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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.
  • Is Climate Risk More than Markets Can Handle?

    Yale SOM finance professor Stefano Giglio lays out the unique complications of grappling with climate risk, and explains his own work on stock portfolios that hedge climate change.

    A satellite image of Miami, Florida
  • How ‘Stablecoins’ Could Unleash Chaos

    Dollar-pegged cryptocurrencies are rapidly proliferating. But without regulation, these so-called stablecoins pose serious risks to the U.S. financial system, argue Yale SOM’s Gary B. Gorton and his co-author.

    An illustration of a bank supported by columns of precarious coins
  • Keeping Community in the Investment Equation

    In this series, leaders tell stories about drawing on their core values in critical moments. For Lofton Holder ’90, grounding investing acumen in a connection to community builds trust and delivers returns.

    A man sitting at a table on the street in New York City
  • What Does It Take to Create Financial Products That Can Save the Planet?

    Investors are increasingly eager to contribute to solutions for climate change and other environmental problems. Charlotte Kaiser ’07 of The Nature Conservancy’s NatureVest explains how the company builds financial products that attract mainstream capital while delivering conservation impacts.

    An overhead image of Ille Pierre Island in Seychelles.
  • Study: Margin Trading Causes Stock Prices to Drop in Concert

    During financial crises, stocks tend to fall together more than they should. A new study co-authored by Yale SOM’s Heather Tookes suggests that margin trading plays a substantial role in driving this downward spiral.

    Mumbai's BSE stock exchange on March 9, 2020, as the COVID-19 pandemic sparked a plunge in stock prices. Photo: Dhiraj Singh/Bloomberg via Getty Images.
  • Study: Rising Seas Aren’t Causing Coastal Property Values to Decline

    Climate change is causing sea levels to rise, threatening expensive waterfront properties. But according to a new study co-authored by Yale SOM’s Matthew Spiegel, prices are not falling in the areas most likely to be affected.

    A row of coastal houses
  • Is Bitcoin a Bubble?

    The price of a single Bitcoin is up more than 700% since the beginning of 2020, defying years of predictions of a crash. We asked Prof. Aleh Tsyvinski, professor of economics at Yale, to shed some light on the continuing phenomenon.

    Bitcoins floating in a bubble on a black background
  • Video: Why You Should Care about the Fed’s Inflation Policy

    William English, a former Fed official who is now a professor in the practice of finance at Yale SOM, explains why the Fed shifted its approach to balancing inflation and employment, and what the change means for the economy.

    Benjamin Franklin on the $100 bill, winking
  • How Big Investors Avoid Market Predators and Keep Trading Costs Low 

    Researchers have generally believed that as large institutional investors make bigger trades, their trading costs rise accordingly. Research from Yale SOM’s Tobias Moskowitz finds that they take a slow-and-steady approach to keep costs down and outsmart market predators.

    A lion and an elephant
  • Will the GameStop Rebellion Last?

    We asked Yale SOM’s Kelly Shue, an expert in behavioral economics and empirical corporate finance, to explain what the GameStop phenomenon might mean for the balance of power on Wall Street.

    A sign reading "check out these great deals" at a GameStop store