About
My research examines how information, institutions, and expertise shape the functioning of asset markets over time. I approach these questions through the lens of economic history, focusing on the 19th century—a formative period for both financial markets and the modern art trade. My dissertation begins by constructing the first long-run estimates of art returns for 19th-century Britain and France. My job market paper, Painted Lemons, studies information frictions in the art market. Using a change in jurisprudence as an exogenous shock that introduced legal liability, it investigates how the credibility of information produced by intermediaries affects market outcomes, offering insights relevant to other expert-mediated markets. The third paper examines the National Gallery as an expert institutional investor, analysing how expertise and financial constraints shaped its acquisition strategy.
Luisa holds an MSc (Research) with distinction in Economic History from LSE, and BSc in Economics from the University of Mannheim. Prior to starting her PhD, Luisa worked at the European Central Bank (ECB).
In addition to research, Luisa has been a Graduate Teaching Assistant for EH204) and EH437. She also organised the Graduate Seminar 2022-23 and 2023-24.
Research interests: Applied microeconomics, financial history, art market, market inefficiency
PhD title: The Intelligent Collector: Returns, Expertise, and the Economics of Art in Nineteenth-century Britain
Dissertation supervisors: Professor Olivier Accominotti and Professor Kim Oosterlinck (ULB)
Languages: English, German, Portuguese
Personal Website: https://www.bicalhoritzkat.com/
Curriculum Vitae: Read Luisa's CV here
Expertise
Financial History, Art Market, Asset Pricing, Market Inefficiencies
Publications
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