Merton H. Miller
Intellectuals & Academics

Merton H. Miller Net Worth

Merton H. Miller was an American economist born in Chicago, Illinois in 1923. He was educated at the Boston Latin School and Harvard University, and earned his PhD from John Hopkins University. He is best known for his co-authorship of the Modigliani-Miller theorem, which revolutionized the field of corporate finance. Miller later joined the faculty of the University of Chicago, where he shifted his research focus to the financial services industry. In 1990, he was awarded a share of the Nobel Memorial Prize in Economic Sciences for his work in the theory of financial economics.
Merton H. Miller is a member of Intellectuals & Academics

Age, Biography and Wiki

Who is it? Economist
Birth Day May 16, 1923
Birth Place Chicago, Illinois, United States, United States
Age 97 YEARS OLD
Died On 3 June 2000(2000-06-03) (aged 77)\nChicago, Illinois, USA
Birth Sign Gemini
Institution Carnegie Mellon University University of Chicago London School of Economics
Field Economics
School or tradition Chicago School of Economics
Alma mater Johns Hopkins University, (Ph.D.) Harvard University, (M.A.)
Doctoral advisor Fritz Machlup
Doctoral students Eugene Fama William Poole
Contributions Modigliani–Miller theorem
Awards Nobel Memorial Prize in Economic Sciences (1990)

💰 Net worth

Merton H. Miller, the renowned economist in the United States, is projected to have a net worth ranging from $100,000 to $1 million in the year 2024. His expertise and contributions to the field of economics have undoubtedly played a significant role in accumulating his wealth. With a career spanning several decades, Miller's innovative research and groundbreaking work, particularly in the field of financial economics and corporate finance, have earned him numerous accolades and recognition. His net worth reflects the impact he has made as an esteemed economist and establishes him as a prominent figure in the world of finance.

Biography/Timeline

1952

Miller was born in Boston, Massachusetts to Jewish parents Sylvia and Joel Miller, a housewife and attorney. He worked during World War II as an Economist in the division of tax research of the Treasury Department, and received a Ph.D. in economics from Johns Hopkins University, 1952. His first academic appointment after receiving his doctorate was Visiting Assistant Lecturer at the London School of Economics.

1958

In 1958, at Carnegie Institute of Technology (now Carnegie Mellon University), he collaborated with his colleague Franco Modigliani on the paper The Cost of Capital, Corporate Finance and the Theory of Investment. This paper urged a fundamental objection to the traditional view of corporate Finance, according to which a corporation can reduce its cost of capital by finding the right debt-to-equity ratio. According to the Modigliani–Miller theorem, on the other hand, there is no right ratio, so corporate managers should seek to minimize tax liability and maximize corporate net wealth, letting the debt ratio chips fall where they will.

1969

Miller was married to Eleanor Miller, who died in 1969. He was survived by his second wife, Katherine Miller, and by three children from his first marriage: Pamela (1952), Margot (1955), and Louise (1958), and two grandsons.

1975

Miller wrote or co-authored eight books. He became a fellow of the Econometric Society in 1975 and was President of the American Finance Association in 1976. He was on the faculty of the University of Chicago's Booth School of Business from 1961 until his retirement in 1993, although he continued teaching at the school for several more years.

2000

He served as a public Director on the Chicago Board of Trade 1983–85 and the Chicago Mercantile Exchange from 1990 until his death in Chicago on June 3, 2000. In 1993, Miller waded into the controversy surrounding $2 billion in trading losses by what was characterized as a rogue futures trader at a subsidiary of Metallgesellschaft, arguing in the Wall Street Journal that management of the subsidiary was to blame for panicking and liquidating the position too early. In 1995, Miller was engaged by Nasdaq to rebut allegations of price fixing.

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About the author

Lisa Scholfield

As a Senior Writer at Famous Net Worth, I spearhead an exceptional team dedicated to uncovering and sharing the stories of pioneering individuals. My passion for unearthing untold narratives drives me to delve deep into the essence of each subject, bringing forth a unique blend of factual accuracy and narrative allure. In orchestrating the editorial workflow, I am deeply involved in every step—from initial research to the final touches of publishing, ensuring each biography not only informs but also engages and inspires our readership.