Merton Miller

DEFINITION of 'Merton Miller'

A prominent Chicago school economist. Miller was born in 1923 in Boston and won the Nobel Memorial Prize in Economics in 1990, along with Harry Markowitz and William Sharpe, for his work on the Modigliani-Miller theorem, which deals with the relationship between the value of a company and its debt-equity structure. His research focused on corporate finance and on the economic and regulatory problems of the financial services industry.

BREAKING DOWN 'Merton Miller'

Early in his career, Miller worked as an economist for the federal government, and later, he was a public director of the Chicago Board of Trade. He earned his Ph.D. from Johns Hopkins and taught at the London School of Economics and Carnegie Mellon University before joining the University of Chicago in 1961, where he taught until 1993.