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262:. Scholes is currently the chairman of the Board of Economic Advisers of Stamos Capital Partners. Previously he served as the chairman of Platinum Grove Asset Management and on the Dimensional Fund Advisors board of directors, American Century Mutual Fund board of directors and the Cutwater Advisory Board. He was a principal and limited partner at
270:. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, senior research fellow at the Hoover Institution, director of the Center for Research in Security Prices, and professor of finance at MIT's Sloan School of Management. Scholes earned his PhD at the University of Chicago.
334:. Scholes was a good student although fighting with his impaired vision starting with his teens until finally getting an operation when he was twenty-six. Through his family, he became interested in economics early, as he helped with his uncles' businesses and his parents helped him open an account for investing in the
418:, who joined MIT in 1970. For the following years Scholes, Black and Merton undertook groundbreaking research in asset pricing, including the work on their famous option pricing model. At the same time, Scholes continued collaborating with Merton Miller and Michael Jensen. In 1973 he decided to move to the
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in 2017 to form Janus
Henderson. 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. He also
452:
In 1997 he shared the Nobel
Memorial Prize in Economics with Robert C. Merton "for a new method to determine the value of derivatives". Fischer Black, who co-authored with them the work that was awarded, had died in 1995 and thus was not eligible for the prize.
422:, looking forward to work closely with Eugene Fama, Merton Miller and Fischer Black, who had taken his first academic position at Chicago in 1972 (although he moved two years later to MIT). While at Chicago, Scholes also started working closely with the
361:
economists who would later both win Nobel prizes in economics. After receiving his B.A. he decided to enroll in graduate studies in economics at the
University of Chicago. Here, Scholes was a colleague with
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502:(LTCM). The fund, which started operations with $ 1 billion of investor capital, performed extremely well in the first years, realizing annualized returns of over 40%. However, following the
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serves on the boards of the
Chicago Mercantile Exchange and Dimensional Fund Advisors. Scholes is currently the chairman of the Board of Economic Advisers of Stamos Capital Partners.
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as a special consultant, then becoming a managing director and co-head of its fixed-income-derivative group. In 1994 Scholes joined several colleagues, including
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to avoid taxes on investment profits. Courts disallowed the firm's claim of $ 40 million in tax savings, finding it based on
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After his mother died from cancer, Scholes remained in
Hamilton for undergraduate studies and earned a
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Subsequent to LTCM, in 1999 Scholes joined Oak Hill
Capital, the private equity firm led by
514:, becoming one of the most prominent examples of risk potential in the investment industry.
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in 1969 with a dissertation written under the supervision of Eugene Fama and Merton Miller.
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266:(LTCM), a highly leveraged hedge fund that collapsed in 1998, and a managing director at
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by
Professor Bertil Näslund of the Royal Swedish Academy of Sciences, December 10, 1997.
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Please help update this article to reflect recent events or newly available information.
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at
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In 1990 Scholes became more involved directly with the financial markets. He went to
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In 1968, after finishing his dissertation, Scholes took an academic position at the
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the highly leveraged fund in 1998 lost $ 4.6 billion in less than four months and
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in 1962. One of his professors at McMaster introduced him to the works of
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254:. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the
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In 2012, he authored an article entitled 'Not All Growth Is Good' in
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LTCM brought legal problems for
Scholes in 2005 in the case of
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The 4% Solution: Unleashing the
Economic Growth America Needs
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Fellows of the American Academy of Arts and Sciences
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851:Laureate of the Nobel Memorial Prize in Economics
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764:Nobel e-Museum page on 1997 prize for economics
586:Scholes is also chief investment strategist at
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911:Sveriges Riksbank Prize in Economic Sciences
792:Long Term Capital Holdings vs. United States
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520:Long-Term Capital Holdings v. United States
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725:""Huang Joins Bass' Private Equity Shop""
279:Nobel Memorial Prize in Economic Sciences
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326:, where his family had moved during the
1657:International Campaign to Ban Landmines
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659:Jewish Virtual Library: "Myron Scholes"
594:since 2014. Janus Capital merged with
281:for a method to determine the value of
2258:MIT Sloan School of Management faculty
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424:Center for Research in Security Prices
1819:
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804:The Concise Encyclopedia of Economics
780:PBS Nova – Trillion Dollar Bet (2000)
531:of $ 106 million that represented no
16:Canadian–American financial economist
2273:National Bureau of Economic Research
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256:Stanford Graduate School of Business
771:, company where Scholes is chairman
260:Black–Scholes options pricing model
13:
2263:Fellows of the Econometric Society
464:George W. Bush Presidential Center
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14:
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273:In 1997, Scholes – together with
187:Nobel Memorial Prize in Economics
2283:21st-century Canadian scientists
2278:20th-century Canadian scientists
809:Library of Economics and Liberty
775:Speaker at Hedge Fund Conference
639:"Scholes on merriam-webster.com"
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987:Leonid Vitaliyevich Kantorovich
769:Platinum Grove Asset Management
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704:"A Tax Shelter, Deconstructed"
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619:List of Jewish Nobel laureates
404:MIT Sloan School of Management
330:. In 1951 the family moved to
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2238:People from Hamilton, Ontario
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614:List of quantitative analysts
508:1998 Russian financial crisis
338:while he was in high school.
