Rachel Pownall (R.A.J.)

Director of the Exeuctive Master in Cultural Leadership - a joint programme with the Royal Academy of Arts in London. 

Expertise

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. 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.

Research Profile

Rachel is a scholar in behavioural finance, and her work covers the areas of art-finance, emotional assets, 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 International Money and Finance, the Journal of Banking and Finance, Financial Analysts Journal, Journal of Empirical Finance, Journal of Alternative Assets, and the Journal of Portfolio Management.

Research Projects

Founding Director Executive Master in Cultural Leadership.

University Lead on the TEFAF Curator Course. 

Founding Steering comittee member of Maastricht Arts and Culture, Conservation and Heritage centre (MACCH). 

Founding member of the Institute of Adaptation.

 

Key publications

Publications

INTERNATIONAL JOURNAL PUBLICATIONS

De Silva, D. T., Hubbard, and Pownall, R.A. J., (2026) “Does Gender matter for Equally Qualified Professions: Evidence from the Royal Academy Schools”. Working Paper. Currently under review at the European Economic Review.

Pfann, F and, R. A. J. Pownall, (2026) “Price depreciation and quality uncertainty for used battery electric vehicles”, Working Paper. Currently under review at Journal of Environmental Economics and Management.

 

Pownall, R. A. J., (2026) “Art Prices, Disparities, and Cultural Leadership”. International Journal of Arts Management, Fall vol. https://doi.org/10.59876/b-ek3g-gxdf

 

Rausch, Christoph., Maja Dehouck, Bronte Isabella, Konstantin Jänicke, Anrike Visser, Marieke de Goede, Hans Nelen, Rachel Pownall, Olav Velthuis, Donna Yates (2025) “PRICELESS: Een onderzoeksagenda naar ondermijnende financiële criminaliteit en de waardebepaling van unieke goederen”, Chapter in: De Financiële kant van criminaliteit, Publisher: Gompel & Svacina.

 

Wu, Z., Pownall, R. A. J., Shih, Y. C., and Zhang, C., (2025) “State ownership and the value of sustainability: Evidence from China”, International Review of Financial Analysis 102.  https://doi.org/10.1016/j.irfa.2025.104142  

 

Wu, Z., Pownall, R. A. J., Shih, Y. C.,, and Wang, Y., (2024) “Industry Effects of Corporate Environmental and Social Scandals: Evidence from China”, International Review of Financial Analysis 95.  https://doi.org/10.1016/j.irfa.2024.103504

 

De Silva, D. G., Head, T., Pownall, R. A. J., and Schiller, A. R., (2024) “Ecological Footprint and Willingness to Pay for Green Goods: Evidence from the Netherlands”, The Energy Journal Vol. 45, No. 1.

 

Graddy, K., Loewenstein, L., Mei, J., Moses., and Pownall, R. A. J., (2023) “Empirical Evidence of Anchoring and Loss Aversion from Art Auctions”, Journal of Cultural Economics. 47, p.279-301 23p. 10.1007/s10824-022-09459-2

 

De Silva, D. G., Kosmopoulou G., Pownall, R.A. J., and R. Press. R.A., (2023) “Surviving in the marketplace: The importance of network connectivity for art dealers”, Economic Letters, 231, 4 p., 111312. 10.1016/j.econlet.2023.111312

 

Bocart, F. Y. R. P., Gertsberg, M., and Pownall, R.A. J., (2022) “An Empirical Analysis of Price Differences for Male and Female Artists in the Global Art Market”, Journal of Cultural Economics, 46, 3, p.543-565 23p. 10.1007/s10824-020-09403-2

 

De Silva, D. G., Gertsberg, M., Kosmopoulou G. and Pownall, R.A. J., (2022) “Evolution of a Dealer Trading Network and its Effect on Art Auction Prices”, European Economic Review, 144, 30 p., 104083. 10.1016/j.euroecorev.2022.104083

 

De Silva, D. G., Kosmopoulou G., Pownall, R.A. J., and R. Press. (2022) “Posthumous Trading Patterns affecting Artwork Prices”, Oxford Economic Papers- New Series. 74, 2, p. 453-472 20p 10.1093/oep/gpab024.

