Rachel Pownall (R.A.J.)
Director of the Exeuctive Master in Cultural Leadership - a joint programme with the Royal Academy of Arts in London.
Deskundigheid
Rachel Pownall is a Professor of Finance at Maastricht University School of Business and Economics.
Rachel's research interests broadly covers the realm of understanding investor behaviour. She has a particular focus on art markets and assets with an emotional attachment. She is interested in the behavioural issues of how emotions and psychology influence individuals’ financial decision-making involving risk. This includes understanding the non-pecuniary benefits from investment, such as how aesthetic, environmental, and emotional values, and the influence of individual aspects of status and relative wellbeing influence investment decisions. Rachel is interested in using neuroimaging techniques, adopted to measure brain activity, in the recently established field of Neurofinance. Her passion for research stems from a belief that through a better understanding of how individuals make risky decisions and incorporating non-pecuniary returns to investment into decision-making will help promote a society that makes more sustainable investment decisions in future.
Onderzoeksprofiel
Rachel works as a Professor and is a leading scholar in Art Finance, and alternative investments, such as emotional assets. Her work also covers the areas of behavioural finance, risk management, and sustainability. Her work has been published in a number of international Journals, including the European Economic Review, Journal of Economic Behavior and Organization, Journal of Alternative Assets, Journal of International Money and Finance, the Journal of Banking and Finance, Financial Analysts Journal, Journal of Empirical Finance, and the Journal of Portfolio Management.
Key publications
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Pownall, R. A. J. (2018). Book review: The Economics of American Art: Issues, Artists and Market Institutions. Journal of Economic Literature, 56(2), 706-708. https://doi.org/10.1257/jel.56.2.685Meer informatie over deze publicatie
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Pownall, R. (2017). TEFAF Art Market Report. (1 ed.) The European Fine Art Foundation (TEFAF).Meer informatie over deze publicatie
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Pownall, R. (2017). Online Focus: TEFAF art market report. (1 ed.) The European Fine Art Foundation (TEFAF).Meer informatie over deze publicatie
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Pownall, R. A. J. (2016). The arts and finance: Inaugural address given in shortened form by Rachel A.J. Pownall. Maastricht University. https://doi.org/10.26481/spe.20160318rpMeer informatie over deze publicatie
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Baeckstrom, Y., Silvester, J., & Pownall, R. A. J. (2018). Millionaire investors: financial advisors, attribution theory and gender differences. European journal of finance, 24(15), 1333-1349. https://doi.org/10.1080/1351847X.2018.1438301Meer informatie over deze publicatie
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Brounen, D., Koedijk, K. G., & Pownall, R. A. J. (2016). Household financial planning and savings behavior. Journal of International Money and Finance, 69, 95-107. https://doi.org/10.1016/j.jimonfin.2016.06.011Meer informatie over deze publicatie
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Terzi, A., Koedijk, K., Noussair, C. N., & Pownall, R. (2016). Reference Point Heterogeneity. Frontiers in Psychology, 7(SEP), Article 1347. https://doi.org/10.3389/fpsyg.2016.01347Meer informatie over deze publicatie
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Pownall, R., & Graddy, K. (2016). Pricing Color Intensity and lightness in Contemporary Art Auctions. Research in Economics, 70(3), 412-420. https://doi.org/10.1016/j.rie.2016.06.007Meer informatie over deze publicatie
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Borgers, A. C. T., & Pownall, R. A. J. (2014). Attitudes towards Socially and Environmentally Responsible Investment. Journal of Behavioral and Experimental Economics, 1, 27-44. https://doi.org/10.1016/j.jbef.2014.01.005Meer informatie over deze publicatie
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Pownall, R. A. J., & Wolk, K. L. (2013). Bidding behavior and experience in internet auctions. European Economic Review, 61, 14-27. https://doi.org/10.1016/j.euroecorev.2013.02.007Meer informatie over deze publicatie
Publicaties
INTERNATIONAL JOURNAL PUBLICATIONS
Borgers, A. C. T., and R. A. Pownall (2014): “Attitudes towards Socially and Environmentally Responsible Investment” Journal of Behavioral and Experimental Finance (1) 27-44.
De Silva, D. G., and R. A. Pownall (2014) “Going Green: Does it depend on Gender, Education or Income”. Applied Economics 46:5, 573-586.
Lothian, J. R., Pownall, R. A., and C. G. Koedijk (2013) “Irving Fisher: I discovered the Peso Problem”. Journal of International Money and Finance, 38, 5-17.
