Scholes, Myron S.

Scholes, Myron S.

▪ Canadian-American economist
in full  Myron Samuel Scholes 
born January 7, 1941, Timmins, Ontario, Canada

      Canadian-born American economist best known for his work with colleague Fischer Black on the Black-Scholes option valuation formula, which made options (stock option) trading more accessible by giving investors a benchmark for valuing. Scholes shared the 1997 Nobel Prize for Economics with Robert C. Merton (Merton, Robert C.), who generalized the Black-Scholes formula to make it apply to other areas of finance. (Black, who died in 1995, was ineligible for the Nobel Prize, which is not awarded posthumously.)

      After attending McMaster University in Hamilton, Ontario (B.A., 1961), Scholes studied under Nobel laureate Merton H. Miller at the University of Chicago (M.B.A., 1964; Ph.D., 1970). Scholes taught at the Massachusetts Institute of Technology (1968–73) and the University of Chicago (1973–83) before joining Stanford University in 1983 as a professor of both law and finance, becoming emeritus in 1996. He also worked with many economic and financial institutions, including the National Bureau of Economic Research, Salomon Brothers, and Long-Term Capital Management (LTCM), which Merton cofounded in 1994. Because of its highly leveraged positions, LTCM lost more than $4 billion in 1998.

      Before the Black-Scholes formula appeared in 1973, investors lacked realistic means for determining the future value of an option. Though it was complex and involved many assumptions and restrictions, the formula showed that shares and call options could be combined to form a riskless portfolio. This approach was adapted by traders worldwide as the main method for valuing stock options. Merton expanded the formula to other areas of finance, such as home mortgages, and to risk management in general.

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Universalium. 2010.

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  • SCHOLES, MYRON S. — SCHOLES, MYRON S. (1941– ), economist, financier, and educator; joint winner of the 1997 Nobel Prize for economics. Born in Timmins, Ont., Scholes earned his B.A. in economics in 1962 at McMaster University in Hamilton, Ont., where he had lived… …   Encyclopedia of Judaism

  • Myron Scholes — Chicago school of economics Born July 1, 1941 (1941 07 01) (age 70) …   Wikipedia

  • Myron Samuel Scholes — Myron S. Scholes, 2008 Myron Samuel Scholes (* 1. Juli 1941 in Timmins, Ontario) ist ein kanadischer Wirtschaftswissenschaftler. Scholes studierte zunächst Wirtschaftswissenschaften an der McMaster University in Hamilton, wo er 1962 den… …   Deutsch Wikipedia

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  • Scholes — Scholes,   Myron Scholes, amerikanischer Finanzwissenschaftler, * Timmins 1. 7. 1941; 1976 83 Professor an der University of Chicago, seither an der Business School der Stanford University; erhielt 1997 zusammen mit R. Merton den Nobelpreis für… …   Universal-Lexikon

  • Myron Scholes — Pour les articles homonymes, voir Scholes. Myron S. Scholes (né le 1er juillet 1941 à Timmins, Ontario, Canada) est un économiste reconnu pour ses travaux sur la valorisation des produits dérivés, notamment les options. Il élabore avec… …   Wikipédia en Français

  • Myron S. Scholes — Myron S. Scholes, 2009 Myron S. Scholes, 2008 …   Deutsch Wikipedia

  • Myron Scholes — Myron S. Scholes, 2008 Myron S. Scholes (Timmins, Ontario, 1 de julio de 1941) es un economista canadiense graduado MBA de la University of Chicago Booth School of Business que recibió el Premio Nobel de Economía en 1997, compartido con Robert C …   Wikipedia Español

  • Scholes — Scholes(/skowlz/ or /šowlz/) could refer to the following places:United Kingdom:* Scholes, Greater Manchester * Scholes, South Yorkshire * Scholes, Cleckheaton, Kirklees, West Yorkshire * Scholes, Holme Valley, Kirklees, West Yorkshire * Scholes …   Wikipedia

  • Myron — ist ein männlicher Vorname. Inhaltsverzeichnis 1 Herkunft und Bedeutung 2 Namenstag 3 Bekannte Namensträger 4 Weblinks …   Deutsch Wikipedia

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