Gendered Prices

• 成果类型: Article
• 署名作者: Adams, Renee B.; Kraussl, Roman; Navone, Marco; Verwijmeren, Patrick
• 署名单位: University of Oxford; European Corporate Governance Institute; University of Luxembourg; Stanford University; University of Technology Sydney; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of Melbourne
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhab046
• 发表日期: 2021
• 页码: 3789
• 关键词: ART; INVESTMENT; MARKET; returns; women; work

摘要

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.