Pownall, R. A., and L. Wolk (2013) “Experience and Bidding Behavior in Internet Auctions”. European Economic Review, 61, p14-27.
De Silva, D. G., R.A. Pownall, and L. Wolk (2012) “Does the Sun ‘Shine’ on Art Prices”. Journal of Economic Behavior and Organization 82 p 167-178.
Graddy, K., J. Hamilton and R. A. Pownall (2012) “Repeat Sales Indexes: Estimation Without Assuming that Errors in Asset Returns Are Independently Distributed” Journal of Real Estate Economics.40(1) p 131-166.
Campbell, R. A., C. Forbes, C. G. Koedijk and P. Kofman (2008) “Diversification Meltdown or the Impact of Fat tails on Conditional Correlation?” Journal of Empirical Finance, 15, p 287-309.
Campbell, R. A., (2008) “Art as a Financial Investment”, Journal of Alternative Investments, Spring Volume 10(4) p 64- 81.
Campbell, R.A., (2008) “Fine Violins as an Alternative Investment: Stings Attached? Pensions Volume 13, (1) & (2) p 89-96.
Campbell, R.A., and R. Kräussl (2007) “Revisiting the Home Bias Puzzle – The Downside Risk of International Equity Markets”, Journal of International Money and Finance, 26, p 1239-1260.
Campbell, R. A., and R. Huisman, (2003) “Measuring Credit Spread Risk: Incorporating the Tails”, Journal of Portfolio Management, Summer 2003 p 121-127.
Campbell, R. A., C. G. Koedijk and P. Kofman (2002) “Increased Correlation in Bear Markets – A Downside Risk Perspective”, The Financial Analysts Journal, Jan/Feb p 87-94.
Campbell, R. A., R. Huisman and C. G. Koedijk, (2002) “Optimal Portfolio Selection in a Value-at-Risk Framework”, Journal of Banking and Finance, vol. 25 (9), p 1789-1804.
Campbell, R. A., “Rethinking Risk in International Financial Markets” (2001) ERIM Ph.D. series Research in Management 5.
Pownall, R. A. and C. G Koedijk, (1999) “Capturing Downside Risk in Financial Markets: The Case of the Asian Crisis”, Journal of International Money and Finance, Fall p 853-870.
Huisman, R., Koedijk, C. G. and R. A. Pownall, (1999) “Dealing with Extremes, Introducing VaR-x to Risk Management”, Derivatives Weekly, Summer.
Huisman, R., Koedijk C. G., and R. A. Pownall, (1998) “VaR-x: Fat Tails in Financial Risk Management”, Vol 1, Journal of Risk, Volume 1, p 43-61.
BOOK CHAPTERS
Pownall, R. A. (2014) “Art Price Risk, Emotional and Aesthetic Value: Investing in Boutique Art Funds”, Chapter in Risk and Uncertainty in the Art Market, Edited by A. Dempster, Bloomsbury Press.
Campbell, R. A. (2009) “Art Risk”, Chapter in Fine Art and High Finance. Edited by C. McAndrew, Bloomberg.
Campbell, R. A. (2009) “Art as a Financial Investment”, Chapter in Collectables and Investments, Edited by S. Satchell, Elsevier Books.
Campbell, R. A., (2008): “Art Finance”, Chapter in Handbook of Finance, Edited by F. Fabozzi, Wiley Books, Volume 1.
Campbell, R. A., and C. Weihenkamp (2007): “Credit Default Swaps: An Application to the Art Market”, Chapter in Credit Risk: Models, Derivatives, and Management. Edited by N. Wagner, Elsevier Books.
Huisman, R., C. G. Koedijk and R. A. Campbell (2007) “VaR-x: Fat Tails in Financial Risk Management”, Chapter in The Value-at-Risk Reference. Edited by Jon Danielsson, Risk Books.
Campbell, R. A., and R. Kraeussl (2006) “European Equity Markets Integration and the Venture Capital Industry in the 10 New EU Member States”, Chapter in Venture Capital, Elsevier.
Campbell, R. A., and J. Pullan (2006) “Diversifying into Art Mutual Funds”, Chapter in Mutual Funds: An International Perspective, Palgrave-Macmillan.
Campbell, R. A., and R. Kraeussl (2006) “Time Varying Downside Risk: An Application to the Art Market”, Portfolio Management: The New Frontier, Palgrave-Macmillan.
Werk voor derden
- Chair of the Board Kasteel Wijlre at Kasteel Wijlre Estate
- Consultant at CampbellVision BV
Aanvullende rollen en taken
Professor of Finance