Robert C. Merton
John and Natty McArthur University Professor
Harvard University
Robert C. Merton is currently the John and Natty McArthur University Professor at the Harvard Business School. After receiving a Ph.D. in Economics from Massachusetts Institute of Technology in 1970, he served on the finance faculty of MIT's Sloan School of Management until 1988 when he moved to Harvard. He co-founded and is a retired principal of Long-Term Capital Management. Since 1999, he has served as Senior Advisor to J.P. Morgan. Professor Merton is past President of the American Finance Association and a member of the National Academy of Sciences. He received the Alfred Nobel Memorial Prize in the Economic Sciences in 1997.
Nobel Prize Lecture and Biography
Bodie-Merton FINANCE textbook Additional FINANCE
Derivatives Sourcebook Web site maintained by MIT LFE. A project to illustrate the wide application of option pricing theory. We have collected, categorized and indexed a list of over 1400 research articles since 1980 that have cited the option-pricing research of Fischer Black, Robert Merton, and Myron Scholes.
Nova documentary about the Black-Merton-Scholes Formula. The film tells the story of the invention of the Black-Scholes Formula, a mathematical Holy Grail that forever altered the world of finance and earned its creators the 1997 Nobel Prize in Economics.
Education
B.S., Columbia University (Engineering Mathematics), 1966
M.S., California Institute of Technology (Applied Mathematics), 1967
Ph.D., Massachusetts Institute of Technology (Economics), 1970
Masters of Arts, Harvard University, 1989
Doctor of Laws, University of Chicago, 1991
Professeur Honoris Causa, Hautes Etudes Commerciales (France), 1995
Doctor of Economic Science (honoris causa), University of Lausanne, 1996
Doctoris Honoris Causa, University Paris-Dauphine, 1997
Doctor of Management Science (honoris causa), National Sun Yat-sen University, 1998
Academic Appointments
John and Natty McArthur University Professor, Graduate School of Business Administration, Harvard University,1998-
George Fisher Baker Professor of Business Administration, Graduate School of Business Administration, Harvard University, 1988-1998
Invited Professor of Finance, Faculte des Sciences Economiques, Universite de Nantes, June 1993
Visiting Professor of Finance, Graduate School of Business Administration, Harvard University, 1987-1988
J.C. Penney Professor of Management, A.P. Sloan School of Management, Massachusetts Institute of
Technology,1980-1988
Assistant Professor of Finance, 1970-73, Associate Professor, 1973-74; Professor 1974-80, A.P. Sloan School of
Management, Massachusetts Institute of Technology
Instructor, Department of Economics, Massachusetts Institute of Technology, 1969-1970
Research Assistant to Paul Samuelson, Massachusetts Institute of Technology, 1968-1970
Other Professional Appointments
Member, Advisory Board, eCredit.com, 2000-
Senior Advisor, J.P. Morgan & Company, Inc., 1999-
Research Associate, National Bureau of Economic Research, 1979-
Co-founder, Long-Term Capital Management, L.P. (1993-1999)
Trustee, College Retirement Equities Fund (1988-1996)
Director, Travelers Investment Management Company (1987-1991)
Director, ABT Investment Series (1983-1988)
Director, ABT Utility Income Fund (1982-1988)
Trustee, ABT Growth and Income Trust (1982-1988)
Director, Nova Fund (1980-1988)
Elected Societies and Positions
Member, Tau Beta Pi, Columbia University, 1965
Member, Sigma Xi, Massachusetts Institute of Technology, 1970
Director, American Finance Association, 1982-84; 1987-88
Fellow, Econometric Society, 1983-
Fellow, American Academy of Arts and Sciences, 1986-
President, American Finance Association, 1986
Vice President, The Society for Financial Studies, 1993
Member, National Academy of Sciences, 1993-
Senior Fellow, International Association of Financial Engineers, 1994-
Distinguished Fellow, Institute for Quantitative Research in Finance ('QGroup'), 1997-
Honorary Member, the Bachelier Finance Society, 1997- Member, The Honorable Order of Kentucky Colonels, Commonwealth of Kentucky, 1999-
FMA Fellow, Financial Management Association, 2000
Fellow, American Finance Association, 2000
Awards
1964 Faculty Scholar Award, Columbia University
1971-72 Salgo-Noren Award for Excellence in Teaching, Massachusetts Institute of Technology
