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The History Of Finance: An Eyewitness Account

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Author Info
Merton H. Miller

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Abstract

In this account of the evolution of finance theory, the "father of modern finance" uses the series of Nobel Prizes awarded finance scholars in the 1990s as the organizing principle for a discus-sion of the major developments of the past 50 years. Starting with Harry Markowitz's 1952 Journal of Finance paper on "Portfolio Selection," which provided the mean-variance frame-work that underlies modern portfolio theory (and for which Markowitz re-ceived the Nobel Prize in 1990), the paper moves on to consider the Capi-tal Asset Pricing Model, efficient mar-ket theory, and the M & M irrelevance propositions. In describing these ad-vances, Miller's major emphasis falls on the "tension" between the two main streams in finance scholarship: (1) the Business School (or "micro normative") approach, which focuses on investors 'attempts to maximize returns and cor-porate managers' efforts to maximize shareholder value, while taking the prices of securities in the market as given; and (2) the Economics Depart-ment (or "macro normative") approach, which assumes a "world of micro optimizers" and deduces from that assumption how the market prices actually evolve. 2000 Morgan Stanley.

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Publisher Info
Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

Volume (Year): 13 (2000)
Issue (Month): 2 ()
Pages: 8-14
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Handle: RePEc:bla:jacrfn:v:13:y:2000:i:2:p:8-14

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  1. Fernandez, Pablo, 2006. "The equity premium in finance and valuation textbooks," IESE Research Papers D/657, IESE Business School. [Downloadable!]
    Other versions:
  2. Fernandez, Pablo, 2004. "Market risk premium: Required, historical and expected," IESE Research Papers D/574, IESE Business School. [Downloadable!]
  3. Fernandez, Pablo, 2004. "Are calculated betas good for anything?," IESE Research Papers D/555, IESE Business School. [Downloadable!]
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