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Markets

Shining a Light into the Black Box of the Art Market

The opacity of the art market benefits a tiny elite of collectors, gallerists, and artists, says Yale SOM's Magnus Resch, but makes it harder for most artists and art lovers to connect.

Andy Warhol’s Muhammad Ali is auctioned at Christie’s in 2007.
  • 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
  • During the COVID-19 Crash, Investors’ Beliefs Didn’t Match Their Behavior

    Despite a general wave of pessimism following the COVID-19 stock crash in March, few investors made significant changes to their portfolios, according to new research from Yale SOM’s Stefano Giglio.

    A trader at the New York Stock Exchange on February 28, 2020. Photo: Johannes Eisele/AFP via Getty Images.
  • Rational Order from ‘Irrational’ Actions

    Prof. Shyam Sunder outlines a strain of research, drawing on complexity theory, that suggests that outcomes of a social system can be rational even if its individual participants are not rational.

    A crowd of people.
  • Does A Mutual Fund’s Past Performance Predict Its Future?

    A classic 1997 paper on mutual fund performance doesn’t describe present-day markets, Yale SOM's James Choi found.

    A road disappearing into fog
  • Liquidity Injections May Have Driven the Stock Market Recovery

    Why did the stock market recover as the economy suffered? Yale SOM’s Shyam Sunder points to the hundreds of billions of dollars injected into the economy by the Federal Reserve and other central banks.

    An illustration of Fed chair Jerome Powell speaking on a laptop in front of a stock chart
  • Why Did the Stock Market Bounce Back While COVID-19 Cases Kept Rising?

    According to preliminary research by Yale SOM’s Peter Schott and his co-authors, investors may be adjusting prices based on whether previous predictions of total infections seemed overly optimistic or pessimistic.

    A trader wearing a mask on the floor of the New York Stock Exchange on March 20, 2020. Photo: Spencer Platt/Getty Images.
  • Crashes and COVID-19 in Historical Context

    The stock markets are reeling as fear and uncertainty about the global pandemic grow. We asked Yale SOM’s William Goetzmann, whose research includes financial history, to put the volatility into historical perspective.

    John Poole, president of the Federal American Bank, reassuring a crowd of anxious depositors in February 1931. Photo: Popperfoto via Getty Images.
  • What the Plunge in the Stock Market Means for Individual Investors

    We asked Yale SOM’s James Choi, who has examined the implications of academic research for personal finance, what studies say about how to respond to a market crash.

    A display at the New York Stock Exchange at the end of trading on March 12, 2020. Photo: Bryan R. Smith/AFP via Getty Images.
  • What’s Next for Alibaba? 

    The giant China-based conglomerate Alibaba raised more than $13 billion in November in a stock offering on the Hong Kong Stock Exchange. We asked Yale SOM’s Heather Tookes and Matthew Spiegel, who have studied the performance of companies after IPOs, what their research suggests about Alibaba’s prospects and its next steps.

    The Alibaba Group’s listing ceremony at the Hong Kong Stock Exchange on November 26, 2019. Photo: AP Photo/Kin Cheung.
  • Three Questions: Prof. Andrew Metrick on Paul Volcker’s Legacy

    Paul Volcker, former chairman of the Federal Reserve, died on December 8 at age 92. Prof. Andrew Metrick reflects on Volcker’s contributions to the Fed and economic policy.

    Federal Reserve Chairman Paul Volcker before a hearing in August 1980. Photo: James K. W. Atherton/The Washington Post via Getty Images.