Stewart Myers
| Stewart Myers | |
|---|---|
| Born | August 1, 1940 |
| Nationality | American |
| Academic background | |
| Alma mater |
Williams College Stanford University |
| Academic work | |
| Discipline | Economics |
| Sub-discipline | Financial Economics |
| Institutions | MIT Sloan School of Management |
Stewart Clay Myers (born August 1, 1940) is the Robert C. Merton (1970) Professor of Financial Economics at the MIT Sloan School of Management.[1] He is notable for his work on capital structure and innovations in capital budgeting and valuation, and has had a "remarkable influence" on both the theory and practice of corporate finance.[2] Myers, in fact, coined the term "real option". He is the co-author with Richard A. Brealey and Franklin Allen of Principles of Corporate Finance, a widely used and cited business school textbook, now in its 11th edition. He is also the author of dozens of research articles.[3]
Career
He holds a Ph.D. and MBA from Stanford University and an A.B. from Williams College.[4] He began teaching at MIT Sloan School of Management in 1966.[5]
His contributions are seen as falling into three main categories:[6]
- Work on capital structure, focusing on "debt overhang" and "Pecking Order Theory".
- Contributions to capital budgeting that complement his research on capital structure. He is notable for the adjusted present value (or APV) approach as well as for recognizing the "option-like" character of many corporate assets.
- Work on estimating fair rates of return for public utilities.
Recent projects include the valuation of investments in R&D, risk management, and the allocation of capital in diversified firms, and the theory of corporate governance.
He is currently a principal of economic consulting firm The Brattle Group.[7] He is a past president of the American Finance Association,[8] a research associate of the National Bureau of Economic Research,[9] and a director of the Cambridge Endowment for Research in Finance.
Works
- Stewart C. Myers (ed) Modern Developments in Financial Management, Dryden Press, 1976, ISBN 9780275341008
- Alexander A. Robichek, Stewart C. Myers, Optimal financing decisions, Prentice-Hall, 1965
- Richard Brealey; Stewart Myers; Franklin Allen; Pitabas Mohanty (1988). Principles of Corporate Finance, 11e. MacGraw-Hill. ISBN 978-93-392-0502-7.
- Richard A. Brealey, Stewart C. Myers, Capital Investment and Valuation, McGraw Hill Professional, 2003, ISBN 9780071383776
References
- ↑ http://mitsloan.mit.edu/faculty/detail.php?in_spseqno=95&co_list=F
- ↑ http://www3.interscience.wiley.com/journal/121572753/abstract?CRETRY=1&SRETRY=0
- ↑ http://mitsloan.mit.edu/faculty/pdf/publist/myers-pub.pdf
- ↑ http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=62697795&ticker=ETR:US&previousCapId=1046885&previousTitle=JI%20Ventures%2C%20Inc.
- ↑ "Why Stew Myers matters - MIT Sloan School of Management". mitsloan.mit.edu. Retrieved 2016-08-15.
- ↑ http://www3.interscience.wiley.com/journal/121572753/abstract?CRETRY=1&SRETRY=0
- ↑ "Archived copy". Archived from the original on 2011-07-08. Retrieved 2010-10-29.
- ↑ "Archived copy". Archived from the original on 2010-04-20. Retrieved 2010-05-12.
- ↑ http://www.nber.org/people/stewart_myers
