Throughout his life, Dr. Miller was an active supporter of free market solutions to economic problems. His works formed the basis of the Modigliani-Miller Financial Theory, which proposed the irrelevance of debt-equity structure. Miller continued to collaborate with Dr. Modigliani on corporate finance papers through the mid s.
Miller served in several administrative positions later in his career. He became a fellow of the Econometric Society in He also served as a public director on the Chicago Board of Trade from , and the Chicago Mercantile Exchange from until his death.
Sources of information for Merton H. Myron Gordon received a B. Beginning in , Dr. Gordon worked as an assistant professor at Carnegie-Mellon University until He then became an associate professor at Massachusetts Institute of Technology , a professor at the University of Rochester , and a professor at the University of Toronto Rotman School of Management , later receiving emeritus status there.
He was the author of several books and more than articles.
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His reputation preceding him, Dr. His model is still used today in the valuation of common stocks. Gordon has served as an associate editor for several academic journals, including the Journal of Finance, Financial Management, Journal of Banking and Finance, and the Journal of Economics and Business. He also was a fellow of the Royal Society of Canada. Following his retirement, he remained active in research by publishing for the next twenty years. Sources of information for Myron J. Zia website. John Lintner, Jr. In , he received another M. In , he became a member of the Society of Fellows, which is a three-year paid fellowship with self-directed research.
Professor Lintner taught economics at the University of Kansas from and at Harvard Business School from He was the author of many research papers and four books, including his popular text Mutual Savings Banks in Savings and Mortgage. Lintner was widely known in the financial and academic communities for his major contribution to the capital asset pricing model, of which he was a co-creator, which is a method of estimating the future value of an investment.
This prominent model, developed in the s and s, has become the basis for modern portfolio theory. It allows investors to factor in certain elements of risk into their calculations. Throughout his career, Dr. Lintner attempted to broaden the application of this capital market theory.
His final publication had analyzed the effectiveness of the capital asset pricing model fit to the real world. As a part of his career trajectory, Dr. Lintner suffered a fatal heart attack while driving. Some contend that had he lived until , he would have shared the Nobel Prize in Economics that year for portfolio theory.
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Sources of information for John V. Sherman Maisel completed his undergraduate work from Harvard University in From to , he had secured a position as a research economist at the Federal Reserve Board in Washington. Then in , he served in the United States Army from to , rising from private to captain and working at air bases and ordinance depots. He also served one year in the Foreign Service, based in Brussels. Professor Maisel spent the majority of his academic career at the University of California-Berkeley Haas School of Business, where he was professor emeritus.
He taught there from to , and again from until his retirement in In addition to writing several books, Dr. Maisel had over published articles, reviews, and testimony. It has been said that his work on housing cycles and mortgage markets was path-breaking. Previously, he was part of the senior research staff and principal investigator for the National Bureau of Economic Research. In , he was appointed governor of the Federal Reserve, whose research on housing markets shaped decades of federal policy on mortgages. Maisel found that the structure of the mortgage market tended to suppress home construction during economic crises, and that the government could help to buffer the economy by offering a secondary mortgage market.
Maisel was also a member of the American Economic Association.
Sources of information for Sherman J. Prior to his work in academia, Dr. Friend was hired by the United States Securities and Exchange Commission in , where served as assistant director of trading and exchange. Friend joined the faculty of the Wharton School at the University of Pennsylvania, and he was designated as the Edward J. Hopkinson Professor of Finance and Economics in Friend also served as director of the Rodney L. White Center for Financial Research at Wharton, and he was granted emeritus status when he retired.
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Friend examined the OTC market for corporate equity, the savings and loan industry, the mutual fund industry, the investment banking industry, scholarship that was used by congressional committees, federal and state regulatory agencies, academics, and securities organizations. Friend was also among the first to question the commonly held view that mutual funds perform better than an unmanaged portfolio of individual stocks. His work in the early s was among the first to use of comprehensive data on the structure of the OTC market and provided estimates of the number of participants, the volume and size of transactions, the variability of bid-ask spreads, and the relative importance of the market with respect to the distribution of new stock issues by small firms.
His book, A Study of Mutual Funds, anticipated much of the later theory and empirical work on the efficient market hypothesis. The study was prepared for the Securities and Exchange Commission and is widely viewed as a precursor for the rise in index funds and various other industry reforms. He established graduate programs in China and Portugal.
Joseph Pechman attended City College prior to commencing graduate work at the University of Wisconsin, where he received his Ph. In , he received an honorary doctorate degree of law. Pechman began his civilian career at the United States Treasury Department. While Washington D. Pechman was a leading scholar of tax policy and the director of economic studies at the Brookings Institution for more than 20 years.
As the director, he endorsed the Brookings Panel on Economic Activity.
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He had also served on the staff of the Council of Economic Advisers and then on the Committee for Economic Development prior to joining the Brookings Institute. Professor Pechman was the author of half a dozen books on the United States Tax Code and served as an editor for more than twenty. He was a lifelong proponent of progressive taxation, which was congruent with his views on income distribution and concerns of those who are less well off financially.
Pechman made many other notable contributions during his career. He was a fellow of the American Academy of Arts and Sciences. Pechman was a senior fellow emeritus at Brookings and president of the American Economic Association at the time of his death. He was also planning a conference to compare tax systems around the world just prior to his death. An additional noteworthy accomplishment was his mentorship of younger staff members and students throughout this career. Sources of information for Joseph A.
Lawrence Ritter received his undergraduate degree at Indiana University, and later completed a doctorate from the University of Wisconsin. Ritter was a professor of economics and finance, and later chairman of the Department of Finance at the Graduate School of Business Administration at New York University. He remained on staff at NYU for more than 30 years, where there is currently a research room and an endowed chair in his name.
Silber and Gregory F. Udell, has been a standard college text since it was first published in The book is now in its 11th edition. Ritter also edited the Journal of Finance from to In addition to his academic accomplishments at NYU, Dr. Ritter was also well known for his work as a journalist and an author. His interviews allowed participants to reminisce without interruption, as he rarely prodded them on any particular matter. He was able to elicit information from interviewees that other reporters were often unable able to reach with questions. Ritter wrote one of the most famous sports books of all time, The Glory of Their Times updated in Over a four year span, he had collected oral histories from 22 baseball players.
He collaborated with another baseball historian, Donald Honig, to write The Image of Their Greatness and The Greatest Baseball Players of All Time ; featuring several players who would later be dropped in favor of new players on several later all-time greats lists. Sources of information for Lawrence S. Walter Hoadley received his A. While completing his doctorate, Dr.
Hoadley had spent part of serving as a supervisor of the industrial management war training office.