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Merton H. Miler
Nobelova nagrada za 1990.
TVORAC MODERNIH FINANSIJA
Rezime
Heri M. Markovic, Vilijem F. Šarpe i Merton H. Miler dobitnici su Nobelove nagrade za ekonomiju u 1990. godini „za pionirski rad u oblasti teorije finansijske ekonomije“. Merton Miler je doprineo revoluciji finansijske prakse menjajući je od labave zbirke pravila u sofisticiran pristup maksimiziranju vrednosti za akcionare. Svojim budućim sledbenicima ostavio je u nasleđe istraživanja koja su neprevaziđena u finansijskoj ekonomiji. Franko Modiljani i Merton Miler autori su teorije o nepromenljivosti što je savremene korporativne finansije postavilo na nove osnove i doveo u pitanje tada opšte prihvaćeno uverenje da vrednost firme zavisi od strukture kapitala, odnosno od učešća akcionarskog kapitala i duga u finansiranju poslovanja.
Ključne reči: Merton Miler, teorija, finansije, ekonomija, Boston, univerzitet, Harvard, Čikago, Franko Modiljani, preduzeće, akcija, kapital, investitor, transakcija, dividenda, prinos
JEL: B31, G32
UDK 06.068NОBЕL::336"1990" ; 336.01Меrtоn H. Мilеr
pregledni naučni članak
Rad primljen: 15.11.2013.
Odobren za štampu: 18.11.2013.
Svetlana Pantelić
Udruženje banaka [email protected]
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Merton H. Miller
Nobel Prize for 1990
THE FOUNDER OF MODERN
FINANCE
Summary
Harry M. Marcowitz, William F. Sharpe and Merton M. Miller won the 1990 Nobel Prize in Economic Sciences “for their pioneering work in the theory of financial economics”. Merton Miller contributed to the revolution of financial practice, having developed it from a loose collection of rules into a sophisticated approach to the maximization of value for shareholders. To his future followers he bestowed his studies, still unrivalled in financial economics. Franco Modigliani and Merton Miller are the authors of a theorem on capital structure, which set the new foundations for contemporary corporate finance and brought into question the generally accepted position that a firm’s value depends on its capital structure, i.e. the share of equity and debt in the financing of its business operations.
Keywords: Merton Miller, theory, finance, economics, Boston, university, Harvard, Chicago, Franco Modigliani, enterprise, share, capital, investor, transaction, dividend, revenue
JEL: B31, G32
UDC 06.068NОBЕL::336"1990" ; 336.01Меrtоn H. Мilеr
scientific review article
Paper received: 15.11.2013
Approved for publishing: 18.11.2013
Svetlana Pantelić
Association of Serbian [email protected]
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Heri M. Markovic, Vilijem F. Šarp i Merton H. Miler dobitnici su Nobelove nagrade za ekonomiju u 1990. godini.
U objašnjenju Švedske kraljevske akademije za izbor ova tri naučnika ističe se njihov doprinos „za pionirski rad u oblasti teorije finansijske ekonomije“.
„Radovi Markovica, Šarpa i Milera nisu samo izuzetni teorijski naučni radovi iz oblasti finansija zaslužni za Nobelovu nagradu njihovih autora. To su radovi koji su bitno promenili način razmišljanja i odlučivanja u najosetljivijim situacijama na finansijskim tržištima. Njihova dostignuća danas predstavljaju temelj na kome počivaju savremene kvantitativne finansije i logički aparat u donošenju investicionih odluka. Od kvaliteta tih odluka zavise blagostanja i finansijske sudbine velikog broja ljudi. Nije preterano reći da njihovi radovi ne predstavljaju samo duhovno bogatstvo i inspiraciju novih istraživanja u oblasti finansija, već i sasvim praktičan instrument kreiranju materijalnog bogatstva i širenja blagostanja u svetu“. (Dejan Šoškić)
Biografija
Merton Miler rođen je 16. maja 1923. godine u Bostonu, Masačusets (SAD) kao jedino dete svojih roditelja Džoela i Silvije. U svom obrazovanju išao je stopama oca advokata koji je diplomirao na Harvard univerzitetu. Merton je diplomirao 1943. takođe na univerzitetu Harvard i tokom Drugog svetskog rata radio je kao ekonomista u Odeljenju za poreska istraživanja Ministarstva finansija a potom u Odeljenju za istraživanje i statistiku Odbora guvernera Federalnih rezervi. Postdiplomske studije upisao je 1949. godine na Univerzitetu Džons Hopkins u Baltimoru, pre svega zbog Frica Mečlupa koji je tada bio poznati predavač na ovom malom, ali veoma cenjenom fakultetu.
