Myron Scholes

Myron Samuel Scholes ( born July 1, 1941 in Timmins, Ontario ) is a Canadian economist.

Scholes studied economics at McMaster University in Hamilton, where he achieved in 1962 the academic degree of bachelor. At the University of Chicago, he graduated in 1964 with a Master of Business Administration and was five years later his doctorate with a dissertation Merton Miller. Currently he is a professor at Stanford, but he also worked at Princeton University and the MIT Sloan School of Management.

Together with Fischer Black and Robert C. Merton, he developed the Black-Scholes model for the valuation of financial options. Scholes was honored for this model in 1997 with the Nobel Prize in Economics; Black had died in 1995 and could not get the price therefore.

Scholes was on the Executive Board of the hedge fund Long -Term Capital Management ( LTCM ), which collapsed in September 1998 due to massive misspeculations after losses of $ 4.6 billion and caused a crisis in the financial markets.

2005 Scholes was convicted of tax evasion in the amount of $ 40 million related to unjustified losses at LTCM.

Today Scholes is on the board of Platinum Grove Asset Management, a hedge fund, which he founded with his former LTCM partner Chi -fu Huang. The company managed to end of August 2008 $ 4.8 billion and had until 2007 an average annual return of 9.4 % was achieved. In the first half of October 2008 alone, the fund has lost 29 percent of its value.

Furthermore Scholes is represented in numerous directorates as. In that the Chicago Mercantile Exchange and that of Dimensional Fund Advisors