Myron Scholes, Ph.D. Biography

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Biography Myron Scholes, Ph.D., is Chief Investment Strategist at Janus Henderson Investors. In this role, he leads the firm’s evolving asset allocation product development efforts and partners with the investment team, contributing macro insights and quantitative analysis specific to hedging, risk management and disciplined portfolio construction. Among his many accomplishments, Dr. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, where he teaches a course on Managing Under Uncertainty and The Evolution of Finance. He is a member of the Econometric Myron Scholes, Ph.D. Society and, in 1990, served as President of the American Finance Association. Dr. Scholes is Chief Investment Strategist widely known for his seminal work in options pricing, capital market equilibrium, tax policies and the financial services industry. He is a Nobel Laureate in Economic Sciences and co-originator of the Black-Scholes options pricing model, for which he was awarded the Nobel Prize in 1997. He is a director of Dimensional Fund Advisors mutual funds and several other private companies and has served as an advisor to the Guangdong Provincial Government. Dr. Scholes holds a Ph.D. from the University of Chicago. He has honorary doctorate degrees from the University of Paris, France; McMaster University, Canada; Louvain University, Belgium; and Wilfred Laurier University, Canada. He has honorary Professorships from Nanjing University, Nanjing Audit University and Xiamen University. He was awarded the Innovator of the Year Award from the Chicago Mercantile Exchange and the Lifetime Achievement Award from the Derivatives Association. Additionally, he is a member of the American Academy of Arts and Sciences. Dr. Scholes has consulted widely with many financial institutions, corporations and exchanges, and has lectured for many academic groups and other organizations around the world. He has 47 years of financial industry experience. Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. .

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Myron Scholes Is the Frank E
Myron Scholes is the Frank E. Buck Professor of Finance, Emeritus, called back to active duty at the Stanford Graduate School of Business. He is a Nobel Laureate in Economic Sciences, and co- originator of the Black-Scholes options pricing model. Scholes was awarded the Nobel Prize in 1997 for his new method of determining the value of derivatives. His research has focused on understanding uncertainty and its effect on asset prices and the value of options, including flexibility options. He has studied the effects of tax policy on asset prices and incentives. He studied the effects of the taxation of dividends on the prices of securities, the interaction of incentives and taxes in executive compensation, capital structure issues with taxation, and the effects of taxes on the optimal liquidation of assets. He wrote several articles on investment banking and incentives and developed a new theory of tax planning under uncertainty and information asymmetry which led to a book with Mark A. Wolfson called Taxes and Business Strategies: A Planning Myron Scholes Approach (Prentice Hall, 1991). Frank E. Buck Professor of Finance, Emeritus Scholes is currently the Chief Investment Strategist, Janus Capital Group. Previously he served as the Chairman of Platinum Grove Stanford University Asset Management and on the Dimensional Fund Advisors Board of Directors, formerly, American Century Mutual Fund Board of Directors and the Cutwater Advisory Board. He was a principal and Limited Partner at Long-Term Capital Management, L.P. and a Managing Director at Salomon Brothers. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, Senior Research Fellow at the Hoover Institution, and Director of the Center for Research in Security Prices, and Professor of Finance at MIT’s Sloan School of Management.
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Myron S. Scholes [Ideological Profiles of the Economics Laureates] Daniel B. Klein, Ryan Daza, and Hannah Mead Econ Journal Watch 10(3), September 2013: 590-593 Abstract Myron S. Scholes is among the 71 individuals who were awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel between 1969 and 2012. This ideological profile is part of the project called “The Ideological Migration of the Economics Laureates,” which fills the September 2013 issue of Econ Journal Watch. Keywords Classical liberalism, economists, Nobel Prize in economics, ideology, ideological migration, intellectual biography. JEL classification A11, A13, B2, B3 Link to this document http://econjwatch.org/file_download/766/ScholesIPEL.pdf ECON JOURNAL WATCH Schelling, Thomas C. 2007. Strategies of Commitment and Other Essays. Cambridge, Mass.: Harvard University Press. Schelling, Thomas C. 2013. Email correspondence with Daniel Klein, June 12. Schelling, Thomas C., and Morton H. Halperin. 1961. Strategy and Arms Control. New York: The Twentieth Century Fund. Myron S. Scholes by Daniel B. Klein, Ryan Daza, and Hannah Mead Myron Scholes (1941–) was born and raised in Ontario. His father, born in New York City, was a teacher in Rochester. He moved to Ontario to practice dentistry in 1930. Scholes’s mother moved as a young girl to Ontario from Russia and its pogroms (Scholes 2009a, 235). His mother and his uncle ran a successful chain of department stores. Scholes’s “first exposure to agency and contracting problems” was a family dispute that left his mother out of much of the business (Scholes 2009a, 235). In high school, he “enjoyed puzzles and financial issues,” succeeded in mathematics, physics, and biology, and subsequently was solicited to enter a engineering program by McMaster University (Scholes 2009a, 236-237).
