Merton H. Miller – “If You Take Money Out of Your Left Pocket and Put it in Your Right Pocket, You’re No Richer
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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.
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
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