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Finance

Beauty, Power, Art, and Finance‌

Art, money, and power twist together in complex ways, in a dynamic that may be older than humans. In his research, Yale SOM’s William Goetzmann traces the social meaning of art and money and the ways they set pecking orders, create art superstars, and blow up into senseless bubbles.‌

The auction of Leonardo da Vinci’s Salvator Mundi at Christie’s in 1997.
  • What Did the Last Four Years Teach Us about Managing Inflation?

    William English, a professor in the practice of finance and a former economist at the Federal Reserve, discusses lessons learned from central banks’ responses to four-plus years of extraordinary economic disruption.

    Shoppers in a chain store with televisions for sale
  • What Does a Record Stock Market Mean?

    We asked Yale SOM’s William Goetzmann, an expert on financial markets and the history of finance, what soaring stock prices say about the economy and the future of the markets.

    A trader in front of computer terminals at the New York Stock Exchange
  • Assembling an Economy in Space

    A mix of public and private investments are positioning the space economy for a period of growth and innovation, says Sven Eenmaa ’98, director of investment and economic analysis at the International Space Station U.S. National Laboratory.

    Astronauts working on the International Space Station
  • Our Most-Read Stories of 2023

    This year, Yale SOM research examined sustainable investing, the dynamics of social media, the role of race in school discipline, and the complexities of airline pricing. And faculty offered expertise on issues in the news, including the changing workplace, noncompete agreements, the politics of ESG investing, the effectiveness of masks, the collapse of Silicon Valley Bank, and the Barbie movie phenomenon.

    A collage of illustrations and photographs
  • Is Commercial Real Estate in for a Downturn…or a Crisis?

    Commercial real estate downturns don’t typically create systemic threats. Yale SOM’s Andrew Metrick offers a nightmare scenario showing why this time might be different.

    An empty ground-floor commercial space, seen through a window.
  • Lower-Income Employees Are More Likely to Remain at 401(k) Defaults, Even If It Costs Them Money

    Automatically enrolling employees in retirement plans is a powerful tool for increasing savings. But Yale SOM’s James Choi and his coauthors find that once enrolled, people with lower incomes are more likely to remain at default contribution rates, even if they aren’t optimal.

    An illustration of currency being cut in half as it is put into a piggy bank
  • Did Student Loan Forbearance Push Distressed Borrowers Further into Debt?

    In a new study, Yale SOM’s Heather Tookes and her co-authors find that after loan forebearance went into effect in March 2020, distressed borrowers’ credit scores jumped. That allowed them to take on more credit card and auto debt—and, eventually, led to higher rates of delinquencies.

    An illustration of a graduate trying to escape a storm of debt while running on top of credit cards.
  • The Business of ‘Anti-Woke’ Is Falling Flat

    Yale SOM’s Jeffrey Sonnenfeld and Steven Tian write that the exchange-traded funds that boycott companies taking action on social issues are underperforming the market and struggling to find investors.

    Vivek Ramaswamy at the Vision 2024 National Conservative Forum in Charleston, South Carolina, in March 2023. 
  • How Property Tax Foreclosure Accelerates Gentrification and Magnifies the Racial Wealth Gap

    Non-white homeowners are at disproportionate risk of losing their homes over unpaid property taxes, shows new research from Yale SOM’s Cameron LaPoint.

    A house under foreclosure in Denver in 2007.
  • Green Investing Could Push Polluters to Emit More Greenhouse Gases

    One common approach to sustainable investing is to provide capital for companies with low carbon emissions and withhold it for high-emissions firms. Research co-authored by Yale SOM’s Kelly Shue shows this approach can backfire.

    An illustration of a person in a brown suit trying to move a lever toward green.