Merton H. Miller received his Ph.D. in economics at Johns Hopkins University. He taught at Carnegie and later became an economics professor at the University of Chicago's Graduate School of Business. He is the "Robert R. McCormick Distinguished Service Professor there. He became a public governor of the Chicago Mercantile Exchange in 1990." Miller, along with Harry Markowitz, and William F. Sharpe, won the Nobel Prize in 1990 for "their contributions to financial economics." Miller is probably best known among economists for his Modigliani-Miller Theorem, which states that "under certain assumptions, the value of a firm is independent of the firm's ratio of debt to equity." Miller is a strong opponent of government regulation of futures contracts, which, "just like other products, are valuable to those who buy them."
Works by Merton H. Miller :
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