Some American Exceptional Contributions in Finance

  • Lall Ramrattan
  • Michael Szenberg


This chapter provides discussion on the financial theories of American contributors that are exceptional. We visit some names that are popular in economics as well. In those cases where the authors have contributions in many separate disciplines, we compartmentalize them. This chapter presents high theories such as Capital Asset Pricing Model, Arbitrage Pricing Theory, and Cox-Ingersoll-Ross that are popular in the literature of economics. The backdrop of these theories is asset pricing, which goes back to Louis Bachelier, who is considered the father of modern finance. Much effort went into correcting and extending Bachelier’s application of Brownian Motion in the area of Stochastic pricing models. Some of the exceptional theories in this chapter include the Brownian basis of speculation theory, Random Walk models with Martingale and Markov processes, the Black-Sholes option pricing model, and the Modigliani-Miller theorem. As with Chap.  3, many authors are considered as precursors to the exceptional models. The discussion includes works by Paul Samuelson, Robert Merton, Robert Lucas Jr., and Harry Markowitz.


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Authors and Affiliations

  • Lall Ramrattan
    • 1
    • 2
  • Michael Szenberg
    • 3
  1. 1.UC Berkeley ExtensionBerkeleyUSA
  2. 2.Holy Names UniversityOaklandUSA
  3. 3.Touro CollegeBrooklynUSA

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