 

Pownall, R. A. J., S. Satchell and N. Srivastave (2019) “A Random-Walk through Mayfair: Art as a luxury good and evidence from dynamic models”. Journal of International Money and Finance. 95, p112-127 16p., 15. 10.1016/j.jimonfin.2019.04.001

 

Pownall., R.A. J., (2018) “The Economics of American Art: Issues, Artists and Market Institutions Book Review”. Journal of Economic Literature, 56(2), 706-708. 10.1257/jel.56.2.685

 

Baeckstrom, Y., Pownall., R.A, and J. Silvester (2018) “Millionaire Investors: Financial Advisors, Attribution Theory and Gender Differences”. European Journal of Finance, Vol. 24(15), 1333-1349. 10.1080/1351847X.2018.1438301

 

Brounen, D., C. G. Koedijk, and R. A. J. Pownall (2016) “Household Financial Planning and Savings Behaviour” Journal of International Money and Finance (69) 95-107. 10.1016/j.jimonfin.2016.06.011

 

Pownall, R.A. J., and K. Graddy (2016) “Pricing Color Intensity and lightness in Contemporary Art Auctions”, Research in Economics (70)3, 412-420. 10.1016/j.rie.2016.06.007

 

Terzi, A., C. G. Koedijk, C. N. Noussair, and R.A. J. Pownall (2016) “Reference Point Heterogeneity”, Frontiers in Psychology, (7) pp1347. 10.3389/fpsyg.2016.01347

 

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

De Leon Williams, F., and R. A. J. Pownall, (2023) “Mapping Maastricht: Report on the creative industries”, Gemeente Maastricht Policy Report.

 

Pownall, R. A. J., Duivenvoorden, A. and M. Gertsberg (2018) “Mapping Maastricht: Report on the creative industries”. Gemeente Maastricht Policy Report.

 

Pownall, R. A. J. (2017) “TEFAF Art Market Report 2017”, ISBN 978-90-75375-26-8

 

Pownall, R. A. J. (2017) “TEFAF Art Market Report Online Focus”, ISBN 978-90-75375-27-5

 

Pownall, R. A. J. (2016) “The Arts and Finance”, Inaugural Address Maastricht University, The Netherlands. ISBN 978-94-6167-272-8

 

Pownall, R. A. J.  (2015) “Finance and the Arts”, Inaugural Address Tilburg University, The Netherlands. ISBN 978-94-6167-265-0

 

Pownall, R. A. J. (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. J. (2009) “Art Risk”, Chapter in Fine Art and High Finance. Edited by C. McAndrew, Bloomberg. 

 

Campbell, R. A. J. (2009) “Art as a Financial Investment”, Chapter in Collectables and Investments, Edited by S. Satchell, Elsevier Books.

 

Campbell, R. A. J., (2008): “Art Finance”, Chapter in Handbook of Finance, Edited by F. Fabozzi, Wiley Books, Volume 1.

 

Campbell, R. A. J., 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. J. 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. J., 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. J,, and J. Pullan (2006) “Diversifying into Art Mutual Funds”, Chapter in Mutual Funds: An International Perspective, Palgrave-Macmillan. 

 

Campbell, R. A. J., and R. Kraeussl (2006) “Time Varying Downside Risk: An Application to the Art Market”, Portfolio Management: The New Frontier, Palgrave-Macmillan

 

Teaching

PhD    ‘Rethinking Risk Management in International Financial Markets’ Erasmus University Rotterdam, 2001

MSc   International Finance and Econometrics, Maastricht University, 1997

BA     First Class Honours Degree in Economics & Econometrics (German), University of Kent at Canterbury, UK, 1996

Work for third parties

  • Chair of the Board Kasteel Wijlre at Kasteel Wijlre Estate
  • Consultant at CampbellVision BV

Additional roles & tasks

Professor of Finance