2253:University of Chicago alumni
2228:Long-Term Capital Management
2193:Nobel laureates in Economics
500:Long-Term Capital Management
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297:, and is referred to as the
264:Long-Term Capital Management
7:
1847:Chicago school of economics
799:"Myron S. Scholes (1941– )"
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504:1997 Asian financial crisis
410:, who was a consultant for
318:family on July 1, 1941, in
109:Chicago school of economics
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2223:Jewish Canadian scientists
2218:Jewish American economists
2213:McMaster University alumni
979:Friedrich August von Hayek
682:, accessed 11 October 2020
243:; born July 1, 1941) is a
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546:Other interests and roles
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2198:American Nobel laureates
661:retrieved March 29, 2015
529:formal accounting losses
388:Booth School of Business
310:Early life and education
2248:Scientists from Ontario
1694:William Daniel Phillips
790:"Findings and Opinion"
199:IDEAS / RePEc
1749:Nobel Prize recipients
1736:(Canada/United States)
1705:Physiology or Medicine
1688:Claude Cohen-Tannoudji
479:
314:Scholes was born to a
1098:James M. Buchanan Jr.
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437:Professor of Finance
359:University of Chicago
128:University of Chicago
2233:Financial economists
2147:Julian Lincoln Simon
2125:Business and finance
2116:Frank H. Easterbrook
2035:Public choice school
1972:New social economics
1944:New economic history
1866:Henry Calvert Simons
1361:Oliver E. Williamson
991:Tjalling C. Koopmans
445:and tax planning in
429:In 1981 he moved to
211:Myron Samuel Scholes
45:Myron Samuel Scholes
2243:People from Timmins
2063:William A. Niskanen
1711:Stanley B. Prusiner
1389:Christopher A. Sims
1317:Thomas C. Schelling
1289:Robert F. Engle III
1190:Robert E. Lucas Jr.
1038:Theodore W. Schultz
692:Presentation Speech
592:Janus Capital Group
494:, and co-founded a
470:Investment activity
462:, published by the
431:Stanford University
380:financial economics
347:McMaster University
252:financial economist
177:Black–Scholes model
119:McMaster University
97:Financial economics
1962:Robert M. Townsend
1305:Edward C. Prescott
1293:Clive W.J. Granger
1269:Joseph E. Stiglitz
1242:Daniel L. McFadden
1130:Harry M. Markowitz
857:Served alongside:
755:on Nobelprize.org
708:David Cay Johnston
676:on Nobelprize.org
609:List of economists
533:economic substance
512:collapsed abruptly
480:
443:investment banking
345:in economics from
277:– was awarded the
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2167:Lars Peter Hansen
2078:Law and economics
2043:James M. Buchanan
1813:
1812:
1720:Economic Sciences
1554:
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1453:Richard H. Thaler
1417:Robert J. Shiller
1413:Lars Peter Hansen
1385:Thomas J. Sargent
1373:Dale T. Mortensen
1265:A. Michael Spence
1261:George A. Akerlof
1230:Robert A. Mundell
1198:James A. Mirrlees
1166:Douglass C. North
1138:William F. Sharpe
1090:Franco Modigliani
1066:George J. Stigler
1050:Lawrence R. Klein
939:Paul A. Samuelson
874:
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865:Succeeded by
840:James A. Mirrlees
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447:corporate finance
414:at the time, and
343:Bachelor's degree
332:Hamilton, Ontario
208:
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2053:Randall Holcombe
2015:Sudhir Venkatesh
1924:Allan H. Meltzer
1919:Harry G. Johnson
1914:Phillip D. Cagan
1876:Theodore Schultz
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484:Salomon Brothers
416:Robert C. Merton
412:Arthur D. Little
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382:. He earned his
328:Great Depression
275:Robert C. Merton
268:Salomon Brothers
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39:
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23:Myron Scholes
20:
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2086:Ronald Coase
2068:Bryan Caplan
2025:Roland Fryer
2010:John A. List
1980:Jacob Mincer
1957:Robert Fogel
1934:Scott Sumner
1909:Karl Brunner
1861:Frank Knight
1779:
1733:
1618:Jens C. Skou
1529:Ben Bernanke
1518:Guido Imbens
1495:Paul Milgrom
1480:Esther Duflo
1433:Angus Deaton
1349:Paul Krugman
1252:2001–present
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55:July 1, 1941
2188:1941 births
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2111:Robert Bork
1985:Gary Becker
1871:Jacob Viner
1589:Nobel Prize
1441:Oliver Hart
1425:Jean Tirole
1222:Amartya Sen
1058:James Tobin
868:Amartya Sen
820:Appearances
785:IDEAS/RePEc
644:October 20,
540:Robert Bass
525:tax shelter
372:Eugene Fama
283:derivatives
195:Information
149:Eugene Fama
70:Nationality
2182:Categories
1891:Monetarism
1682:Steven Chu
1629:Literature
1510:David Card
1465:Paul Romer
625:References
575:April 2024
496:hedge fund
289:, such as
159:Influences
51:1941-07-01
1620:(Denmark)
1598:Chemistry
1591:laureates
1001:1976–2000
918:1969–1975
907:Laureates
305:Biography
105:tradition
1854:Founders
1690:(France)
1640:Dario Fo
603:See also
506:and the
439:Emeritus
249:American
245:Canadian
143:Doctoral
64:, Canada
1674:Physics
1642:(Italy)
909:of the
832:Awards
815:. 2008.
565:updated
498:called
386:at the
324:Ontario
320:Timmins
301:model.
287:options
145:advisor
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1459:2018:
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824:C-SPAN
734:Jan 7,
357:, two
316:Jewish
239:SHOHLZ
189:(1997)
183:Awards
74:Canada
1780:1997
1649:Peace
1587:1997
392:Ph.D.
291:calls
93:Field
1805:2002
1800:2001
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1525:2022
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374:and
366:and
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293:or
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