Abstract
Merton Miller was at the centre of the transformation of academic finance from a descriptive field to a science. His principal contribution to this transformation was the introduction of arbitrage arguments which underlie most theoretical contributions in finance and remain central to the way financial economists analyse finance problems to this day. These arbitrage arguments underlie his and Franco Modigliani’s famous irrelevance propositions.
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Bibliography
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Acknowledgment
I am grateful for comments from Harry DeAngelo, Linda DeAngelo, Steven Durlauf and Andrew Karolyi.
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Stulz, R.M. (2018). Miller, Merton (1923–2000). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_2606
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DOI: https://doi.org/10.1057/978-1-349-95189-5_2606
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