Rachel Pownall Rachel Pownall

Full Professor
Expert areas: Finance (Asset Pricing, Banking, Behavioural Finance, Capital Markets, Investments, Risk Management), Quantitative Methods (Econometrics)

Dr. Pownall completed a First-class Honors Bachelor’s degree on Economics and Econometrics at the University of Kent at Canterbury, in the UK in 1996. She completed a Masters in Finance and Econometrics in 1998, and then went on to complete her Ph.D. on Risk Management in International Financial Markets at Erasmus University, Rotterdam in 2001. She currently works at the TIAS and Maastricht University of Maastricht as a Professor of Finance. She is founder and Academic Director of the Master in Art Finance program at TIAS, together with Fudan University, China, and the Van Gogh Museum, Amsterdam, The Netherlands. She also founded and teaches on the Masterclass Art Finance and Collections Management at TIAS. She also teaches Financial Research Methods at Maastricht University, and Research Methods for Art Business at Sotheby’s Institute of Art, London, UK.


  • Bocart, F. Y., Gertsberg, M., & Pownall, R. A. (2021). An empirical analysis of price differences for male and female artists in the global art market. Journal of Cultural Economics, 1-23.
  • Pownall, R. A., Satchell, S., & Srivastava, N. (2019). A random walk through Mayfair: Art as a luxury good and evidence from dynamic models. Journal of International Money and Finance95, 112-127
  • Pownall., R.A. (2018). The Economics of American Art: Issues, Artists and Market Institutions Book Review. Journal of Economic Literature, 56(2), 706-708. 
  • Baeckström, Y., Silvester, J., & Pownall, R. A. (2018). Millionaire investors: financial advisors, attribution theory and gender differences. The European Journal of Finance24(15), 1333-1349.
  • Pownall, R., A., Duivenvoorden and M. Gertsberg (2018). Mapping Maastricht: Report on the creative industries.
  • Pownall, R. A. (2017). TEFAF Art Market Report.The European Fine Art Foundation.
  • Pownall, R. A. (2017). Online Focus: TEFAF Art Market Report. The European Fine Art Foundation.
  • Pownall, R. A. (2016) “The Arts and Finance”, Inaugural Address Maastricht University, The Netherlands.
  • Terzi, A., Koedijk, K., Noussair, C. N., & Pownall, R. (2016). Reference point heterogeneity. Frontiers in psychology7.
  • Pownall, R. A., & Graddy, K. (2016). Pricing color intensity and lightness in contemporary art auctions. Research in Economics70(3), 412-420.
  • Brounen, D., Koedijk, K. G., & Pownall, R. A. (2016). Household financial planning and savings behavior. Journal of International Money and Finance69, 95-107.