Endowed Chair in Business Administration
Prof. Stefan Reichelstein, Ph.D.
Photo credit: Felix Zeiffer
As of 1 July 2018 Prof. Stefan J. Reichelstein is the chairholder of the endowed chair in business administration. He previously studied economics at the University of Bonn and managerial economics at the Northwestern University´s Kellogg School of Management, where he graduated with a Ph.D. in 1984. During the last 30 years he held several positions at international universities such as Berkeley and Stanford. In light of his research accomplishments, he received several honorary doctorates from the University of Mannheim in Germany and the University of Fribourg in Switzerland, as well as an honorary professorship from the University of Vienna.
At the University of Mannheim, Prof. Reichelstein builds up a newly-endowed research institute. The Mannheim Institute for Sustainable Energy Studies (MISES) addresses economic aspects of the transition to a decarbonized energy economy, with a particular focus on the timeliness and cost effectiveness of this transition.
Field of research
- Cost-analysis
- Decentralization
- Internal pricing
- Success measurement
The Mannheim Institute for Sustainable Energy Studies (MISES) led by Prof. Stefan Reichelstein, Ph.D. examines the challenges and innovation opportunities that emerge from the transition to a decarbonized energy future. A particular focus of studies conducted by the MISES is the cost associated with alternative decarbonization strategies. The portfolio of projects covers the power, transportation and industrial sectors. The team affilitated with Stefan Reichelstein seeks an ongoing dialogue on these topics with external researchers, practitioners and policymakers.
Further information on the research focus of the MISES, the team and teaching can be found on the MISES homepage.
Publications
2020
“Cost Competitiveness of Alternative Power Generation Technologies”, (with G. Glenk), Working Paper, November 2020
“Cost-Efficient Transition to Clean Energy Transportation Services,” (with S. Comello and G. Glenk), Working Paper, October 2020
“The Impact of Carbon Disclosure Mandates on Emissions and Financial Operating Performance”, (with B. Downar, J. Ernstberger, S. Schwenen and A. Zaklan), Review of Accounting Studies Conference, December 2020.
“Buffering the Volatility in Power Markets: Reversible Power-to-Gas Systems” (with G. Glenk), August 2020
“Capacity Rights and Full Cost Transfer Pricing” (with S. Dutta), Management Science, forthcoming
“Operational Volatility and the Synergistic Value of Vertically Integrated Energy Systems,” (with G. Glenk), Production and Operations Management, March 2020
2019
“Inferring Economic Profitability from Financial Statements,” (with A. Nezlobin), Working Paper, June 2019
“The Emergence of Cost Effective Battery Storage” (with S. Comello), Nature Communications, May 2019
“Economics of Converting Renewable Power to Hydrogen” (with G. Glenk), Nature Energy, March 2019
2017
“Economic Value of Flexible Hydrogen-Based Polygeneration Energy Systems”, (with K. Farhat), Applied Energy , forthcoming.
“Structural Properties of the Price-to-Earnings and the Price-to-Book Ratios,” (with A. Nezlobin and M. Rajan), Review of Accounting Studies, forthcoming.2016
“The U.S. Investment Tax Credit for Solar Energy: Alternatives to the Anticipated 2017 StepDown”, (with S. Comello), Renewable and Sustainable Energy Reviews, February 2016.
2015
“Levelized Product Cost: Concept and Decision Relevance,” (with A. Rohlfing-Bastian), The Accounting Review, July 2015.
“Time of Use Pricing and the Levelized Cost of Intermittent Power Generation”, (with A. Sahoo), Energy Economics, April, 2015.
“Managerial Performance Evaluation for Capacity Investments,” (with A. Nezlobin and Y. Wang), Review of Accounting Studies, March 2015.
2014
“Incentives for Early Deployment of Carbon Capture Technology,” (with S. Comello), Energy Policy, December 2014.
“Conservatism Correction for the Market-to-Book Ratio and Tobin’s q,” (with M. McNichols and M. Rajan), Review of Accounting Studies, December 2014.
2013
“The Prospects for Cost Competitive Solar PV Power”, (with M. Yorston), Energy Policy, April 2013.
2012
“The Dual Role of Transfer Prices in Multinational Firms: Divisional Performance Measurement and Tax Optimization”, The European Financial Review, October, 2012. (This article is an abridged version of “Transfer Pricing in Multinational Firms: An Integrated Management- and Tax Perspective,” listed below).
“Dynamics of Rate of Return Regulation,” (with A. Nezlobin and M. Rajan), Management Science, May, 2012.
“Transfer Pricing in Multinational Firms: An Integrated Management- and Tax Perspective,” (with M. Hiemann), Fundamentals of International Transfer Pricing in Law and Economics, edited by K. Konrad and W. Schoen, Springer Publishers, February 2012.
