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Personal profile


Stuart Hyde is Professor of Finance and currently Head of the Division of Accounting and Finance and Deputy Head of School at Alliance Manchester Business School. He previously served as Postgraduate Research Director (2013-2018) and Deputy Head of School (2014-2018). Stuart joined the school in September 2000 as a lecturer in Finance, was promoted to Senior Lecturer in May 2005 and then to Professor of Finance in February 2011. He was formerly a lecturer at the University of Newcastle where he obtained his PhD.

Stuart previously held the Central Bank of Malta Chair in Economics (2012-2018) and has had visiting positions as a lecturer at the Department of Finance, University of Melbourne (2009) and as a research fellow at the Institute for International Integration Studies at Trinity College Dublin (2004).

Stuart is currently co-Chair of NARTI.

Stuart is an Associate Editor for the European Journal of Finance, International Review of Financial Analysis and Research in International Business and Finance and sits on the advisory board of the British Accounting and Finance Association special interest group in Financial Markets and Institutions. He was Associate Editor for the Financial Review [2015-2021].

Research interests

My principal research interests focus on a range of issues in empirical finance particularly with respect to international finance or emerging markets. Previously I have worked on topics related to asset pricing and return predictability specifically investigating the ability of consumption asset pricing models to either explain or predict asset return behaviour and how asset prices respond to changes in monetary policy. Alongside this work I have looked at the role of both linear and nonlinear models in forecasting asset returns and the ability of various financial and macroeconomic variables to predict returns. Currently I have a number of projects focussing on  issues in market microstructure (particularly looking at price discovery, trade intensity) and issues relating to integration and comovement in international financial markets (particularly with respect to emerging markets and financial crises and contagion). Currently my research agenda focuses on the following areas:

  •     Market microstructure.
  •     Emerging markets finance.
  •     Market segmentation/integration.
  •     Contagion and financial crises.

Supervision information

Current and Previous PhD and DBA Students

Current students

  •    Tianzong Wang -- Market microstructure
  •    Samia Marium -- International finance 
  •    Yu Shi -- Trading halts in China

Previous Students

  • Nouf Ben Dahmash - 2023 - Oil price shocks: The impact on returns, exchange rates, and the role of economic policy uncertainty    
  • Mohammad Dheghani - 2023 - Three essays on financial crises and economic recessions (Currrently Lecturer Alliance Manchester Business School)
  • Francisco Pinto Avalos - 2022 - Essays in international finance: Price pressure in the Chilean forex market, Exchange rate forecasting and Commodity market spillovers (currently Lecturer Alliance Manchester Business School)
  •     Craig Geoffrey - 2021 - Three Empirical Studies on the Measurement of Information Impounding in Stock Prices (currently Assistant Professor, Rotman School of Management)
  •     Lavinia Rognone - 2021 - Essays in empirical finance: News sentiment in cryptocurrency, the value of noise timing, and the pricing of climate change risks (currently Post-Doc Researcher, Alliance Manchester Business School)
  •     Nestor Romero Navarro - 2020 - Essays on the effect of capital inflows under capital market
    imperfections in global financial markets
  •     Weiping Qin - 2019 - Measuring market integration during periods of crisis and contagion (currently Lecturer at University of Southampton)
  •     Efthymios Rizopoulos - 2019 - Essays in market microstructure invariance (currently Post-Doc Researcher, Alliance Manchester Business School))
  • Liu Liu - 2017 - Essays in asset pricing (currently Assistant Professor,  Xi'an Jiaotong-Liverpool University)
  •     Ngoc Quynh Anh Nguyen - 2014 - A study of asset comovement, integration and contagion in country, style and industry portfolios
  •     Iljin Sung - 2014 - Empirical estimation of market microstructure models with latent variables
  •     Adeola Deji-olowe - 2013 - Essays on investor trading activity in a limit order market (currently Head, Group Asset and Liability Management at Access Bank Plc)
  •     Ike Johnson (British Commonwealth Scholar) - 2010 - Essays on the  microstructure of the market pre-opening period (currently Assistant Vice President, Scotia Investments Jamaica)
  • Martin Lozano Banda (Marie Curie Visiting Research Fellow, Universidad del Pais Vasco) - 2010 - Essays on estimating and testing asset pricing models
  •     Lavern McFarlane (British Commonwealth Scholar) - 2009 - Essays on the role of time, volume and volatility in futures market microstructure: Evidence from the Mexican Derivatives Exchange (currently Bank of Jamaica)
  • Stig Vinther Møller (Marie Curie Visiting Research Fellow, Aarhus School of Business) - 2008 - Habit persistence, consumption based asset pricing, and time-varying expected returns (currently Professor Aarhus University)
  •     Mazen Najjar (ORS Scholar) - 2007 - The relationship between stock returns and the macroeconomy: International evidence using linear and nonlinear models of open and closed economy systems (currently McKinsey & Co)
  •     Jose Varas - 2006 - Explaining the behaviour of Latin American stock returns 
  •     James Yang - 2005 - Market segmentation and cross-border listings: Evidence from China 
  • Mohamed Sherif - 2005 - Consumption asset pricing models: Empirical evidence from the UK 


Supervision information

Prospective PhD Students

Prospective students

I am not currently considering applications from prospective PhD students.

