University of Calgary

Yrjo Koskinen

  • Professor
  • BMO Professorship in Sustainab


Yrjö Koskinen the Associate Dean of Research and Business Impact and Professor of 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, Koskinen worked as a financial journalist and as an economist at the Bank of Finland.

Koskinen currently serves on the board of Northern Finance Association, 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.

Koskinen’s main research areas are corporate finance and governance, and sustainable finance. His current research focuses on corporate social responsibility and its relationship to firm risk, and the effects of limited liability on corporations. 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.



  • PhD (Finance), INSEAD, 1999
  • MSc (Economics), University of Helsinki, 1991


  • "Resiliency of Environmental and Social Stocks: An Analysis of the Exogenous COVID-19 Market Crash" (with Rui Albuquerque, Shuai Yang and Chendi Zhang), 2020, Review of Corporate Finance Studies, forthcoming.
  • "Corporate Social Responsibility and Firm Risk: Theory and Empirical Evidence" (with Rui Albuquerque and Chendi Zhang), 2019, Management Science, 65:10, 4451-4469.
  • ”Information, Innovation, and Investment Timing” (with Joril Maeland), 2016, Review of Corporate Finance Studies, 5:2, 166-199

  •  “The Euro and Corporate Financing before the Crisis” (with Arturo Bris and Mattias Nilsson), 2014, Journal of Financial Economics, 114, 554-575

  •  “Private Information and Bargaining Power in Venture Capital Financing” (with Michael Rebello and Yun Wang), 2014, Journal of Economics and Management Strategy, 23:4, 743-775

  • “Investor Protection, Equity Returns, and Financial Globalization” (with Mariassunta Giannetti), 2010, Journal of Financial and Quantitative Analysis, 45:1, 135-168

  • “The Euro and Corporate Valuations” (with Arturo Bris and Mattias Nilsson), 2009, Review of Financial Studies, 22:8, 3171-3209

  • “Phoenix Rising: Legal Reforms and Changes in Valuations in Finland during the Economic Crisis” (with Timo Korkeamäki and Tuomas Takalo), 2007, Journal of Financial Stability, 3:1, 33-58

  • “The Real Effects of the Euro: Evidence from Corporate Investments” (with Arturo Bris and Mattias Nilsson), 2006, Review of Finance, 10:1, 1-37

  • “Corporate Financial Policies and Performance Around Currency Crises” (with Arturo Bris and Vicente Pons), 2004, Journal of Business, 77:4, 749-795

  •  “Corporate Leverage and Currency Crises” (with Arturo Bris), 2002, Journal of Financial Economics, 63:2, 275-310




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