2011
“Discretion in Managerial Bonus Pools,” (with M. Ederhof and M. Rajan), Foundations and Trends in Accounting, July 2011.
“Carbon Capture by Fossil Fuel Power Plants: An Economic Analysis” (with O. Islegen), Management Science, January 2011.
2010
“Decentralized Capacity Management and Internal Pricing,” (with S. Dutta), Review of Accounting Studies, September 2010.
2009
“The Economics of Carbon Capture” (with O. Islegen), The Economists’ Voice, December, 2009.
“Depreciation Rules and the Relation between Marginal- and Historical Cost” (with M. Rajan), Journal of Accounting Research, June, 2009.
“Objective versus Subjective Indicators of Managerial Performance” (with M. Rajan), The Accounting Review, January 2009.
2007
“Conservatism, Growth and Return on Investment” (with M. Rajan and M. Soliman), Review of Accounting Studies, September 2007.
“Capital Budgeting: The Role of Cost Allocations,” (with I. Gow), in Operations Research Proceedings 2006, March 2007.
“Cost Allocation for Capital Budgeting Decisions”, (with T. Baldenius and S. Dutta), The Accounting Review, July 2007.
“Managerial Accounting,” (with T. Baldenius), Handwoerterbuch der Betriebswirtschaft, edited by H. Koehler et al., June 2007.
2006
“Subjective Performance Indicators and Discretionary Bonus Pools” (with M. Rajan), Journal of Accounting Research, June 2006.
“External and Internal Pricing in Multidivisional Firms” (with T. Baldenius), Journal of Accounting Research, March 2006.
2005
“Accrual Accounting for Performance Evaluation,” (with S. Dutta), Review of Accounting Studies, December 2005.
“Stock Price, Earnings and Book Values in Managerial Performance Measures” (with S. Dutta), The Accounting Review, October 2005.
“Incentives for Efficient Inventory Management: The Role of Historical Cost” (with T. Baldenius), Management Science, July 2005.
“Market-based Transfer Pricing: A Synthesis of Recent Studies” (with T. Baldenius and N. Bastian), in Internationalisierung des Controlling, edited by J. Weber, DUV, 2005.
2004
“A Perspective on “Asymmetric Information, Incentives and Intrafirm Resource Allocation” " (with M. Rajan), Management Science, December 2004.
“Integrating Managerial-and Tax Objectives in Transfer Pricing”, (with T. Baldenius and N. Melumad), The Accounting Review, July 2004.
2003
“Leading Indicator Variables, Performance Measurement and Long-Term versus Short-Term Contracts” (with S. Dutta), Journal of Accounting Research, December 2003.
2002
“Controlling Investment Decisions: Depreciation-and Capital Charges” (with S. Dutta), Review of Accounting Studies, September 2002.
“Responsibility Accounting” Handwoerterbuch fuer Controlling, Poeschel Verlag, H.-U. Kuepper and A. Wagenhofer (eds.), 2002.
2001
“Incentives and Coordination in Hierarchies”, (with D. Mookherjee), Advances in Economic Theory, The B.E. Press, May 2001.
2000
“Providing Managerial Incentives: Cash Flows versus Accrual Accounting”, Journal of Accounting Research, Autumn 2000.
“Comparative Statics of Monopoly Pricing”, (with T. Baldenius), Economic Theory, 2000.
1999
“Asset Valuation and Performance Measurement in a Dynamic Agency Setting”, (with S. Dutta), Review of Accounting Studies, December 1999.
“Performance Measurement in a Multiperiod Agency Setting” (with S. Dutta), Journal of Theoretical and Institutional Economics, March 1999.
“Return to EVA” (with T. Baldenius and G. Fuhrmann), in German: " Zurueck zu EVA” Betriebswirtschaftliche Forschung and Praxis, January 1999.
“Negotiated versus Cost-Based Transfer Pricing” (with T. Baldenius and S. Sahay), Review of Accounting Studies, June 1999.
1998
“Alternative Methods for Determining Transfer Prices”(with T. Baldenius), in German: “Alternative Verfahren zur Bestimmung von Verrechnungspreisen”, Zeitschrift fuer Betriebswirtschaftliche Forschung, March 1998.
“Network Mechanisms, Informational Efficiency and Hierarchies” (with T. Marschak), Journal of Economic Theory, March 1998.
1997
“Budgeting and Hierarchical Control”, (with D. Mookherjee), Journal of Accounting Research, Fall 1997. “Contract Complexity, Incentives and the Value of Delegation” (with N. Melumad and D. Mookherjee), Journal of Economics and Management Strategy, Summer 1997.
