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Humboldt-Universität zu Berlin -

Prof. Richard Stehle, Ph.D.

                                                                                          


Office:

Dorotheenstr. 1, Room 102/110
D-10117 Berlin

Phone: +49-30-2093-5761/5621
Fax: +49-30-2093-5666
Office Hours: by appointment
Email: stehle[at]wiwi.hu-berlin.de

 

CV and Publications

[more detailed version here]

 

Education
  • Undergraduate and Master Studies at Universitaet Mannheim (Degree 1970)
  • Ph.D. at the Graduate School of Business, Stanford University (1977)
  • Habilitation at Mannheim (1982)

 

Professorships
10/1992 to 03/2012 Professor and Chairman, Institute for Banking, Capital Markets, and Insurance, Humboldt-Universität zu Berlin
04/1984 to 09/1992

Professorships at the German universities of Siegen, Bielefeld and Augsburg. Visiting professorships at the Universität Konstanz (10/1981 to 08/1982), the  University of Chicago (9/1982 to 03/1984) and the Wharton School (08/1991 to 06/1992).

Major Academic Fellowships, Awards, Academic Research Grants
1987 to 2003 Several research grants, Deutsche Forschungsgemeinschaft
                                                                                                     
1984 Heisenberg-Award, Deutsche Forschungsgemeinschaft
09/1979 to 09/1981 Habilitation scholarship, Deutschen Forschungsgemeinschaft
09/1971 to 03/1975 Ford Foundation Fellowship for doctoral studies at Stanford University
Major Administrative and Service Positions:
Since 2012 Chairman of the working group on energy network regulation of the German Federal Ministry of Economics and Technology
2010 to 2013 Vice-President, European Institute for Advanced Studies in Management (EIASM), Bruxelles, Belgium; Member of the Managing Board since 2007
Since 2008 Member of the Board, Hypo-Vereinsbank-Stiftungsfonds
2002 and 2003 Vice-President and President, European Finance Association (EFA), Program and Local Chair of the EFA annual meeting in Berlin, 08/2002. Member of the EFA Executive Board 2001 to 2005

1993 to 2000          

Chairman, Appointment Committee for Professorships in Business Administration, Humboldt-Universität zu Berlin (which until 1989 was part of the German Democratic Republic)

1989 to 1990

Dean, Universität Augsburg

Related Activities
  • Member of the Editorial Boards of several academic journals (1997 to 2005), referee for major academic journals since 1980, external peer reviewer for several national and private science founda-tions since 2000, consulting and expert opinion work for firms, the German network regulator BNetzA and German courts of law.
  • Program Committee European Finance Association Annual Meeting (2000 to 2005, 2012, 2013), German Finance Association (all conferences since 2000), Swiss Finance Association (all confer-ences since 2004)
     
Short-term visits of other Universities (last two years only)
  • University of Melbourne Business School, Finance Department, April/May, 2013 and 2014; host: Bruce Grundy
     
Paper Presentations at Universities and Academic Conferences (last two years only):
  • University of Zurich, March 2, 2012: "In Germany, the CAPM is alive and well"
  • University of Trier, March 24, 2012: "In Germany, the CAPM is alive and well"
  • INSEAD, Fontainebleau, April 5, 2013: "The future of energy will be less country-specific, but still full of surprises"
  • University College, Melbourne, April 29, 2013: "The European Banking Crisis"
  • University of Melbourne, Finance Department, June 14, 2013: "The CAPM is alive and well"
  • University of Applied Sciences, Stralsund, Jahrestagung des Arbeitskreises Finanzierung der deutschen Fachhochschullehrer, May 30, 2013: "Das CAPM und seine Verwendung in der deutschen Praxis"
  • ESMT, Berlin, November 8, 2013: "Fama/French Factors for Germany: Which Set is Best?"
  • The University of Melbourne, Melbourne Business School, May 7, 2014: "Fama/French Factors for Germany: Which Set is Best?"
  • Scuola Normale Superiore, Pisa, June 6, 2014: "In Germany, the CAPM is alive and well"
  • EFMA, University of Rome Tor Vergata, June 25, 2014: "Fama/French Factors for Germany: Which Set is Best?"
     
