Merton H. Miller

Merton H. Miller (1923-2000) was a Nobel Laureate and Distinguished Service Professor at the University of Chicago Booth School of Business. Awarded the 1990 Nobel Prize in Economic Sciences for fundamental contributions to corporate finance theory.

His pioneering research with Franco Modigliani revolutionized corporate finance through the M&M theorems demonstrating that firm value is independent of capital structure and dividend policy. His work established foundational principles for modern financial economics.

Beyond academia, Miller served as director of Chicago Board of Trade and Chicago Mercantile Exchange, and chaired panels investigating market events including the 1987 stock market crash.