Dr. Yrjo Koskinen
Are you the profile owner?
Login to edit.
Professor
Finance
Associate Dean - Research & Business Impact
Haskayne School of Business
BMO Professorship in Sustainable Finance
Haskayne School of Business
Media contacts
Karen Perl-Pollard
Senior Communications Strategist, Haskayne School of Business
Office: +1.403.220.6153
Email: karen.perl.pollard@haskayne.ucalgary.ca
Phone number
Office: 403.220.5540
Location
Office: SH340
Background
Educational Background
Doctor of Philosophy Finance, INSEAD, 1999
Masters of Social Sciences Economics, University of Helsinki, 1991
Biography
Yrjö Koskinen the Associate Dean of Research and Business Impact and the BMO Professor of Sustainable and Transition Finance at the Haskayne School of Business. Previously he has served on the faculties of 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 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, the academic advisory panel for Globe and Mail’s Report on Business, and 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.
Research
Areas of Research
Courses
| Course number | Course title | Semester |
|---|---|---|
| FNCE 668 | Seminar in Sustainable Finance | Spring 2022 |
Projects
We study the trading behavior of U.S. actively managed equity mutual funds during the COVID-19 market crash. Using proprietary monthly holdings data from Morningstar, we show that Environmental, Social, and Governance(ESG) funds traded in a way consistent with catering to their clientele, thus helping to stabilize the market for ESG stocks, but interestingly non-ESG funds also provided support for ESG stocks.
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.
Awards
- 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
- 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
- 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)
- 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 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)