1977-78 Graduate Student Council Teaching Award, Massachusetts Institute of Technology
1983 Leo Melamed Prize, University of Chicago
1985, 1986 First Prize, Roger Murray Prize Competition, Institute for Quantitative Research in Finance
1989 Distinguished Scholar Award, Eastern Finance Association
1993 International INA - Accademia Nazionale dei Lincei Prize, National Academy of Lincei, Rome
1993 FORCE Award for Financial Innovation, Fuqua School of Business, Duke University
1993 Financial Engineer of the Year Award, International Association of Financial Engineers
1997 Alfred Nobel Memorial Prize in Economic Sciences
1997 'Heroes Among Us,' Boston Celtics, Boston
1998 Inducted, Derivatives Hall of Fame, Derivatives Strategy Magazine
1998 Michael I. Pupin Medal for Service to the Nation, Columbia University
1999 Distinguished Alumni Award, California Institute of Technology
1999 Mathematical Finance Day Lifetime Achievement Award, Boston University
Selected Lectures
1975 Distinguished Speaker Lecture, Western Finance Association
1985 Mortimer Hess Memorial Lecture, Association of the Bar of the City of New York
1988 12th Annual Lecture, Geneva Association, Paris
1992 Scholl Chair in Finance Distinguished Speaker Lecture, DePaul University
1993 Lecture, Discussion Meeting on Mathematical Finance, The Royal Society, London
1993 Keynote, 10th International Conference in Finance, Association Francaise de France
1994 AEA/AFA Speaker, Allied Social Sciences Meetings
1994 Speaker, International Monetary Conference, London
1995 Lecture, Newton Institute Seminar, Isaac Newton Institute for Mathematical Sciences, Cambridge
1995 Keynote, 12th International Conference in Finance, Association Francaise de France
1995 Keynote, 25th Anniversary, Financial Management Association
1996 Oxford University Press and Massachusetts Institute of Technology Sloan School of Management
Distinguished Lectures in Business, Massachusetts Institute of Technology, Cambridge
1996 Donor's Lecture, London Business School, London
1996 Inaugural, Dean's Research Seminar, Harvard Business School
1996 Faculty Inaugural Session, University of Lausanne
1996 Paolo Baffi Lecture on Money and Finance, Bank of Italy, Rome
1997 Edgar Lorch Memorial Lecture, Sigma Xi, Columbia University
1998 Lionel McKenzie Lecture, University of Rochester
1998 Martin H. Crego Lecture, Vassar College
1998 I.E. Block Community Lecture, Society for Industrial and Applied Mathematics
1999 Keynote, Risk Magazine's 5th Annual Derivatives and Risk Management Congress, Boston
2000 Speaker, Boston Economic Club
2000 Speaker, Finance 2000, Boston University
2000 Keynote, First World Congress of Bachelier Finance Society, Paris
2000 Keynote, IMF/World Bank Meetings, Prague
Advisory and Editorial Boards
Current:
Advisory Board, North Holland Series of Handbooks in Finance (2000- )
Academic Advisory Board, Real Option Group (1999- )
International Board of Scientific Advisers, Tinbergen Institute (1995- )
Advisory Board, Brookings-Wharton (1997- )
Advisory Editor, North Holland Handbooks of Finance, (2000- )
Past:
Advisory Board, International Journal of Theoretical & Applied Finance (1997-2000)
Advisory Board, European Finance Review (1996-2000)
Advisory Board, Journal of Financial Education (1995-2000)
Advisory Board, Review of Derivatives Research (1993-2000)
Advisory Board, Japan Financial Economics Association (1993-2000)
Advisory Board, Mathematical Finance (1989-2000)
Editorial Board, Finance India (1988-2000)
Associate Editor, Journal of Fixed Income (1991-2000)
Associate Editor, Journal of Banking and Finance (1977-1979,1992-2000)
Advisory Board, Center for Global Management and Research, George Washington University (1996-2000)
Advisory Board, The New Palgrave Dictionary of Money and Finance (1989-1992)
Selection Editor, Papers and Proceedings, Journal of Finance, July 1986
Co-Editor, Journal of Financial Economics (1974-1977)
Associate Editor, Geneva Papers on Risk and Insurance (1989-1996)
Associate Editor, Journal of Financial Economics (1977-1983)
Associate Editor, Journal of Money, Credit and Banking (1974-1979)
Associate Editor, Journal of Finance (1973-1977)
Associate Editor, International Economic Review (1972-1977)
Founding Committee, Review of Financial Studies (1986)
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