Review of Financial Studies Vol. 34 No. 8 2021

Gendered Prices

Renée B. Adams¹; Roman Kräussl²; Marco Navone³; Patrick Verwijmeren⁴

¹ University of Oxford, ABFER, ECGI, FIRN · ² University of Luxembourg and Hoover Institution, Stanford University · ³ University Technology Sydney, FIRN · ⁴ Erasmus School of Economics and University of Melbourne

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.

DOI

10.1093/rfs/hhab046

Volume

34

Issue

8

Pages

3789-3839

Language

en

Sources

openalex bibtex:phds-export.bib crossref

Cite

APA 7 MLA 9 Chicago (author–date) Harvard Elsevier Harvard (JFE, JBF…) The Accounting Review Academy of Management American Marketing Association INFORMS (Management Science) Copy citation Copied ✓