The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Scholes, Myron (Born 1941)

  • Toni M. Whited
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2677

Abstract

Myron Scholes is best known for his contribution to the derivation of the widely used Black–Scholes option pricing formula. His contributions to financial economics are not, however, limited to his research on option pricing. His other notable work includes seminal empirical tests of the capital asset pricing model, both theoretical and empirical examinations of the effects of dividend taxation on stock returns, and studies of tax issues relating to the cost of capital, capital structure, real estate values, the optimal liquidation of assets, and employee compensation.

Keywords

Black, F Black–Scholes formula Capital asset pricing model Capital gains taxation Cost of capital Derivatives Dividend policy Employee stock ownership Human capital Liquidity premium Merton, R Option pricing options Scholes, M Stock returns Tax clienteles Taxation of capital income 

JEL Classification

B31 
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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Toni M. Whited
    • 1
  1. 1.