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Merton Miller and Modern Finance

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  • Rene Stulz

Abstract

In this keynote address to the 2000 Financial Management Association International Annual Meeting, I consider Merton Miller’s contributions to the field of finance. I argue that his most important contribution is to have made arbitrage arguments the cornerstone of modern finance. The arbitrage proof of Proposition I introduced a new standard in finance, namely that any result the finance profession takes seriously must have the critical property that it cannot be undermined by clever arbitrageurs. I show how arbitrage is a constant theme in Merton Miller’s career from his work in corporate finance to his analyses of financial innovation, financial crashes, and crises.

Suggested Citation

  • Rene Stulz, 2000. "Merton Miller and Modern Finance," Financial Management, Financial Management Association, vol. 29(4), Winter.
    • Handle: RePEc:fma:fmanag:stulz00
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    Cited by:

    1. Stulz, Rene M., 2006. "Merton Miller," Working Paper Series 2006-4, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    2. Li, Kuei-Fu & Liao, Yi-Ping, 2014. "Directors' and officers' liability insurance and investment efficiency: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 29(C), pages 18-34.
    3. Graff, Richard A. & Kairys Jr., Joseph P., 2005. "Property Rights and Corporate Finance," Working Papers in Economics 174, University of Gothenburg, Department of Economics.

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