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Merton Miller

René Stulz

Working Paper Series from Ohio State University, Charles A. Dice Center for Research in Financial Economics

Abstract: Merton Miller was at the center of the transformation of academic finance from a descriptive field to a science. His principal contribution to this transformation was the introduction of arbitrage arguments which underlie most theoretical contributions in finance and remain central to the way financial economists analyze finance problems to this day. These arbitrage arguments underlie his and Franco Modigliani's famous irrelevance propositions.

Date: 2006-04
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