Ilias Tsiakas

Department of Economics and Finance
Phone number: 
ext. 53054
MacKinnon (MCKN), Room 737

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Areas of Specialization: Asset Pricing, International Finance, Financial Econometrics, Climate Finance.

Ilias Tsiakas is Professor in the Department of Economics and Finance of the University of Guelph.  He is also Senior Fellow of the Rimini Centre for Economic Analysis.

Ilias obtained a PhD in Economics from the University of Toronto in 2001.  He subsequently joined Warwick Business School in the UK, where he was Assistant Professor of Finance (2001-2007), then tenured Associate Professor of Finance (2007-2010) and Director of the Warwick PhD program in Finance (2007-2010).  He joined Guelph in July 2010 as tenured Associate Professor and was promoted to Full Professor in July 2016.  For the 2016-2017 academic year, while on sabbatical from the University of Guelph, he was Visiting Professor in the Department of Economics of the University of Toronto.

Ilias has extensive teaching experience in a wide range of finance areas spanning asset pricing and corporate finance, having taught popular courses for undergraduate, Master’s, MBA and PhD programs.

Ilias is an active researcher in empirical finance.  His research has been published in leading finance journals, including: Journal of Financial EconomicsReview of Financial StudiesJournal of Banking of FinanceJournal of International Money and Finance, Journal of Financial Markets and Journal of Financial Econometrics.  His research has also been summarized in various practitioner outlets such as The Financial Times, The CFA Digest and in leading research websites such as and

Ilias has been awarded several research grants. He currently holds a 5-year research grant (2017-2022) from the Social Sciences and Humanities Research Council of Canada (SSHRC) to study the role of global financial markets in regulating carbon emissions. 


Li, J., and I. Tsiakas (2017). “Equity Premium Prediction: The Role of Economic and Statistical Constraints” Journal of Financial Markets 36, 56-75.

Sarno, L., I. Tsiakas, and B. Ulloa (2016). “What Drives International Portfolio Flows?” Journal of International Money and Finance 60, 53-72.

Oestreich, A. M., and I. Tsiakas (2015). “Carbon Emissions and Stock Returns: Evidence from the EU Emissions Trading Scheme,” Journal of Banking and Finance 58, 294-308.

Li, J., I. Tsiakas, and W. Wang (2015). “Predicting Exchange Rates Out of Sample: Can Economic Fundamentals Beat the Random Walk?” Journal of Financial Econometrics 13, 293-341.

Cenedese, G., L. Sarno, and I. Tsiakas (2014). “Foreign Exchange Risk and the Predictability of Carry Trade Returns,” Journal of Banking and Finance 42, 302-313.  Abstracted in the CFA Digest vol 44, no.6 (June 2014).

Della Corte, P., L. Sarno, and I. Tsiakas (2011). “Spot and Forward Volatility in Foreign Exchange,” Journal of Financial Economics 100, 496-513.  Awarded the 2010 best paper prize by INQUIRE UK.

Tsiakas, I. (2010). “The Economic Gains of Trading Stocks around Holidays,” Journal of Financial Research 33, 1-26 (lead article).  Abstracted in the CFA Digest vol 40, no.3 (August 2010).  Received the 2010 Outstanding Article Award by the journal.

Della Corte, P., L. Sarno, and I. Tsiakas (2009). “An Economic Evaluation of Empirical Exchange Rate Models,” Review of Financial Studies 22, 3491-3530.

Tsiakas, I. (2008). “Overnight Information and Stochastic Volatility: A Study of European and US Stock Exchanges,” Journal of Banking and Finance 32, 251-268.

Tsiakas, I. (2006). “Periodic Stochastic Volatility and Fat Tails,” Journal of Financial Econometrics 4, 90-135.