Name: Merton Miller.
Real Name: Merton Howard Miller.
Country: United States.
Date of Birth: May 16, 1923.
Died: June 03, 2000.
Education: Undergraduate from Harvard University, Ph.D. in economics from Johns Hopkins University, and Doctorate from London School of Economics.
Subjects Of Study: Finance Modigliani-Miller theorem.
Popularly Known: The development of the Modigliani-Miller theorem.
Profession: Economist, co-author, and professor.
Noble Prize Year: Nobel Prize for Peace in 1990, for their pioneering work in the theory of financial economics.
Merton Miller worked on the paper The Cost of Capital, Corporate Finance, and the Theory of Investment with his colleague Franco Modigliani (Economic Sciences Prize, 1985). The Modigliani-Miller theorem describes how a company’s market value and cost of capital are related to its dividend policy and capital asset structure. The theorem demonstrates that how a manufacturing company funds its activities is less important than the profitability of those activities.
