Merton H. Miller - "If You Take Money Out of Your Left Pocket and Put it in Your Right Pocket, You're No Richer

By:   Date: 5 December 2009

About The Author

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Merton Howard Miller received the Nobel Prize in 1990 for his work in financial economics. He is internationally recognised Miller as one of the most significant developers of empirical and theoretical analysis in the field of corporate finance and was the co-author of the Modigliani-Miller theorem.

Born in Massachusetts, U.S., on 16th May 1923, Miller received his Masters from Harvard University before obtaining his PhD from John Hopkins University in 1952.

Miller had worked and elaborated on the portfolio theory by Markowitz, which dealt with investment on assets with minimum risk involved and maximum return. He had also worked on Sharpe’s theory to explain that security prices reflect potential returns and risks. His famous Modigliani-Miller theorem explores the complex relationship between the various factors, which are taken into account while a corporate decision is made. The theorem also suggests that the profitability of a company is more important than the method in which the company funds these activities.

Miller had an illustrious career that began with the Carnegie Institute of Technology (now Carnegie Mellon University) and eventually culminated in his appointment as Robert R. McCormick Distinguished Service Professor at the University of Chicago Booth School of Business Administration. Miller also served as the Director of the Chicago Mercantile Exchange from 1990 - 2000.

Major Publications by Merton H. Miller

Miller had written many books which have been very influential in the study of economics. Among them are:

Built-In Flexibility

The Cost of capital, Corporation Finance and the Theory of Investment

The Corporation Income Tax and Corporate Finance Policies

Dividends and Taxes

Value at Risk: Uses and Abuses

Books by Merton H. Miller

Merton Miller on Derivatives (Wiley Investment)

Selected Works of Merton H. Miller: A Celebration of Markets: Volume 1: Finance

The Theory of Finance

Disclosure: These links to books for sale at Amazon.com are affiliate links, meaning that if you buy it from Amazon, we will make a small commission. The price is the same for you.


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