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Robert Merton and Myron Scholes, Nobel Laureates in Economic Sciences, Receive 2011 CME Group Fred Arditti Innovation Award
Robert Merton and Myron Scholes, Nobel Laureates in Economic Sciences, Receive 2011 CME Group Fred Arditti Innovation Award CHICAGO, Sept. 8, 2011 /PRNewswire/ -- The CME Group Center for Innovation (CFI) today announced Robert C. Merton, School of Management Distinguished Professor of Finance at the MIT Sloan School of Management and Myron S. Scholes, chairman of the Board of Economic Advisors of Stamos Partners, are the 2011 CME Group Fred Arditti Innovation Award recipients. Both recipients are recognized for their significant contributions to the financial markets, including the discovery and development of the Black-Scholes options pricing model, used to determine the value of options derivatives. The award will be presented at the fourth annual Global Financial Leadership Conference in Naples, Fla., Monday, October 24. "The Fred Arditti Award honors individuals whose innovative ideas created significant change to the markets," said Leo Melamed, CME Group Chairman Emeritus and Competitive Markets Advisory Council (CMAC) Vice Chairman. "The nexus between the Black-Scholes model and this Award needs no explanation. Their options model forever changed the nature of markets and provided the necessary foundation for the measurement of risk. The CME Group options markets were built on that infrastructure." "The Black-Scholes pricing model is still widely used to minimize risk in the financial markets," said Scholes, who first articulated the model's formula along with economist Fischer Black. "It is thrilling to witness the impact it has had in this industry, and we are honored to receive this recognition for it." "Amid uncertainty in the financial markets, we are pleased the Black-Scholes pricing model still plays an important role in determining pricing and managing risk," said Merton, who worked with Scholes and Black to further mathematically prove the model.
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Editor's Letter
Why I Shall Miss Merton Miller Peter L. Bernstein erton Miller’s death received the proper somewhere,” he recalls. Miller was instrumental in tak- notices due a winner of the Nobel Prize, but ing Sharpe to the Quadrangle Club in Chicago, where Mthese reports emphasize the importance of he could present his ideas to faculty members like his intellectual contributions rather than his significance Miller, Lorie, and Fama. The invitation led to an as a human being. Nobody gives out Nobel Prizes for appointment to join the Chicago faculty, and Sharpe being a superior member of the human race, but Miller and his theories were on their way. would surely have been a laureate if someone had ever Miller’s role in launching the Black-Scholes- decided to create such a prize. Merton option pricing model was even more deter- Quite aside from the extraordinary insights gained mining. In October 1970, the three young scholars from Modigliani-Miller, we owe Merton Miller a deep had completed their work, and began the search for a debt of gratitude for his efforts to promote the careers journal that would publish it. “A Theoretical Valuation of young scholars whose little-noted innovations would Formula for Options, Warrants, and Other in time rock the world of finance. Works at the core of Securities”—subsequently given the more palatable modern investment theory might still be gathering dust title of “The Pricing of Options and Corporate somewhere—or might not even have been created— Liabilities”—was promptly rejected by Chicago’s by guest on October 1, 2021.
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Myron S. Scholes
WORLD ECONOMIST PROFILES 16 MYRON S. SCHOLES MYRON S. SCHOLES doc. PhDr. Monika Šestáková, DrSc. In 1997 the Nobel Prize for Econo- assets – whether financial or real. In mics was awarded to two distinguis- our article we focus on one of the two – hed American economists from the Myron S. Scholes, who became famous field of financial theory – Robert C. in the financial world primarily as the Merton and Myron S. Scholes.The prize co-author (together with Fischer Black) was granted to them for the original of the model for option pricing. This theoretical contribution in the field of model is the "classic” instrument of derivative pricing - i.e. pricing of secu- financial analysts as well as financial rities that are derived from other market traders. Myron S. Scholes was born on 1 July 1941 in the town work with many other leading theoreticians from the field of Timins in the Ontario province, Canada. of finance. It was here that his cooperation with Fischer The young Myron always had an interest in financial Black and Robert Merton began (even though they wor- issues and business. He was attracted to security trading. ked in different institutions). These economists were also He spent much time studying stock-exchange reports interested in issues of the security and derivative pricing. and attempted to understand the secrets lying behind Scholes still at the same time maintained his contacts price movements of securities. Myron Scholes began uni- with the University of Chicago, in particular with the Cen- versity studies in Hamilton at McMaster University, gra- ter for Research in Security Prices.
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