Rachel Pownall (R.A.J.)

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.

Pownall, R. A., Graddy, K., Loewenstein, L., Mei, J. and M. Moses (2013) “Anchoring or Loss Aversion? Empirical Evidence from Art Auctions” under review at JFQA.

Koedijk, C. G., Pownall, R. A., and M. Statman (2012) “Aspirations for Income and Status, and Risk Attitudes”, under review.  

Pownall, R. A., S. Satchell and N. Srivastave (2012) “A Random Walk through Mayfair: Dynamic Models of UK Art Market Prices and their Dependence on UK Equity Prices” under review. 

Brounen, D., C. G. Koedijk, and Pownall, R. A.,  (2013) “Financial Responsibility”, Under review at Journal of International Money and Finance.

Paulo Vieito, J., Pownall, R. A., Rocha, A., Rocha, F. T., and E. Massad (2013) “ The Neural Behavior of Finance Investors: A Gender Analysis’. under review.

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.