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Rutgers School of Business – Camden

Dr. Richard Michelfelder

Professor of Professional Practice


Office: BSB 437

Phone: (856) 225-6919

Ph.D., Fordham University

Dr. Richard A. Michelfelder was previously President and Chief Executive Officer of Quantum Consulting, Inc, a national public utilities consulting firm, based in Berkeley, California. Dr. Michelfelder has also started up successful energy efficiency investment and international wireless public utility data communication companies. He also was an executive at Atlantic Energy, Inc., a major electric utility in New Jersey.

Dr. Michelfelder has taught finance and economics courses for over 20 years at undergraduate and graduate levels at West Chester University, Monmouth University, Stockton College, Rowan University, Holy Family College and Fordham University. He has also published a number of articles on energy and public utilities, and has testified before many state utility regulatory jurisdictions and the Federal Energy Regulatory Commission on matters involving the cost of capital for public utilities.

He holds a Ph.D. in economics with concentrations in international finance, finance, and monetary economics. His current research is in regulation, utility stock prices, stock market risk, and the cost of capital.

Research Interests: Electric, Gas and Water Public Utility Economics and Finance / Regulation; Renewable / Green Energy; Statistical Methods / Robust Estimation; Stock, Bond and Energy Commodity Markets

Courses Taught: New Venture Financing; Financial Management; Managerial Economics; Multinational Corporate Finance; Multinational Financial Analysis; Corporate Finance and Applications; Business Leadership Development Program – Entrepreneurship; Statistical Financial Analysis

Representative Publications:

  • “The Information Content of Forward Electricity Prices,” co-authored with E. Pilotte, Journal of Financial and Quantitative Analysis, forthcoming.
  • “Decoupling, Risk Impact, and the Cost of Capital,” lead author, co-authored with Pauline Ahern and Dylan D’Ascendis, The Electricity Journal, 2020.
  • “Decoupling Impact and Public Utility Conservation Investment,” lead author, co-authored with Pauline Ahern and Dylan D’Ascendis, Energy Policy, 2019.
  • “Electricity in the 1970’s, Water in the 2020’s, co-authored with Gary D. Shambaugh, The Electricity Journal, 32, 2019.
  • “Asymmetric Response of Public Utility Stock Returns Volatility to Up and Down Markets and Deregulation,” sole author, Journal of Mathematical Finance, 8, 2018.
  • “Partially Adaptive and Robust Estimation of Asset Models: Accommodating Skewness and Kurtosis in Returns,” co-authored with James B. McDonald, Journal of Mathematical Finance, 7, 2017.
  • “Electric Utility Regulation and Investment in Green Energy Resources,” sole authorJournal of Sustainable Finance and Investment, 5, 2015.
  • “Empirical Analysis of the Generalized Consumption Asset Pricing Model:  Estimating the Cost of Common Equity Capital,” sole authorJournal of Economics and Business, 80, 2015.
  • “Asset Characteristics of Solar Renewable Energy Certificates:  Market Solution to Encourage Environmental Sustainability?” sole authorJournal of Sustainable Finance and Investment, 4, 280-296, 2014.  
  • “Public Utility Beta Adjustment and Biased Costs of Capital in Public Utility Rate Proceedings,” coauthored with P. Theodossiou. The Electricity Journal, 26, 2013.
  • “Comparative Evaluation of the Predictive Risk Premium ModelTM, the Discounted Cash Flow Model and the Capital Asset Pricing Model for Estimating the Cost of Common Equity Capital,” co-authored with Pauline Ahern, Dylan D’Ascendis and Frank Hanley, The Electricity Journal, 26, 2013.
  • “New Approach for Estimating of Cost of Common Equity Capital for Public Utilities,” co-authored with Pauline Ahern and Frank Hanley, Journal of Regulatory Economics, 40, 2011.

The contents of this article appear in the following textbooks:

  1. Roger Morin’s next edition, 2015, “New Regulatory Finance,”
  2. “Cost of Capital: Applications and Examples,” (5th Ed.), 2015, Wiley & Sons, Shannon Pratt and Roger Grabowski (editors)
  3. The Lawyer’s Guide to Cost of Capital: Understanding Risk and Return for Valuing Businesses and Other Investments,” ABA Publishing, Shannon Pratt and Roger Grabowski (editors), 2015. 
  • “Treasury Bond Risk and Return, the Implications for the Hedging of Consumption and Lessons for Asset Pricing,” co-authored with Eugene Pilotte, Journal of Economics and Business, 63, 2011.
  • “Robust Estimation with Flexible Parametric Distributions:  Estimation of Utility Stock Betas,” co-authored with James McDonald and Panayiotis Theodossiou, Quantitative Finance, 10, 2010.
  • “Robust Regression Estimation Methods and Intercept Bias: A Capital Asset Pricing Model Application”, co-authored with James McDonald and Panayiotis Theodossiou, Multinational Finance Journal, 13, 2009.
  • “Integrating Renewables into the U.S. Grid:  Is It Sustainable?,” co-authored with Peter Mark Jansson, The Electricity Journal, 21, July 2008.
  • “Volatility of Stock Returns:  Mature and Emerging Markets,” co-authored with Saurin Pandya, International Journal of Managerial Finance, 31, January 2005.
  • “Evolving Electric Utility Regulatory Policy for Internalizing the Social Cost of Production,” sole author, American Journal of Economics and Sociology, 52, 1993.

Media Guide

Dr. Richard Michelfelder, Associate Professor of Professional Practice in finance at the Rutgers School of Business—Camden; previously served as CEO of a national public utility consulting firm. He can discuss:

Bond Market:

• General stock and bond market matters

• Public utility stocks

Investment Issues:

• General stock and bond market matters

• Public utility stocks


• Public utilities and their regulation

• Electric utilities

• Gas utilities

• Public utility stocks


• Public utilities and their regulation

• Electric utilities

• Gas utilities

• Public utility stocks

Stocks/Stock Markets:

• General stock and bond market matters

• Public utility stocks

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