Myron S Scholes is one of the writers to author the Black Scholes Equation. He was born on 1st July, 1941 in Ontario, Canada. He is very famous for his contribution in the field of economics. Myron S Scholes was awarded the Nobel Memorial Prize in the year 1997. He won the Nobel Memorial Prize for his unparalleled discovery of “ a new method to determine the value of derivatives”.
Academic achievements of Myron S. Scholes:
In the year 1962, Myron S Scholes earned a Bachelor's degree from Mc Master University in Economics. An MBA degree was not far behind and he qualified for the degree in the year 1964 from the University of Chicago. Myron S Scholes earned a Ph.D in the year 1969. Presently, this economist of repute is a professor at Stanford University. MIT Sloan School Of Management and Princeton University are two other institutions where he has worked as a faculty.
Unparalleled contribution in the field of economics:
The Black Scholes model propounded by Myron S Scholes and F. Black provides a skeletal structure for different valuing options. The different valuing options may include calls or puts.
The Black Scholes model is considered as a standard in the financial markets world wide. Myron S Scholes believes that searching for penurious models and working on them is the only way to find solution for various issues related to the economy, in prevailing markets. He is against the idea of constructing mathematical tools and solving economic issues with them.
By studying the prevailing scenario in finance, particularly, by providing security (securitization) for different range of commodities, which may include bandwidth, energy, carbon emissions, he believes that underlying obstacles of financial theory as well as finance are the same. Portfolio diversification is another sphere he lays stress on.
Famous works of Myron Samuel Scholes or Myron S Scholes:
“ The Valuation of Option Contracts and a Test of Market Efficiency”, (1972). Myron S. Scholes completed this work along with F. Black.
“ The Valuation of Option Contracts and a Test of Market Efficiency”,(1972) along with F. Black and M. Jensen.
“ The Pricing of Options and Corporate Liabilities”, (1973) together with F. Black.
“ The Effects of Dividend Yield and Dividend Policy on Common Stock Prices and Returns”, (1974) with F. Black.
“Taxes and the Pricing of Options”, (1976)
“Dividends and Taxes” along with M.H. Miller (1978).