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                                        Merton Miller

           Merton Miller


(1923-2000). Nobel Prize Laureate, 1990. Miller's illustrious academic career started at Harvard, where he graduated in 1943. He worked at the U.S. Treasury and Federal Reserve, then earned his Ph.D. from Johns Hopkins University in 1952. He taught at Carnegie Tech, where he met Franco Modigliani (Nobel Prize winner 1985) and together they made economic history with the"M&M Theorem."

Miller's work on the effect of firms' capital structure and dividend policy on market price along with the work of Markowitz and Sharpe contributed to Modern Portfolio Theory, and earned him the Nobel Prize in Economic Sciences in 1990.
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