Richard Stehle did his undergraduate studies at the Universitaet Mannheim, his doc-toral studies at the Graduate School of Business, Stanford University (degree: 1977). From 1992 to 2012 he was Professor and Chairman, Institute for Banking, Capital Markets, and Insurance, Humboldt-Universität zu Berlin, since April 2012 he is a pro-fessor emeritus. Prior professorships at the German Universities of Siegen, Bielefeld and Augsburg. Visiting professorships at the University of Chicago (1982-1984) and the Wharton School (1991-1992). In 2003, he was President of the European Finance Association. He has published nearly 50 articles in German and international academic journals, mostly on capital asset pricing, valuation and historic stock returns, especially in the German market. From 2010 to 2014 he was a Vice President of the European Institute for Advanced Studies in Management (EIASM) in Brussels. Since January 2012 he is Chairman of the working group on energy network regulation of the German economics ministry. He regularly lectures to professional audiences on German stock returns and on German network regulation. Richard Stehle is married to Ingrid Stehle. They have two sons and four grandchildren.