Miller, Merton H.

Miller, Merton H.,

1923–2000, American economist, grad. Harvard, 1943, Ph.D. Johns Hopkins, 1952. A professor at Carnegie-Mellon Univ. (1953–61) and the Univ. of Chicago (1961–93), he developed a theory with Franco ModiglianiModigliani, Franco,
1918–2003, American economist, b. Rome. Jewish, antifascist, and trained as a lawyer, he fled Mussolini's Italy in 1938, settling in the United States in 1939, where he studied economics.
..... Click the link for more information.
 that seeks a relationship between a company's capital-asset structure and its market value. For his work, he shared the 1990 Nobel Memorial Prize in Economic Sciences with William Sharpe and Harry MarkowitzMarkowitz, Harry Max
, 1927–, American economist, Ph.D. Univ. of Chicago, 1954. In the 1950s he developed a theory of "portfolio choice," which allows investors to analyze risk as well as their expected return, and he has subsequently continued his work on portfolio theory
..... Click the link for more information.
.
The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/

Miller, Merton H.

(1923–  ) economist; born in Boston, Mass. With Franco Modigliani he established the controversial "Modigliani-Miller theorems," which applied economic theory to the field of finance. The theorems assert that under perfect competition both the market value of a firm and the cost of capital to the firm are independent of its debt-equity ratio as well as its dividend-payout ratio. He was on the faculty of the University of Chicago beginning in 1965.
The Cambridge Dictionary of American Biography, by John S. Bowman. Copyright © Cambridge University Press 1995. Reproduced with permission.