MERTON H. MILLER (1923 - 2000)
Prêmio Nobel 1990
Economista norte americano, professor da Universidade de Chicago, Miller obteve o Prêmio Nobel de Economia em 1990, compartilhado com Harry M. Markowitz e William F. Sharpe, por seu trabalho pioneiro sobre a teoria da economia financeira.
Nascido em Boston, estudou em Harvard, onde foi estudante junto com Robert M. Solow. Obteve seu doutorado em 1952 na Johns Hopkins University em Baltimore, onde foi discípulo de Fritz Machlup. Trabalhou na London School of Economics 1952-1953 e na Carnegie-Mellon University onde iniciou sua colaboração sobre finanças corporativas com Franco Modigliani. Em 1961 se mudou à University of Chicago, tendo sido também professor visitante na Universidade de Lovaina na Bélgica, em 1966-67.
Obras
"Built-In Flexibility" con R. A. Musgrave, 1948, AER
"An Income Effect of Changing Interest Rates", con M. I. White, 1951, Public Finance
"A Model of Optimal Programming of Railway Freight Train Movements", con A. Charnes, 1956, Management Science
"Mathematical Programming and the Evaluation of Freight Shipment Systems" con A. Charnes, 1957, Naval Research Logistics Quart.
"The Cost of Capital, Corporation Finance and the Theory of Investment", 1958, con F. Modigliani, AER
"An Application of Linear Programming to Financial Budgeting and the Costing of Funds" con A. Charnes and W. W. Cooper, 1959, J of Business
"The Carnegie Tech Management Game", con K. Cohen, et al., 1960, J of Business
"Dividend Policy, Growth and the Valuation of Shares" con F. Modigliani, 1961, J of Business
"Corporate Income Taxes and the Cost of Capital: A correction", con F. Modigliani, 1963, AER.
"The Corporation Income Tax and Corporate Financial Policies" 1963, in Stabilization Policies.
"Horizon Rules for a Class of Stochastic Planning Problems" con A. Charnes and J. Dreze, 1966, Econometrica
"Some Estimates of the Cost of Capital in the Electric Utility Industry", con F. Modigliani, 1966, J of Business
"A Model of the Demand for Money by Firms", con D. Orr, 1966, QJE
"A Model of the Demand for Money by Firms: Extensions of Analytical Results", con D. Orr, 1968, J of Finance
The Theory of Finance, with E.F. Fama, 1972
Macroeconomics: A Neoclassical Introduction, con C. Upton, 1974
"Leasing, Buying and the Cost of Capital Services" con C. Upton, 1976, J of Finance
"Debt and Taxes", 1977, J of Finance
"An Approach to the Regulation of Bank Holding Companies", con F. Black and R. A. Posner,1978, J of Business
"The Stochastic Properties of Velocity and the Quantity Theory of Money" con J. P. Gould, C. R. Nelson, y C. Upton, 1978, J of Monetary Economics.
"Prices for State-Contingent Claims: Some Estimates and Applications" con R. Banz, 1978, Journal of Business
"Dividends and Taxes" con M. Scholes, 1978, J of Financial Economics
"Dividends and Taxes: Some empirical evidence" con M. Scholes, 1982, J of Financial Economics
"A Test of the Hotelling Valuation Principle" con C. Upton, 1985, JPE
"Dividend Policy under Asymmetric Information" con K. Rock, 1985, J of Finance
"Behavioral Rationality in Finance: The Case of Dividends," 1986, J of Business (Supp.)
"Economic Costs and Benefits of the Proposed One-Minute Time Bracketing Regulation" con S.J. Grossman, 1986, J of Futures Markets
"Financial Innovation: The Last Twenty Years and the Next," 1986, J of Financial and Quantitative Analysis
"Liquidity and Market Structure", with S.J. Grossman, 1988, J of Finance
"The Modigliani-Miller Propositions after Thirty Years," 1988, JEP
"Margin Regulation and Stock Market Volatility" con D. Hsieh, 1990, J of Finance
"The Crash of 1987: Bubble or Fundamental?" 1990, in Pacific-Basin Capital Markets Research
Financial Innovations and Market Volatility, 1991
"Leverage", 1991, J of Finance
"Tax Obstacles to Voluntary Corporate Restructuring," 1991, J of Applied Corporate Finance
"Financial Innovation: Achievements and Prospects", 1992, J of Applied Corporate Finance
"Index Futures and Market Volatility: What Does the Evidence Show?", 1992, J of Applied Corporate Finance
"Index Arbitrage: Villain or Scapegoat" 1992, J of Financial Engineering
"Are the Discounts on Closed-End Funds a Sentiment Index?" 1993, Journal of Finance
"Is American Corporate Governance Fatally Flawed?", 1994, J of Applied Corporate Finance
"Functional Regulation", 1994, Pacific Basin Finance Journal
"Metallgesellschaft and the Economics of Synthetic Storage", con C. L. Culp, 1995, J of Applied Corporate Finance
"Do the M&M Propositions Apply to Banks?" 1995, J of Banking and Finance
Merton Miller on Derivatives, 1997
"Clustering and Competition in Asset Markets" con S. J. Grossman, K. R. Cone, D. R. Fischel, y D. J. Ross, 1997, JLawE
"The M&M Propositions after 40 Years," 1998, European Financial Management Journal
"Value at Risk: Uses and Abuses", con C.L. Culp and A. Neves, 1998, J of Applied Corporate Finance
"The Derivatives Revolution After Thirty Years", 1999, J of Portfolio Management
"The History of Finance," 1999, J of Portfolio Management