Research interests
Sustainable finance with a focus on climate and biodiversity finance
Private assets and Blended Finance
Double materiality and impact investing
Dynamic asset-pricing and extreme risk modellingor / OR
I am a tenure track Assistant Professor of Sustainable Finance at ETH Zürich (MTEC Department).
I explore how climate and nature shape financial returns, and how investors can drive meaningful sustainability outcomes. My research spans sustainable finance, impact investing, and risk modelling across public and private markets in both developed and emerging economies. Combining academic rigor with industry insights, I aim to generate actionable evidence for investors and regulators, ultimately helping to align our financial system with planetary and societal well-being.
I hold a PhD in applied mathematics and sustainable finance from CREST (Center of Research in Statistics and Economics), a joint research laboratory of ENSAE Paris and Ecole Polytechnique in Palaiseau (France), where I was supervised by Christian-Yann Robert.
Prior to joining academia, I worked as a quantitative researcher and global equity portfolio manager at Mirova, a French asset manager dedicated to sustainable investment. I also co-led the Mirova Research Center, an initiative advancing academic research in sustainable finance and fostering collaboration between scholars and practitioners.
I am always open to dialogue and collaboration; Please feel free to get in touch.
Affiliations, Memberships:
Swiss Finance Institute (SFI)
European Finance Association (EFA)
European Corporate Governance Institute (ECGI)
Email: thomas.giroux@mtec.ethz.ch
Curriculum vitae / ORCID / SSRN / Google Scholar / or / OR
Tail risk systemic factors (Dutto, Giroux, Robert, Koch, Zerbib)
Biodiversity spillovers (Giroux, Royer, Zerbib)
The anatomy of decarbonizing firms (Coqueret, Giroux, Qui - 2026)
Scaling Sustainable Investing in Emerging and Developing Economies: Frictions and Opportunities (Flammer, Giroux, heal - 2026)
Ambiguity vs. Risk in Investment Decisions: An Illustration from Green Finance (Flammer, Giroux, Heal, Lucchetta - 2025)
Blended Finance (Flammer, Giroux, Heal - 2025)
Coverage: NBER Digest, 2025 Moskowitz Prize
The Economics of Blended Finance (Flammer, Giroux, Heal), American Economic Association Papers & Proceedings, 2025
Biodiversity Finance (Flammer, Giroux, Heal), Journal of Financial Economics, 2025
Coverage: NBER Reporter, ECGI Blog, PRI Academic Blog, Bloomberg
The Biodiversity Premium (Coqueret, Giroux, Zerbib), Ecological Economics, 2024
Coverage: Financial Times
Empirical Asset Pricing with Score-Driven Conditional Betas (Giroux, Royer, Zerbib), Journal of Financial Econometrics, 2024
Implied Temperature Rise & Avoided emissions - A new standard for net-zero portfolio alignment? (Becquart, Giroux, Guyot, Peignon - 2024)
Moskowitz Prize - 2025 - Kellogg School of Management, for "Blended Finance", co-authored with Profs. Caroline Flammer and Geoffrey Heal.
Young Researchers in Green Finance Award - 2025 - Banque de France
AF2I young researcher grant - 2024: Private assets - Blended finance
Fulbright France doctoral scholarship grant - 2023: Visiting PhD student at Columbia University SIPA
“Blended Finance” (Flammer, Giroux, Heal): European Finance Association (EFA) Annual Conference 2025, BioEcon 2025
“The Economics of Blended Finance” (Flammer, Giroux, Heal): American Economic Association (AEA) Annual Conference 2025
“The Biodiversity Premium” (Coqueret, Giroux, Zerbib): Green Finance Research Advances 2023, Impact Investing Days 2023
“Biodiversity Finance” (Flammer, Giroux, Heal): NGFS-GRASFI-INSPIRE Seminar 2023; TSE Sustainable Finance Conference 2023
“Tail Risk Systemic Factors” (Dutto, Giroux, Robert, Koch, Zerbib): Risk Forum 2023
“Empirical Asset Pricing with Score-Driven Conditional Betas” (Giroux, Royer, Zerbib): Risk Forum 2022; QFFE 2022; EC^2 2022