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COVER STORY
A Lifetime of Achievement
Education
A.B., Harvard University, 1944
Ph.D., Johns Hopkins University, 1952
Miller also received honorary
degrees from nearly a dozen
institutions in the United States and abroad.
Professional Awards and Scholarships
Fellow, Econometric Society, 1975
Fellow, American Academy
of Arts and Sciences, 1989
Nobel Memorial Prize in
Economic Sciences, 1990
Distinguished Fellow, American Economic Association, 1990
Senior Fellow, American Association of Financial Engineers, 1992
Positions Held
From 1961 onward, Miller taught
finance and economics at the GSB. From 1966 to 1981, he served as
Edward Eagle Brown Professor of Banking and Finance, and from 1981 to 1987, he was Leon Carroll Marshall Distinguished Service
Professor. In 1987, he became the Robert R. McCormick Distinguished Service Professor. Upon his retirement in 1993, he became professor emeritus.
Before joining the GSB faculty,
he taught at the Carnegie Institute of Technology (195361) and
the London School of Economics (195253). He was also a visiting professor at the University of
Louvain in Belgium and a visiting research professor at the University Faculty of Mons, Belgium.
Professional Activities
Miller’s professional affiliations
included the following positions:
Member, American Economic
Association, American Finance
Association, International Association of Financial Engineers
Vice President, American Finance
Association, 1975
President, American Finance
Association, 1976
Associate Editor, Journal of Financial Economics, 19731983
Coeditor, Journal of Business,
19771989
Member, Advisory Board, Midland Corporate Finance Journal (now the Journal of Applied Corporate Finance), beginning in 1981
Public Director, Chicago Board
of Trade, 19831985
Member, Board of Editors, Japan
and the World Economy: International Journal of Economic Theory and
Policy, beginning in 1987
Member, Board of Editorial Advisers, Journal of Accounting, Auditing, and
Finance, beginning in 1988
Member, Advisory Board, Center for Pacific Basin Capital Markets Research at the University of Rhode Island,
beginning in 1989
Public Director, Board of Directors of the Chicago Mercantile Exchange, 19902000
Member, New York Stock Exchange Advisory Panel on Market Volatility and Investor Confidence, 1990
Foreign Member, Royal Swedish
Academy of Engineering Sciences, IVA, 1992
Member, Board of Overseers, Koc
University, Istanbul, Turkey (first
private Turkish university), beginning in 1994
Member, Advisory Board, Center for Japanese-U.S. Business and Economic Studies, New York University,
19941998
Executive Director, CME-CBOT
Committee on Joint Strategic
Initiatives, 19961998
Publications
An exhaustive bibliography of
Miller’s published work would
run for pages, but below is a selected listing of his writings. In addition,
he was widely published in journals, including the American Economic
Review, Journal of Finance, Journal
of Business, Pacific-Basin Finance
Journal, and Journal of Applied
Corporate Finance.
“The Cost of Capital, Corporation
Finance, and the Theory of Investment” (with F. Modigliani), American
Economic Review, June 1958.
“Dividend Policy, Growth,
and the Valuation of Shares”
(with F. Modigliani), Journal
of Business, October 1961.
“Taxes and the Cost of Capital:
A Correction” (with F. Modigliani), American Economic Review, June 1963.
Editor, Essays in Economic Semantics, by Fritz Machlup, Prentice-Hall, 1963.
Editor, Essays in Economic Semantics, by Fritz Machlup, Prentice-Hall, 1963.
Auditing, Management Games and Accounting Education (with R. Trueblood and N. Churchill), Irwin, 1964.
The Theory of Finance (with
E. F. Fama), Holt, Rinehart and
Winston, 1972.
Macroeconomics: A Neoclassical
Introduction (with C. Upton),
Irwin, 1974.
“Debt and Taxes,” presidential address delivered at the annual meeting of
the American Finance Association, September 17, 1976. Journal of Finance, May 1977.
Coeditor (with R. H. Coase),
Essays in Applied Price Theory,
by Reuben A. Kessel, University
of Chicago Press, 1980.
“Leverage,” Nobel Prize Lecture, Stockholm, Sweden, December 7, 1990. (Reprinted in Journal of Finance 46, 2. June 1991.)
Financial Innovations and Market Volatility, Basil Blackwell, 1991.
Merton Miller on Derivatives,
John Wiley & Sons, 1997.
“Financial Markets and Economic Growth,” Journal of Applied Corporate Finance 11, 5. Fall 1998.
Coeditor (with Christopher L. Culp), Corporate Hedging in Theory and
Practice: Lessons from Metallgesellschaft, Risk Books, 1999.
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