“Investment Decisions and Managerial Performance Evaluation”, Review of Accounting Studies, Vol. 2 (2) 1997.
1996
“Holdups, Standard Breach Remedies and Specific Investment,” (with A. Edlin), American Economic Review, June 1996.
1995
“Hierarchical Decentralization of Incentive Contracts” (with N. Melumad and D. Mookherjee), RAND Journal of Economics, December 1995.
“Specific Investment under Negotiated Transfer Pricing: An Efficiency Result” (with A. Edlin), The Accounting Review, April 1995.
“The Communication Requirements for Individual Agents in Networks and Hierarchies” (with T. Marschak), The Economics of Informational Decentralization: Complexity. Efficiency and Stability, J. Ledyard (ed.), Kluwer Press, June 1995.
1992
“The Revelation Approach to Nash Implementation” (with D. Mookherjee), Economics Letters, October 1992.
“Constructing Incentive Schemes for Government Contracts: An Application of Agency Theory,” The Accounting Review, October 1992, (reprinted in Essays in the Economics of Procurement, A. Bower and J. Dertouzos, eds., Rand, 1994).
“A Theory of Responsibility Centers” (with N. Melumad and D. Mookherjee), Journal of Accounting and Economics, November 1992.
“Agency,” The New Palgrave Dictionary of Money and Finance, Mac-Millan Press, London, November 1992.
“Dominant Strategy Implementation of Bayesian Incentive Compatible Allocation Rules” (with D. Mookherjee), Journal of Economic Theory, April 1992.
1991
“Participation, Slack and Budget Based Performance Evaluation” (with A. Kirby, P.K. Sen and Tae-Young Paik), Journal of Accounting Research, Spring 1991.
1990
“Implementation via Augmented Revelation Mechanisms” (with D. Mookherjee), Review of Economic Studies, July 1990.
1989
“Value of Communication in Agencies” (with N. Melumad), Journal of Economic Theory, April 1989.
1988
“Game Forms with Minimal Message Spaces” (with S. Reiter), Econometrica, May 1988 (reprinted in 35 Years of MEDS and Management Theory, Kellogg School of Management, 2003).
1987
“Centralization versus Delegation and the Value of Communication” (with N. Melumad), Journal of Accounting Research, 1987.
“Performance Incentives in Government Contracts”, (with H.E. Reichelstein), in German: “Leistungsanreize bei öffentlichen Aufträgen” Wehrtechnik, March 1987.
“A Note on Feasible Implementations,” Economics Letters, 25, 1987.
1985
“Information-Eliciting Compensation Schemes” (with K. Osband), Journal of Public Economics, August 1985.
1984
“Smooth versus Discontinuous Mechanisms,” Economics Letters, Fall 1984.
“Incentives in Government Contracts” (with K. Osband), Journal of Public Economics, July 1984.
“Incentive Compatibility and Informational Requirements,” Journal of Economic Theory, October 1984.
“A Note on Allocations Attainable through Nash-Equilibria,” Journal of Economic Theory, April 1984.
Speeches and Conferences
2020
- Speaker on “The Rapid Advances in Renewable Energy”, Energy Investment Forum 2020, Budapest, November 2020
- Lecturer, Summer School “Accounting for Capacity Investments”, Institute for Management Studies, University of Vienna, October 2020
- Panelist, Professional Accounting Conference, University of Toronto, October 2020
- Keynote Speaker, World Hydrogen Congress, Paris, September 2020
- Speaker on “The Role of Hydrogen in Decarbonized Energy Economies”, Energy@Stanford Conference, Stanford University, September 2020
2019
- Plenary Speaker, Production and Operations Management Society, Washington DC, May 2019
- Panelist, Conference on Climate-Related Financial Reporting, Cambridge University, April 2019
- Speaker, Accounting Research Committee, Verein fuer Socialpolitik, Basel University, March 2019
2018
- Plenary Speaker, Schmalenbach-Gesellschaft, Duesseldorf, September, 2018
- Delegate, Jefferson Innovation Workshop, Washington DC, February 2018
- Speaker, UCLA Accounting Workshop, UCLA, March, 2018
2017
- Speaker, Burton Workshop, Columbia University, November 2017
- Lecturer, Summer School “Capacity Investments: Planning and Control”, Institute for Management Studies, University of Vienna, June 2017
- Speaker, Theory of the Firm Committee, Verein fuer Socialpolitik, Frankfurt, May 2017
- Plenary Speaker, 6th Mannheim Energy Conference, ZEW, May 2017
2016
- Presenter, Contemporary Accounting Research Conference, University of Waterloo, October 2016
- Speaker, Doctoral Consortium of the Canadian Accounting Association, University of Waterloo, October 2016