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...

Thought leadership in academic finance is more unequal than in other fields. Using data on the top 2% of scientists across all fields from Ioannidis et al. (2019, 2020), we show that the set of top scientists in finance is less diverse in terms of gender and geography than in economics and other...

This study sets out to examine the relative importance of legal and cultural institutions and personal values in directors' discretion. We present first evidence on the way personal and institutional factors together guide public company directors in decision-making concerning shareholders and...

We present evidence on the way personal and institutional factors could together guide public company directors in decision-making concerning shareholders and stakeholders. In a sample comprising more than nine hundred directors originating from over fifty countries and serving in firms from...

Recent academic work and policy analysis give insight into the governance problems exposed by the financial crisis and suggest possible solutions. We begin this paper by explaining why governance of banks differs from governance of non-financial firms. We then look at four areas of governance:...

We identify the tension between dueling expectations of financial institutions as value-maximizing entities that also serve the public interest. We highlight the importance of information in addressing the public desire for banks to be safe yet innovative. Regulators can choose several...

We identify the tension created by the dual demands of financial institutions to be value-maximizing entities that also serve the public interest. We highlight the importance of information in addressing the public's desire for banks to be safe yet innovative. Regulators can choose several...