Merton miller biography

The basic theorem states that the value of a firm is unaffected by how that firm is financed—it does not matter if the firm's capital is raised by issuing stock or selling debt. It does not matter what the firm's dividend policy is. Therefore, this theorem is also often called the "capital structure irrelevance principle. Miller was recognized as one of the most important developers in the field of corporate finance, and his work continues to inform and stimulate new research in the field.

However, as with all economic models, if human nature is not well understood, such that the individual motivations of those involved are taken into account, the model is not a complete account of economic behavior. He entered Harvard University infollowing his father who was a Harvard graduate, earning his bachelor's degree in One of his colleagues at the university was Robert M.

Solow, the Nobel laureate in Economics for InMiller started his graduate studies, receiving a Ph. His first academic appointment after receiving the degree was Visiting Assistant Lecturer at the London School of Economics. In he started to work as professor at Carnegie Institute of Technology now Carnegie-Mellon Universityin Pittsburgh, Pennsylvaniawhere he stayed until InMiller collaborated with Modigliani to write a paper on "The Cost of Capital, Corporate Finance and the Theory of Investment," first in a series of papers on corporation finance.

Merton miller biography: I was born in Boston, Massachusetts

InMiller accepted an appointment on the faculty of the Graduate School of Business at the University of Chicagowhere he stayed until his retirement in He served during as visiting professor at the University of Louvain in Belgium. In Chicago he continued to work in the area of corporate finance. Early Life and Education. Modigliani-Miller Theorem.

Notable Accomplishments. Merton Miller FAQs. The Bottom Line. Economy Economics. He was awarded the Nobel Prize in economics in Who Influenced Merton Miller? Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.

Merton miller biography: Merton Howard Miller (May 16, –

We also reference original research from other reputable publishers where appropriate. He was on the faculty of the University of Chicago 's Booth School of Business from until his retirement inalthough he continued teaching at the school for several more years. He served as a public director on the Chicago Board of Trade —85 and the Chicago Mercantile Exchange from until his death in Chicago on June 3, Miller was married to Eleanor Miller, who died in He was survived by his second wife, Katherine Miller, and by three children from his first marriage: PamelaMargotand Louiseand two grandsons.

Contents move to sidebar hide. Article Talk. Read Edit View history. Tools Tools. Download as PDF Printable version. In other projects. Wikiquote Wikidata item. American economist. Not to be confused with Merton L. BostonMassachusettsU. ChicagoIllinoisU. Biography [ edit ]. Early years [ edit ]. Career [ edit ].

Merton miller biography: Merton Howard Miller was an American

Personal life [ edit ]. Bibliography [ edit ]. See also [ edit ]. References [ edit ]. The Notable Names Database. Retrieved Norwood, Stephen H. Financial Innovations and Market Volatility. Return to top. Search the CEE. About the CEE. Quote of the Day. Merton H. Miller Search CEE. Miller in the 2nd edition.