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 joined the UVic Gustavson School of Business in 2015 as an assistant professor in international finance.  He came to Gustavson from the Essex Business School where he also researched and taught as an assistant professor in finance.

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 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, Economics Letters, and Applied Financial Economics.

Stuart earned his PhD in Finance from the University of Essex in 2007 where he completed his thesis on the topic of exchange rates. He subsequently taught at the University of Bristol before returning to the University of Essex, and 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 supervised PhD students.

Snaith, S., Kellard, N., Ahmad, N., (Forthcoming). Open outcry versus electronic trading: tests of market efficiency on crude palm oil futures. Journal of Futures Markets.

Snaith, S., 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., & Coakley, J. (2017). FX technical trading rules can be provitable sometimes!. International Review of Financial Analysis, 49: 113-127. 

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

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

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

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

Coakley, J, & Snaith, S. (2006). Testing for symmetry and proportionality in a European panel. Applied Financial Economics, Special Issue: PPP and real exchange rate, 16 (1-2), 63–71.

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

Book Chapters

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

Management Finance (COM 371)