Dr. Basma Majerbi

Dr. Basma Majerbi
Associate Professor


MSc (International Finance), HEC Montreal; PhD (Finance), McGill University

Office: BEC 244


  • International Asset Pricing
  • Foreign exchange risk in global equity markets
  • International portfolio diversification and emerging markets
  • Financial development, economic growth and financial stability

Dr. Basma Majerbi is an associate professor at the Peter B. Gustavson School of Business and the operations chair for the Centre for Social and Sustainable Innovation (CSSI). Her research examines the importance of currency risk in global equity markets and how exchange risk fluctuations affect the pricing of risk in stock markets around the world. She is also interested in issues of integration versus segmentation of financial markets, international diversification benefits into emerging markets, systemic banking crises and financial liberalization. Her past research has been published in leading business journals such as the Journal of Financial and Quantitative Analysis, the Journal of International Business Studies, the Journal of Empirical Finance, and Emerging Markets Review.

Basma’s current research looks at the impact of financial system diversity on economic growth and macro-financial stability. Thanks to research funding from the Canada Foundation for Innovation and BCKDF, she’s working on developing a new global financial database that provides more comprehensive measures of institutional diversity and depth of national financial systems around the world.

At Gustavson, Basma teaches international and corporate finance with an underlying foundation of organizational and functional sustainability to graduate and undergraduate students. Since 2011, Basma has also been teaching for the International Monetary Fund’s Institute for Capacity Development and contributes to various executive training courses offered by the Institute to mid-to-senior level government officials from African and Eastern European central banks and ministries of finance. Prior to that, she worked as a consultant for the World Bank, taught finance courses at McGill University’s Desautels Faculty of Management, and held various positions in the private sector in Tunisia and Europe.

Since 2010, Basma has overseen the calculation of the carbon footprint of Gustavson faculty, staff and students, and has been actively engaged with CSSI in its ongoing efforts to reduce the school’s carbon footprint.

Chung, H., Majerbi, B., & Rizeanu, S. (2015). “Exchange Risk Premium and Firm Characteristics”, Emerging Markets Review, Vol.22, pp. 96-125.

Majerbi, B. & Rachdi, H. (2014) “Systemic Banking Crises, Financial Liberalization and Governance”, Multinational Finance Journal, Vol.18, No.3/4, pp. 281-336.

Chaieb I., Errunza V. & Majerbi, B (2013). Do Emerging Markets Provide Currency Diversification Benefits?”, International Journal of Banking, Accounting and Finance, Vol. 5, Issue 1/2, pp.102-120.

Bouslimi L., Majerbi, B. (2012). “The Role of Non-bank Financial Institutions and Credit Unions in Economic Growth". in BRASSARD, M.-J. et E. MOLINA, dir. (2012), The Amazing Power of Cooperatives, 665 p.

Carrieri, F., & Majerbi, B. (2006). “The Pricing of Exchange Risk in Emerging Stock Markets”, Journal of International Business Studies, Vol.37, pp. 372-391.

Carrieri, F., Errunza, V. & Majerbi, B. (2006). Does Emerging Markets Exchange Risk Affect Global Equity Prices. Journal of Financial and Quantitative Analysis, 41(3), 511-540.

Carrieri, F., Errunza, V. & Majerbi, B. (2006). Local Risk Factors in Emerging Markets: Are they Separately Priced?", Journal of Empirical Finance, Vol.13(4/5), pp. 444-461.


  • SSHRC Partnership Devlopment Grant (2016–2019)
  • MBA Professor of the Year (2014)
  • Faculty of Business Innovation Award (2013)
  • CFI-Leaders Opportunity Fund, Research Grant (2013-2016)
  • BC Knowledge Development Fund, Research Grant (2013-2016)
  • MBA Professor of the Year (2012)
  • UVic Scholar Award, University of Victoria (2009-2014)
    Faculty of Business Award for Research Excellence (2007)
  • SSHRC Research Grant (2006–2009)
  • UVic Business Short Research Visit Award (2005)
  • UVic Scholar Award, University of Victoria (2004-2009)
  • Management Finance (BCom)
  • Managerial Finance (MBA) 
  • International Financial Management (MBA, MGB)
  • International Finance (BCom)
  • Financial Markets Analysis (IMF Institute for Capacity Development)
  • Financial Development and Financial Inclusion (IMF Institute)
  • External Vulnerabilities and Policies (IMF Institute)
  • Macroeconomic Policies and Financial Sector Issues (IMF Institute)