Prospective students interested in researching issues dealing with topics within my current research areas are advised to contact my Finance colleagues to seek availability and interest.

When available, I supervise high calibre PhD students and encourage applications from those with a keen interest in any research area that overlaps with my own research interests. E.g. asset pricing, market microstructure, international finance, contagion and financial crises. More specifically, current and future topics would include:

  •     Market Microstructure: Issues of price discovery, trade intensity and trading behaviour. 
  •     Asset pricing and return predictability: Understanding emerging/developing markets, new assets and markets (e.g. cryptocurrency, green finance, climate change). 
  •     International Finance: In addition to the consideration of market microstructure and asset pricing in international makets: issues of integration, correlation and comovement, contagion and financial crisis. 

Applicants should have a first class/upper second class undergraduate degree and a distinction performance (>=70%) at Masters level.
Applicants should have a good background in Financial Econometrics and knowledge of software packages such as Matlab, Stata, R is an advantage.

Please contact me informally via email if you wish to discuss potential supervision.

Please note: Details of available funding are provided on the AMBS funding page. The funding round usually takes place in February/March and early applications are encouraged.
Applications for the PhD programme at AMBS are available from here.


Supervision information

PhD Finance Training Programme

The first year training programme in Finance consists of the following courses:

  •     Advanced Finance Theory
  •     Advanced Corporate Finance
  •     Finance Research Seminar
  •     Techniques Electives / Additional Research Training

In addition to two core courses in each semester, students can take an elective course from a wide range of courses in Economics, Maths and Finance. Students are also required to complete training in software (e.g. Matlab, R, STATA) and relevant databases and a pilot Research paper.

Further information



  • “Understanding Financial Crises: Asset Comovement, Integration and Contagion” XVIII SEMEAD – Seminars in Business Administration. University of Sao Paulo (2015)

International Conferences

  •     Financial Management Association Europe (Barcelona 2007, Prague 2008, Cyprus 2021).
  •     IFABS Conference (Angers 2019).
  •     British Accounting Association Annual Conference (Blackpool 2008, Cardiff 2010, Newcastle 2013, Manchester 2015).
  •     INFINITI Conference (Dublin 2007, 2008, 2010, 2012).
  •     Financial Management Association (Denver 2011).
  •     Eastern Finance Association (Washington DC 2009, Savannah 2011).
  •     Emerging Markets Finance (London 2005, 2011).
  •     INQUIRE Europe (Rome 2010).
  •     Computational and Financial Econometrics (Limassol 2009).
  •     FINISA/MCFS Conference (Melbourne 2009).
  •     European Finance Association (Zurich 2006).
  •     European Financial Management Association (Helsinki 2003, Basel 2004, Milan 2005, Madrid 2006).
  •     Growth and Business Cycles in Theory and Practice (Manchester 2004).
  •     Money, Macro and Finance Research Group (Durham 1997, Belfast 2001).
  •     Irish Accounting and Finance Association (Cork 1999).
  •     Irish Economic Associaton (Limavady 1998, Westport 1999).

Research Seminars

  •     Shanghai Jiao Tong University, Antai College of Economics and Management (2014).
  •     University of Essex, Essex Business School (2012).
  •     University of St. Gallen, School of Finance (2011).
  •     University of Melbourne, Department of Finance (2009).
  •     University of Sydney, Discipline of Finance (2009).
  •     University of Bristol, Department of Accounting and Finance (2008).
  •     University of Aarhus, CREATES, School of Economics and Management (2007).
  •     University of Strathclyde, School of Accounting and Finance (2007).
  •     University of Dundee, School of Accounting and Finance (2006).
  •     Dublin City University, DCU Business School (2005).
  •     University of Leeds, Leeds University Business School (2008, 2005).
  •     Heriot-Watt University, School of Management and Languages (2005).
  •     University of Durham, Durham Business School (2005).
  •     University College Dublin, Department of Banking and Finance (2004).
  •     Trinity College Dublin, Institute for International Integration Studies (2004).
  •     University of Aberdeen, Department of Accounting and Finance (2004).
  •     University of Manchester, School of Economic Studies (2000).

Expertise related to UN Sustainable Development Goals

In 2015, UN member states agreed to 17 global Sustainable Development Goals (SDGs) to end poverty, protect the planet and ensure prosperity for all. This person’s work contributes towards the following SDG(s):

  • SDG 13 - Climate Action

Education/Academic qualification

Doctor of Philosophy, Asset Pricing Puzzles and Risk: Empirical Evidence from European Stock Markets, Newcastle University


Master of Science, Corporate and International Finance, University of Durham


Bachelor of Arts, Economics, University of Durham


External positions

Central Bank of Malta Chair in Economics, University of Malta

Oct 2012Jul 2018

Areas of expertise

  • HG Finance
  • International Finance
  • Emerging Markets
  • Financial Crisis
  • Financial Econometrics
  • Market Microstructure

Research Beacons, Institutes and Platforms

  • Digital Futures


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