Nakon završenih postdiplomskih studija iz ekonomije 1952. godine postaje gostujući asistent na Londonskoj školi ekonomije gde ostaje do 1953. godine. Odatle odlazi u Karnegi institut za tehnologiju (danas Karnegi Melon univerzitet). Na ovom institutu radi sa kolegama koji su takođe poznati ekonomisti: Herbert Sajmon (Economics Lauerate 1978. god.) i Franko Modiljani (Economics Lauerate
1985. god.). Merton je sa Modiljanijem objavio više zajedničkih radova, a prvi je bio o korporativnim finansijama 1958. godine.
Osam godina kasnije, 1961. odlazi na Visoku poslovnu školu Univerziteta u Čikagu, gde ostaje sve do penzije, jedino što je od 1966-1967. godine bio gostujući profesor na Univerzitetu Luvejn, Belgija. U svom radu sve do ranih osamdesetih bio je okrenut korporativnim finansijama. Postaje predsednik Čikaškog trgovinskog borda, a 1990. godine i predsednik Čikaške berze, na kojoj poziciji ostaje sve do smrti. Njegovo istraživačko interesovanje okreće se ka ekonomskim i regulatornim problemima industrije finansijskih usluga, naročito kada je reč o berzama za hartije od vrednosti i opcije.
Miler je bio u braku sa drugom ženom Katarinom sve do svoje smrti (3. jun 2000. godine). Sa prvom ženom Eleonorom koja je umrla 1969. godine ima tri ćerke.
Naučni rad
Merton Miler je Nobelovu nagradu dobio „za pionirski rad u teoriji finansijske ekonomije“ i „za osnovni doprinos teoriji korporativnih finansija“. Doprineo je revoluciji finansijske prakse razvijajući je od labave zbirke pravila u sofisticiran pristup maksimiziranju vrednosti za akcionare.
Smatra se osnivačem modernih finansija, jednim od najvažnijih tvoraca teorijskih i empirijskih analiza u oblasti korporativnih finansija. Vizionar, čovek pun radoznalosti, spreman da prihvati sve nedoumice, sa intuicijom koja ga je nepogrešivo usmeravala na naučne doktrine koje su zahtevale drugačije pristupe i izmenu pogrešnih stavova.
Omiljen kolega, profesor i mentor brojnim generacijama studenata postao je tokom duge i izuzetne karijere oličenje Čikaškog univerziteta.
Autorski radovi
Autor je osam knjiga uključujući: Merton Miler o derivatima (1991), Finansijske inovacije i tržišna volatilnost (1991), Uvod u neoklasičnu makroekonomiju (1986) sa Čarlsom Aptonom, i Teoriju finansija (1972) sa Fama Eugenom.
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Harry M. Marcowitz, William F. Sharpe and Merton M. Miller won the 1990 Nobel Prize in Economic Sciences.
According to the elaboration of the Royal Swedish Academy, these three scientists were rewarded “for their pioneering work in the theory of financial economics”.
