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Stuart Snaith

Stuart Snaith of the Gustavson School of Business

Associate Professor

Office: BEC 238 250-721-6646
BA (Hons) in Finance and Management Science, Keele University; MSc in Finance, University of Essex; PhD in Finance, University of Essex
Area of expertise:
Exchange rates and international finance


Dr. Stuart Snaith is an associate professor in international finance. He joined the UVic Gustavson School of Business in 2015 after prior appointments at Essex Business School and the University of Bristol, UK.

Stuart's research interests have predominantly focused on the field of international finance, concentrating on testing key parity conditions in foreign exchange markets such as the forward premium anomaly and the purchasing power parity puzzle. In addition, other recent work has included modelling and forecasting foreign exchange implied volatility, market efficiency in commodity futures and an examination of the determinants of project finance (syndicated) loans.

He has published several articles in scholarly journals including the Journal of Banking and Finance, Journal of Futures Markets, International Review of Financial Analysis and Economics Letters.

Stuart has lectured on topics such as international finance, principles of finance, exchange rates and international finance, and financial econometrics at both undergraduate and graduate levels. He has also co-supervised PhD students to successful completion.


Courses taught

  • Management Finance (BCom)
  • International Finance (BCom)

Selected publications

Journal publications


Zarrabi, N., Snaith, S., Coakley J. (forthcoming). Exchange rate forecasting using economic models and technical trading rules. The European Journal of Finance. 

Issa, S., Girardone, C., Snaith, S. (2021). Banking competition, convergence and growth across macro-regions of MENA. The Quarterly Review of Economics and Finance.


Snaith, S. D., Kellard, N., & Ahmad, N. (2018). Open outcry versus electronic trading: Tests of market efficiency on crude palm oil futures. Journal of Futures Markets, 6(38), 673–695.

Snaith, S. D., Termprasertsakul, S., & Wood, A. (2017). The exchange rate exposure puzzle: the long and the short of it. Economics Letters, 159, 204–207.

Zarrabi, N., Snaith, S. D., & Coakley, J. (2017). FX technical trading rules can be profitable sometimes! International Review of Financial Analysis, (49), 113–127.

Dunis, C., Kellard, N. M., & Snaith, S. D. (2013). Forecasting EUR–USD implied volatility: The case of intraday data. Journal of Banking & Finance, 37(12), 4943–4957.

Snaith, S. D., Coakley, J., & Kellard, N. M. (2013). Does the forward premium puzzle disappear over the horizon? Journal of Banking & Finance, 37(9), 3681–3693.

Snaith, S. D. (2012). The PPP debate: multiple breaks and cross-sectional dependence. Economics Letters, 115(3), 342–344.

Girardone, C., & Snaith, S. D. (2011). Project finance loan spreads and disaggregated political risk. Applied Financial Economics, 21(23), 1725–1734.

Coakley, J., & Snaith, S. D. (2006). Testing for symmetry and proportionality in a European panel. Applied Financial Economics (Special Issue: Purchasing Power Parity and Real Exchange Rates), 16(1-2), 63–71.

Coakley, J., Kellard, N., & Snaith, S. D. (2005). The PPP debate: Price matters! Economics Letters, 88(2), 209–213.


Girardone, C., & Snaith, S. D. (2011). Project finance investments and political risk: an empirical investigation. In Global project finance, human rights and sustainable development. Cambridge University Press.

Awards & grants



  • UVic ORS Scholarly Travel Grant, Funded by UVic Office of Research Services (May 24, 2017 - May 26, 2017) ($1,350.00), Completed, Summer 2017, PI Stuart Snaith (100%)

  • UVic ORS Scholarly Travel Grant, Funded by UVic Office of Research Services (April 1, 2016 - March 31, 2017), awarded May 17, 2016 ($1,350.00), Completed, Summer 2016, PI Stuart Snaith (100%)

In Progress

  • Retail Pricing and Cross-Border Shopping, Funded by IRCPG, University of Victoria (January 2, 2018) ($7,000.00), Funded - In Progress, Spring 2017, PI Stuart Snaith with CoInvestigator Jen Baggs