business, Queen's University. He served as the Associate Dean of Research and Business Impact from 2017 to 2022 at Haskayne. 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 as the chair of 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 sustainable and climate finance, and corporate finance and governance. 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.
Research
Areas of Research
Participation in university strategic initiatives
Courses
| Course number | Course title | Semester |
|---|---|---|
| MGST 668 | Seminar in Management Studies: Climate Finance | Winter 2025 |
| FNCE 646 | Sustainable Finance | Spring 2025 |
Projects
Accepted for Publication at Journal of Financial and Quantitative Analysis (JFQA)
This paper studies how ESG and conventional mutual funds trade stocks during the COVID- 19 crash. Both fund types trade individual stocks similarly: net purchases of ESG stocks are less sensitive than other stocks to fund flows pre crash, but sensitivities increase for all stocks during the crash. In contrast, ESG funds’ aggregate net purchases are less sensitive than those of conventional funds during the crash. This difference is due to ESG funds’ portfolio tilt toward the less flow-sensitive ESG stocks. There is no evidence of an ESG clientele effect in trading decisions, as both fund types trade individual stocks similarly.
Awards
- Best Paper Award, Portuguese Finance Network Conference. 2023
- 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
Publications
- Stakeholder Orientation, Environmental Performance and Financial Benefits. Yrjo Koskinen with Hao Lu and Nga Nguyen. Review of Corporate Finance, 4:1-2. 89-125. (2024)
- Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash. Y Koskinen with Rui Albuquerque, Shuai Yang, and Chendi Zhang. Review of Corporate Finance Studies, 9:3. 593-621. (2020)
- Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence. Y Koskinen with Rui Albuquerque and Chendi Zhang. Management Science, 65:10. 4451-4469. (2019)
- Information, Innovation, and Investment Timing. Y Koskinen with Joril Maeland. Review of Corporate Finance Studies, 5:2. 166-199. (2016)
- The Euro and Corporate Financing before the Crisis. Y Koskinen with Arturo Bris and Mattias Nilsson. Journal of Financial Economics, 114. 554-575. (2014)
- Private Information and Bargaining Power in Venture Capital Financing. Y Koskinen with Michael Rebello and Yun Wang. Journal of Economics and Management Strategy, 23:4. 743-775. (2014)
- Investor Protection, Equity Returns, and Financial Globalization. Y Koskinen with Mariassunta Giannetti. Journal of Financial and Quantitative Analysis, 45:1. 135-168. (2010)
- The Euro and Corporate Valuations. Y Koskinen with Arturo Bris and Mattias Nilsson. Review of Financial Studies, 22:8. 3171-3209. (2009)
- Phoenix Rising: Legal Reforms and Changes in Valuations in Finland during the Economic Crisis. Y Koskinen with Timo Korkeamäki and Tuomas Takalo. Journal of Financial Stability, 3:1. 33-58. (2007)
- The Real Effects of the Euro: Evidence from Corporate Investments. Y Koskinen with Arturo Bris and Mattias Nilsson. Review of Finance, 10:1. 1-37. (2006)
- Corporate Financial Policies and Performance Around Currency Crises. Y Koskinen with Arturo Bris and Vicente Pons. Journal of Business, 77:4. 749-795. (2004)
- Corporate Leverage and Currency Crises. Y Koskinen with Arturo Bris. Journal of Financial Economics, 63:2. 275-310. (2002)
In the News
- The ripple effects of Trump’s tariffs compound Canada’s continuing economic headwinds. Financial Post. (2025)
- ‘We’re losing lots of money’: Market volatility worries retirees as savings dwindle. CTV News. (2025)
- Donald Trump wants to create a U.S. sovereign wealth fund. Could it turn into a slush fund?. Globe and Mail. (2025)
- Écosilence : des entreprises « ont peur » de parler d’environnement. La Presse Canadienne. (2025)
- Despite hostility in the U.S., ESG investing is still living a quiet life in Canada. Globe and Mail. (2025)
- U.S. cleantechs are making coin for investors. Why aren’t we capitalizing on the sector in Canada?. Report on Business, Globe and Mail. (2024)
- Big oil boards struggle with strategy as competition increases . Agenda. (2024)
- Greenwashing, greenhushing and greenwishing: The new sustainable finance lingo. Investment Executive. (2024)
- Stock markets signal a growing gap between Canadian and American clean tech firms. The Conversation. (2024)
- Oil companies cautious about drilling as energy transition looms. Reuters. (2023)
- Why environmental performance increases profits for U.S. firms, but not for Canadian firms. Green Bull Radio. (2023)
- Budget 2023 moves Canada toward low-carbon future, but there's catching up to do, say experts Social Sharing. CBC. (2023)
- There is indeed a problem with ESG investing — just not the one you think. Globe and Mail. (2023)
- Enbridge, Suncor targets of climate-focused shareholder activism ahead of 2023 proxy season. Financial Post. (2023)
- Ottawa reveals plan for new tax on stock buybacks. Financial Post. (2022)
- 'A fine line': Canada's big banks have long stood by the oilpatch, but ESG pressures are changing things. Financial Post. (2022)
- Sustainable Finance in an Inflationary World. The Insider's Guide to Business. (2022)
- True north, strong and green?. The Banker. (2022)
- We are seeing what a serious response to a crisis looks like, let's apply this focus to energy transition. CBC Opinion. (2022)
- Trudeau pledges support for European nations to move away from Russian energy. National Post. (2022)
- Targeting Russian Oligarchs. A Little More Conversation With Ben O’Hara-Byrne. (2022)
- Opinion: Canada can help wean Europe off Russian energy. But do we have the will to do it?. Financial Post. (2022)
- Kenney calls for crackdown on Russian oligarchs, those with links to Alberta remain unsanctioned. CBC News. (2022)
- Opinion: Canada’s pathway to a net zero world includes carbon capture, foreign investment and new financing mechanisms. Calgary Herald. (2021)
- BMO gift establishes 'energy transition' professorship at U of C. Calgary Herald. (2021)
- ‘Sustainable finance’ is a great buzzy phrase, but what does it actually mean?. Report on Business, Globe and Mail. (2021)
- ESG 101. Green Bull Radio. (2020)
- How one tax change could turbocharge Alberta’s energy sector. Globe and Mail. (2020)
- Green income trusts could accelerate Canada’s energy transition. The Conversation. (2020)
- Canadian oil/gas/pipeline corps' financial health at risk because of ESG concerns?. Energi Media. (2020)
- Kenney says Alberta has reduced oilsands emissions, but oil-related pollution is actually increasing. Here’s why. Toronto Star. (2019)
- What Retailers Can Learn About Social Responsibility From Toms And Patagonia. Forbes. (2019)
More Information
Mutual funds’ loyalty helped to stabilize ESG stocks during the COVID-19 market crash (Suerf Policy Brief)
Mutual funds’ loyalty helped to stabilise ESG stocks during the COVID-19 market crash (Vox EU Blog)
Does Limited Liability Matter (The CLS Blue Sky Blog)
Environmental and social policies pay off when times are tough (UN PRI Blog)
Can CSR reduce risk and boost valuations? (UN PRI Blog)
Why do firms invest millions of dollars in Corporate Social Responsibility (CSR) initiatives? (Management Science Review Blog)
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