Myron Scholes

@University Of Chicago, Facts and Facts ★ ★ ★ ★ ★ Myron Scholes is a Canadian-American economist who won the Nobel Prize for Economic Sciences in 1997 Cancer Celebrities American Canadian University Of Chicago Intellectuals & Academics Economists Myron Scholes is a Canadian-American economist who shared the Nobel Prize for Economic Sciences with American economist Robert C. Merton for his work in finding out a new method to calculate the value of stock derivatives. Scholes and Fischer Black had earlier developed the ‘Black-Scholes Formula’ for calculating the value of stock options. Robert C. Merton elaborated this formula to encompass the calculation of a lot of other things like mortgages and loans. Fischer Black could not receive the prize with others as he had passed away in 1995. Risk premiums could not be calculated properly due to the uncertainty of the price of options at the time of maturity which could either rise or fall. It was difficult to determine the correct price of options at an early stage so that it would not hurt the investors later. The work done by Scholes and Black pioneered new types of financial instruments that made management of risk for investing money in options and derivatives more efficient. Scholes and Black showed with the help of their formula that there was no need to include any risk premium in the price of options as it was already incorporated in the value. This formula is currently used by thousands of investors all over the world for calculating the value of stock options.

Personal Details

Birthday: July 1, 1941 Nationality: Canadian, American Famous: University Of Chicago, Intellectuals & Academics, Economists Spouses: Jan Scholes Known as: Myron Samuel Scholes Childrens: Anne, Sara Universities: University Of Chicago University of Chicago McMaster University Information Detail Birthday July 1, 1941 Nationality Canadian, American Famous University Of Chicago, Intellectuals & Academics, Economists Spouses Jan Scholes Known as Myron Samuel Scholes Childrens Anne, Sara Universities University Of Chicago University of Chicago McMaster University Notable Alumnis University Of Chicago Birth Place Timmins, Ontario, Canada Born Country Canada Gender Male Sun Sign Cancer Born in Timmins, Ontario, Canada Famous as Economist

Timmins, Ontario, Canada

Myron Scholes born at Unsplash Birth Place

Myron Scholes married Jan Scholes on October 4, 1998. He has two daughters from this marriage - Anne and Sara. Unsplash Personal Life

He developed a slight defect in his eye during his childhood which was removed later by a corneal transplant at the age of 26. Unsplash Personal Life

Myron S. Scholes was born in Timmins, Ontario, Canada on July 1, 1941. His father was a dentist in Timmins and his mother was the owner of a chain of small departmental stores. He had a younger brother. Unsplash Childhood & Early Life

His family moved to Hamilton from Timmins when he was ten-years-old. Unsplash Childhood & Early Life

His mother instilled the love of business and finance in him from an early age. He started dabbling in stock markets when he was still in high school. Unsplash Childhood & Early Life

After finishing high school he joined the ‘McMaster University’ in Hamilton, Ontario, and graduated in 1962 with a B. A. in economics. Unsplash Childhood & Early Life

He joined the ‘University of Chicago’ and took up computer programming along with other subjects. He earned an MBA degree from the ‘Booth School of Business’ in 1964 and then completed his PhD in 1969 under the supervision of Eugene Fama and Merton Miller. Unsplash Childhood & Early Life

After doing his PhD he joined the ‘Sloan School of Management’ at MIT where he came in contact first with Fischer Black and then with Robert C. Merton. He worked there from 1968 to 1973 during which he became a Professor of Finance. Unsplash Career

He returned to the ‘University of Chicago’ from 1973 to 1983 but continued working with Black and Merton. Unsplash Career

In 1981 he paid a visit to the ‘Stanford University’ and joined the faculty of the ‘Business and Law School’ in 1983. He stayed with the university till 1996. Unsplash Career

In 1990 he served as the President of the ‘American Finance Association’. Unsplash Career

He became a consultant to ‘Salomon Brothers, Inc’ in 1990 and became its Managing Director later on. Unsplash Career

Myron Scholes published his paper ‘The Valuation of Option Contracts and a Test of Market Efficiency’ in collaboration with Fischer black in an economic journal in 1972. Unsplash Major Works

He published his paper ‘The Pricing of Options and Corporate Liabilities’ in collaboration with Fischer Black in 1973 and the paper ‘Taxes and the Pricing of Options’ in 1976. Unsplash Major Works

His book written in collaboration with Mark A. Wolfson titled, ‘Taxes and Business Strategy: A Planning Approach’ was published in 1992 and the paper ‘Global Financial Markets, Derivative Securities and Systematic Risks’ was published in 1996. Unsplash Major Works

Information	Detail
Birthday	July 1, 1941
Nationality	Canadian, American
Famous	University Of Chicago, Intellectuals & Academics, Economists
Spouses	Jan Scholes
Known as	Myron Samuel Scholes
Childrens	Anne, Sara
Universities	University Of Chicago University of Chicago McMaster University
Notable Alumnis	University Of Chicago
Birth Place	Timmins, Ontario, Canada
Born Country	Canada
Gender	Male
Sun Sign	Cancer
Born in	Timmins, Ontario, Canada
Famous as	Economist

Myron Scholes

Canadian

Jul 1, 1941

Biography

Personal Details

Timmins, Ontario, Canada