Philipp Schuster is Professor of Finance at the University of Stuttgart. His diploma in business engineering and Ph.D. in finance came from the Karlsruhe Institute of Technology (KIT) and he received an M.S. in industrial engineering from Georgia Institute of Technology. Before joining the University of Stuttgart, he was a junior research group leader at KIT. His research focuses on the quantification of frictions and their impact on risk management, asset prices, and the behavior of market participants. He has published articles in top-ranked journals like Review of Financial Studies, Review of Finance, and Journal of Financial and Quantitative Analysis. His research has been awarded with prizes such as the FIRM research award and the University Prize of Deutsches Aktieninstitut.