Stewart Clay Myers is the Robert C. Merton Professor of Financial Economics at the MIT Sloan School of Management.[1] He is notable for his work on capital structure and innovations in capital budgeting and valuation, and has had a "remarkable influence" on both the theory and practice of corporate finance.[2] Myers, in fact, coined the term "real option". He is the co-author with Richard A. Brealey and Franklin Allen of Principles of Corporate Finance, a widely used and cited business school textbook, now in its 11th edition. He is also the author of dozens of research articles.[3]
Stewart Myers | |
|---|---|
| Nationality | American |
| Academic background | |
| Alma mater | Williams College Stanford University |
| Academic work | |
| Discipline | Economics |
| Sub-discipline | Financial Economics |
| Institutions | MIT Sloan School of Management |
Career
editHe holds an A.B. from Williams College and a Ph.D. and MBA from Stanford University.[4] He began teaching at MIT Sloan School of Management in 1966.[5]
His contributions are seen as falling into three main categories:[6]
- Work on capital structure, focusing on "debt overhang" and "pecking order theory".
- Contributions to capital budgeting that complement his research on capital structure. He is notable for the adjusted present value (or APV) approach as well as for recognizing the "option-like" character of many corporate assets.
- Work on estimating fair rates of return for public utilities.
Recent projects include the valuation of investments in R&D, risk management, and the allocation of capital in diversified firms, and the theory of corporate governance.
As of 2010, he was a principal of economic consulting firm The Brattle Group.[7] He is a past president of the American Finance Association,[8] a research associate of the National Bureau of Economic Research,[9] and a director of the Cambridge Endowment for Research in Finance.
Works
edit- Stewart C. Myers (ed) Modern Developments in Financial Management, Dryden Press, 1976, ISBN 9780275341008
- Alexander A. Robichek, Stewart C. Myers, Optimal financing decisions, Prentice-Hall, 1965
- Richard Brealey; Stewart Myers; Franklin Allen; Pitabas Mohanty (1988). Principles of Corporate Finance, 11e. MacGraw-Hill. ISBN 978-93-392-0502-7.
- Richard A. Brealey, Stewart C. Myers, Capital Investment and Valuation, McGraw Hill Professional, 2003, ISBN 9780071383776
References
edit- ^ "MIT Sloan". Archived from the original on December 7, 2007.
- ^ Wiley Interscience
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 2016-03-04. Retrieved 2010-05-12.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Stocks". 15 June 2023.[dead link]
- ^ "Why Stew Myers matters - MIT Sloan School of Management". mitsloan.mit.edu. Retrieved 2016-08-15.
- ^ "The Contributions of Stewart Myers to the Theory and Practice of Corp…". archive.ph. 2013-01-05. doi:10.1111/j.1745-6622.2008.00200.x. S2CID 31095247. Archived from the original on 2013-01-05. Retrieved 2021-12-20.
- ^ "Stewart (Stew) Myers - the Brattle Group". Archived from the original on 2011-07-08. Retrieved 2010-10-29.
- ^ "American Finance Association Fellows". Archived from the original on 2010-04-20. Retrieved 2010-05-12.
- ^ "Stewart C. Myers".