Paper Presentations to Professional Audiences (last two years only)
  • Five Presentations on returns of German stocks in Conferences for independent financial advisors organized  by  Dimensional Fund Advisors in Eltville (Oct. 2011), München (April 2012), Düsseldorf (Oct. 2012) and Hamburg (Oct. 2014)
  • German Association of Energy and Water Industries - BDEW, Annual Conference, March 19, 2013: "Regulatory Errors and Their Consequences"
     
Conference Participations (last two years only)
  • European Finance Association Annual Meeting, Copenhagen, August 2012
  • European Finance Association Annual Meeting, Cambridge, August 2013
  • European Finance Association Annual Meeting, Lugano, August 2014
     
Important publications since 2000
  • Stehle, R./Ehrhardt, O./Przyborowski, R. (2000): Long-run stock performance after initial public offerings and seasoned equity issues in the German capital market, European Financial Management 6.
  • Jaschke, St./Stehle, R./Wernicke, S. (2000): Arbitrage und die Gültigkeit des Barwertprinzips im Markt für Bundeswertpapiere, Zeitschrift für betriebswirtschaftliche Forschung 52: 440-468.
  • Grauer, F. L. A./Litzenberger, R. H./Stehle, R. (2003): Sharing Rules and Equilibrium in an International Market Under Uncertainty, in: Karolyi, G. A./Stulz, R. M. (Hrsg.): International Capital Markets, Vol. I, Edward Elgar Publishing, 2003. (the article appeared first in: Journal of Financial Economics 3 (1976): 233-256.)
  • Stehle, R. (2003): An Empirical Test of the Alternative Hypotheses of National and International Pricing of Risk Assets, in: Karolyi, G. Andrew/Stulz, René M. (Hrsg.): International Capital Markets, Vol. I, Edward Elgar Publishing, 2003. (the article appeared first in: Journal of Finance 32 (1977).
  • Gründl, H./Stehle, R./Waldow, Th. (2003): Zur Vorteilhaftigkeit von Kapitallebensversicherungen gegenüber alternativen Anlageformen – Eine Analyse aus Anlegersicht, Zeitschrift für betriebswirtschaftliche Forschung 55.
  • Stehle, R. (2004): Die Festlegung der Risikoprämie von Aktien im Rahmen der Schätzung des Wertes von börsennotierten Kapitalgesellschaften, Die Wirtschaftsprüfung, H. 17: 906-927.
  • Stehle, R./Hausladen, J. (2004): Die Schätzung der US-amerikanischen Risikoprämie auf Basis der historischen Renditezeitreihe, Die Wirtschaftsprüfung, H. 17: 928-936.
  • Schulz, A./Stehle, R. (2005): Empirische Untersuchungen zur Frage CAPM vs. Steuer-CAPM – Ein Literaturüberblick mit einer eigenen Untersuchung für Deutschland, Die Aktiengesellschaft, Sonderheft, 20. November 2005: 22-34.
  • Ziegler, A./Schröder, M./Stehle, R./Schulz, A. (2007): Multifaktormodelle zur Erklärung deutscher Aktienrenditen: Eine empirische Analyse, Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung (zfbf) 59: 355-389.
  • Schrimpf, A./Schröder, M./Stehle, R. (2007): Cross-sectional Tests of Conditional Asset Pricing Models: Evidence from the German Stock Market, European Financial Management 13, Heft 5, S. 880-907 (prior version available on SSRN).
  • Jaschke, St./Stahl, G./Stehle, R. (2007): Value-at-Risk Forecasts under Scrutiny – The German Experience, Quantitative Finance 7, Heft 6, S. 621-636 (prior version available on SSRN).

 

Recent Working Papers
  • Stehle, R./Wulff, Chr./Richter, Y. (2006): Die Rendite deutscher Blue-Chip-Aktien in der Nachkriegszeit – Rückberechnung des DAX für die Jahre 1948 bis 1954, unveröffentlichtes Manuskript, Humboldt-Universität zu Berlin.
  • Stehle, R./Lehmann, P. (November 2012): German Stock Mutual Funds: Industry Characteristics, Data Problems, and Long-Run Performance. Working Paper,  Humboldt-Universität zu Berlin.
  • Brückner, R./Stehle, R. (February 2012): Der Geregelte Markt Frankfurt: Ein ökonomischer Nachruf. Working Paper, Humboldt-Universität zu Berlin.
  • Stehle, R./Pryshchepa, O. (July 2012): Long-Run Stock Performance of German Initial Public Offerings: Survey and Update. Working Paper, Humboldt-Universität zu Berlin (available on SSRN).
  • Brückner, R./Lehmann, P./Stehle, R. (2012): In Germany, the CAPM is alive and well, Working Paper, Humboldt-Universität zu Berlin (available on SSRN).
  • Brückner, R./Lehmann, P./Schmidt, M. H./Stehle, R. (2014): Fama/French Factors for Germany: Which Set is Best. Working Paper, Humboldt-Universität zu Berlin (available on SSRN).
  • King, J./Schmidt, M. H./Stehle, R. (2014): Abnormal Returns after Insider Transactions: In Germany They Are Small and Index Specific. Working Paper, Humboldt-Universität zu Berlin.
  • Stehle, R./Schmidt, M. H. (2014): Returns on German Stocks 1954-2013. Working Paper, Humboldt-Universität zu Berlin.