Dr. Basma Majerbi

Dr. Basma Majerbi
Associate Professor


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

Office: BEC 244


  • International Asset Pricing; International Finance
  • Foreign Exchange Risk; Emerging Markets
  • Financial Development; Financial System Diversity; Economic growth
  • Macro-financial stability; Financial Crises; Climate Risk
  • Sustainable Finance; Impact Investing

Dr. Basma Majerbi joined Gustavson School of Business in 2004 after completing her PhD in finance at McGill University. Her research interests are primarily in international finance, including international asset pricing, currency risk, international portfolio diversification and emerging markets. More recently, her work explores the benefits of financial system diversity for sustainable economic growth and macro-financial stability. She’s also interested in sustainable finance and impact investing. Her research has been published in leading business journals and benefited from major research grants from national granting agencies such as the Social Sciences and Humanities Research Council of Canada and the Canada Foundation for Innovation.

 Basma is a past recipient of the Gustavson Research Excellence Award, the MBA Best Professor of the Year Award and the Gustavson School Innovation Award. She’s passionate about sustainability and socially responsible investing, which is integrated in her finance teaching at Gustavson. Since 2009, she has overseen the calculation of the annual carbon footprint of Gustavson faculty, staff and students.

 Basma has also been teaching as a consultant for the International Monetary Fund since 2011 and contributes to training of government officials from Africa, Middle East, and Eastern Europe on various topics related to financial markets development, financial inclusion, monetary policy, and other financial sector issues. Prior to that, she worked as a consultant for the World Bank and held various positions in the private sector in North Africa and Europe.

Journal Publications

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

Majerbi, B. & Rachdi, H. (2014). Systemic Banking Crises, Financial Liberalization and Governance. Multinational Finance Journal, 18 (3/4), 281-336.

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

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

Carrieri, F., & Majerbi, B. (2006). The Pricing of Exchange Risk in Emerging Stock Markets. Journal of International Business Studies, 37, 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, 13(4/5), 444-461.

Recognitions & Awards

2014 MBA Professor of the Year Award , MBA Students Council
2013 Faculty Innovation Award, Gustavson School of Business
2012 MBA Professor of the Year Award , MBA Students Council
2009 UVic Scholar Award, University of Victoria (2009-2014)
2007 Faculty Research Excellence Award, Gustavson School of Business
2004 UVic Scholar Award, University of Victoria (2004-2009)


  • SSHRC Partnership Development Grant ($199,557.00; 2016–2019), Principal Investigator

  • SSHRC Connections Grant ($16,954.00; 2016-2017), Co-Investigator

  • CFI-Leaders Opportunity Fund, Research Grant ($60,000.00; 2013-2016), Principal Investigator

  • BC Knowledge Development Fund, Research Grant ($60,000.00; 2013-2016), Principal Investigator

  • SSHRC Insight Grant ($63,000.00; 2006–2009), Principal Investigator

Courses Taught

  • Managerial Finance (MBA)
  • International Financial Management (MGB)
  • Finance for Impact (MBA)

Training & Capacity Building Courses (with IMF)

  • Financial Development and Financial Inclusion
  • Monetary Policy
  • Financial Markets Analysis 
  • External Vulnerabilities and Policies 
  • Macroeconomic Management and Financial Sector Issues