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.


  • De Silva, D.G., and R. A. J. Pownall, (2014). Going Green: Does it depend on Gender, Education or Income, Applied Economics, 46: 5 573-586.
  • Pownall, R. A., Lothian, J. & Koedijk, C.G. (2013). Irving Fisher: I discovered the Peso Problem. Forthcoming in the Journal of International Money and Finance.
  • Pownall, R. A. Pownall & Wolk, L. (2013). Experience and Bidding Behaviour in Auction Markets. European Economic Review, 61, 14-27.
  • De Silva, D.G., Pownall, R.A., & Wolk, L. (2012). Does the Sun ‘Shine’ on Art Prices. Journal of Economic Behavior and Organisation, 82, 167-178
  • Graddy, K., Hamilton, J., & Pownall, R.A. (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.