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Home | News | Paper by Patrick Verwijmeren published in The Review of Financial Studies
News | June 01, 2021

Paper by Patrick Verwijmeren published in The Review of Financial Studies

The article “Gendered Prices" by research fellow Patrick Verwijmeren (Erasmus University Rotterdam) has been published online in The Review of Financial Studies.

Paper by Patrick Verwijmeren published in The Review of Financial Studies
Abstract

We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 countries, paintings by female artists sell at an unconditional discount of 42.1%. The gender discount increases with measures of country-level gender inequality—even in artist fixed effects regressions. Our results are robust to accounting for potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument that women’s art may sell for less because it is made by women. However, the gender discount reduces over time as gender equality increases.

View publication here.

Article Citation:
Renée B Adams, Roman Kräussl, Marco Navone, and Patrick Verwijmeren, “Gendered Prices”, The Review of Financial Studies, published online April 2021, doi.org/10.1093/rfs/hhab046.