| Myron S. Scholes AKA Myron Samuel Scholes Born: 1-Jul-1941
Birthplace: Timmins, Ontario, Canada
Gender: Male
Religion: Jewish
Race or Ethnicity: White
Sexual orientation: Straight
Occupation: Economist, Business Nationality: Canada
Executive summary: Black-Scholes options pricing model As a boy, Myron S. Scholes was the treasurer of his youth clubs. In high school he began investing in the stock market, and when computers came into widespread use he was considered a programming whiz. Working in collaboration with Robert C. Merton and Fischer Black, Scholes developed an improved formula, called the Black-Scholes options pricing model, for determining the value of stock options. For their work, Scholes and Merton shared the Nobel Prize in Economics in 1997. Black, however, died in 1995, and Nobel honors are not awarded posthumously.
In 1994, Merton, Scholes, and John W. Meriwether, a bond trader from Salomon Brothers, founded Long-Term Capital Management, a hedge fund which used new mathematical models to plan and execute convergence trades involving government bonds issued by the U.S., Japan, and various European nations. Despite its name, Long-Term was successful only in the short-term, recording profits for several years but then collapsing with about $4.6B in losses triggered by the late-1990s Russian economic collapse, which their theory had not seen coming. In the aftermath of the Long-Term's collapse, the fund was found to have claimed numerous inappropriate tax deductions, and Scholes and his partners were fined $40M.
Father: (dentist)
Mother: (owned a department store, d. 1957)
Daughter: Anne Scholes
Daughter: Sara Scholes
Wife: Jan (m. 1998)
University: BS Economics, McMaster University (1961)
University: MBA, University of Chicago (1964)
University: PhD Financial Economics, University of Chicago (1968)
Teacher: Finance, Massachusetts Institute of Technology (1968-73)
Teacher: Economics, University of Chicago (1973-74)
Professor: Economics, University of Chicago (1974-81)
Professor: Law and Finance, Stanford University (1983-96)
Nobel Prize for Economics 1997 (with Robert C. Merton)
Long-Term Capital Management (1994-2000)
Salomon Brothers (1990-94)
Member of the Board of Oak Hill Capital Partners (as Chairman)
Member of the Board of Chicago Mercantile Exchange
American Academy of Arts and Sciences 2010
American Economic Association
American Finance Association
Hoover Institution Senior Fellow
National Bureau of Economic Research
Author of books:
Taxes and Business Strategy: A Planning Approach (1991, with Mark A. Wolfson)
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