Myron S. Scholes

Professor Emeritus, Finance

Myron S. Scholes

The Frank E. Buck Professor of Finance, Emeritus

Academic Area:

Research Statement

Myron Scholes’ research has focused on understanding uncertainty and its effect on asset prices and the value of options, including flexibility options. He has studied the effects of tax policy on asset prices and incentives. He studied the effects of the taxation of dividends on the prices of securities, the interaction of incentives and taxes in executive compensation, capital structure issues with taxation, and the effects of taxes on the optimal liquidation of assets. He wrote several articles on investment banking and incentives and developed a new theory of tax planning under uncertainty and information asymmetry which led to a book with Mark A. Wolfson called Taxes and Business Strategies: A Planning Approach (Prentice Hall, 1991).


Myron Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-originator of the Black-Scholes options pricing model. Scholes was awarded the Nobel Prize in 1997 for his new method of determining the value of derivatives. Scholes is currently the Chairman of the Board of Economic Advisers of Stamos Partners. Previously he served as the Chairman of Platinum Grove Asset Management and on the Dimensional Fund Advisors Board of Directors, American Century Mutual Fund Board of Directors and the Cutwater Advisory Board. He was a principal and Limited Partner at Long-Term Capital Management, L.P. and a Managing Director at Salomon Brothers. Other positions Scholes held include the Edward Eagle Brown Professor of Finance at the University of Chicago, Senior Research Fellow at the Hoover Institution, Director of the Center for Research in Security Prices, and Professor of Finance at MIT’s Sloan School of Management. Scholes earned his PhD at the University of Chicago.

Academic Degrees

  • PhD, University of Chicago, 1969
  • MBA, University of Chicago, 1964
  • BA, McMaster University (Ontario), 1961

Academic Appointments

  • At Stanford University since 1983, Emeritus since 1996
  • Associate Professor, University of Chicago, 1973-1983
  • Associate Professor, MIT, 1968-1973

Awards and Honors

  • Nobel Memorial Prize in Economic Science, The Nobel Foundation, 1997


Journal Articles

Myron S. Scholes, Mark A. Wolfson
Journal of Financial Economics
September 1989 Vol. 24 Issue 1 Pages 7–35
Myron S. Scholes
Journal of Futures Research
July 1981 Vol. 1 Issue 2 Pages 265–286
George M. Constantinides, Myron S. Scholes
Journal of Finance
May 1980 Vol. 35 Issue 2 Pages 439-449
Merton H. Miller, Myron S. Scholes
Journal of Financial Economics
December 1978 Vol. 6 Issue 4 Pages 333-364
Fischer Black, Myron S. Scholes
Journal of Financial Economics
May 1974 Vol. 1 Issue 1 Pages 1–22


Myron S. Scholes, Mark A. Wolfson, Merle Erickson, Michelle Hanlon, Edward Maydew, Terry Shevlin
Prentice Hall
Upper Saddle River

Working Papers

Ashwin Alankar, Peter Blaustein, Myron S. Scholes July 6, 2014


Degree Courses

Insights by Stanford Business

March 19, 2013
Two scholars explain what could happen next in Nicosia — and the rest of Europe.
November 19, 2012
Can the eurozone fix itself in the absence of a catastrophe?

School News

February 27, 2017
A recent two-day symposium celebrated the depth and breadth of impact by faculty member David Kreps in choice theory, finance, game theory, economics.
October 01, 1997
The prize was awarded by the Royal Swedish Academy of Sciences for “a new method to determine the value of derivatives.”