Dr. Stuart Snaith

Dr. Stuart Snaith
Associate Professor


BA (Hons) in Finance and Management Science, Keele University; MSc in Finance, University of Essex; PhD in Finance, University of Essex

Office: BEC 238


  • 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.

Journal Publications

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. https://doi.org/10.1002/fut.21899

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. https://doi.org/10.1016/j.econlet.2017.08.005

Zarrabi, N., Snaith, S. D., & Coakley, J. (2017). FX technical trading rules can be profitable sometimes! International Review of Financial Analysis, (49), 113–127. https://doi.org/10.1016/j.irfa.2016.12.010

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. http://dx.doi.org/10.1016/j.jbankfin.2013.08.028

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. http://dx.doi.org/10.1016/j.jbankfin.2013.06.001

Snaith, S. D. (2012). The PPP debate: multiple breaks and cross-sectional dependence. Economics Letters, 115(3), 342–344. http://dx.doi.org/10.1016/j.econlet.2011.12.076

Girardone, C., & Snaith, S. D. (2011). Project finance loan spreads and disaggregated political risk. Applied Financial Economics, 21(23), 1725–1734. http://dx.doi.org/10.1080/09603107.2011.577006

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. http://dx.doi.org/10.1016/j.econlet.2005.01.020


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.



  • 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

Courses Taught

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