“The works of Marcowitz, Sharpe and Miller are not just exquisite theoretical scientific works in the field of finance, which earned their authors the Nobel Prize. These are the works which have significantly changed the manner of thinking and decision-making in the most sensitive situations at the financial markets. Their contributions today stand as the foundations of contemporary quantitative finance and the logical apparatus in the process of making investment decisions. The quality of these decisions determines the welfare and financial fate of a large number of people. It is not an exaggeration to say that their works not only represent the spiritual wealth, inspiring new investigations in the field of finance, but also serve as a rather practical instrument in generating material wealth and spreading welfare all over the world.” (Dejan Šoškić)
Biography
Merton Miller was born on 16 May 1923 in Boston, Massachusetts (USA), as the only child of his parents Joel and Sylvia. His father was an attorney who had graduated from Harvard University, and in this respect Miller followed in his father’s footsteps. Namely, in 1943 he also graduated from Harvard University, and during the World War II worked as an economist first in the Division of Tax Research of the U.S. Treasury Department and subsequently in the Division of Research and Statistics of the Board of Governors of the Federal Reserve System. In 1949, he
decided to enrol at the post-graduate studies and chose Johns Hopkins U n i v e r s i t y in Baltimore, primarily because Fritz Machlup was then a leading lecturer of this small, but very d i s t i n g u i s h e d faculty.
After receiving his doctorate in economics in 1952, he was Visiting Assistant Lecturer at the London School of Economics until 1953. From there he went to Carnegie Institute of Technology (now Carnegie-Mellon University). Among his colleagues at Carnegie were other famous economics, including: Herbert Simon (Economics Laureate 1978) and Franco Modigliani (Economics Laureate 1985). Merton and Modigliani published several joint papers, the first of which was on corporation finance in 1958.
Eight years later, in 1961, he went to the Graduate School of Business at the University of Chicago where he stayed until retirement, except for a one-year visiting professorship at the University of Louvain in Belgium during 1966-1967. Until the early 1980s he was focused on corporate finance. He became a public director of the Chicago Board of Trade and in 1990 a public director of the Chicago Mercantile Exchange, at which post he remained until his demise. His research interests shifted towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges.
Miller was married to his second wife Katherine until his demise (on 3 June 2000). From his first marriage to Eleanor, who died in 1969, he had three daughters.
Scientific Work
Merton Miller won the Nobel Prize “for his pioneering work in the theory of financial economics” and “for his fundamental contribution to the theory of corporate finance”.
Works
Miller wrote or co-authored eight books, including: Merton Miller on Derivatives (1991), Financial Innovations and Market Volatility (1991), Macroeconomics: A Neo-classical Introduction (1986), with Charles Upton, and The Theory of Finance (1972), with Fama Eugene.
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Svojim budućim sledbenicima ostavio je u nasleđe istraživanja koja su neprevaziđena u finansijskoj ekonomiji.
Franko Modiljani i Merton Miler autori su teoreme o strukturi kapitala, koja je savremenim korporativnim finansijama dala nove osnove. Njihov rad je doveo u pitanje opšte prihvaćen stav da vrednost firme zavisi od strukture kapitala, odnosno od učešća akcionarskog kapitala i duga u finansiranju poslovanja.
„U svojim istraživanjima pošli su od arbitraže u uslovima perfektnog tržišta i neizvesnih budućih operativnih prihoda preduzeća. U slučaju da je zaduženija firma potcenjena, investitori mogu da postanu vlasnici i obveznica i akcija takve firme. U tom slučaju, kamata koju plaća firma bila bi kompenzirana višim prihodima od kamate investitorima. Investitori bi tako posedovali čistu vrednost akcionarskog kapitala. To važi i u obrnutom
slučaju. [... ] Modiljani i Miler tezom podržavaju zakon jedne cene i dovode do konstantne cene kapitala za preduzeće na različitim nivoima zaduženosti. Uzrok tome je u činjenici da se investiciona vrednost preduzeća ne menja sa promenom strukture izvora finansiranja. Odstupanja od takve vrednosti preduzeća arbitražne transakcije brzo vraćaju na ravnotežni nivo.“ (Dejan Šoškić)
Ovu tezu su dalje razvijali u narednom zajedničkom
radu tvrdnjom da vrednost firme ne samo da nije zavisna od njene strukture kapitala već da je nezavisna i od politike isplate dividendi. Otkup akcija ima iste efekte kao i isplata dividendi, tako da se emitovanje akcija i isplata dividendi potiru. Bez obzira što stopa prinosa u gotovini za investitora može biti različita, ukupna stopa prinosa je ista i ne može biti promenjena pod dejstvom politike isplate dividendi.
Literatura / References
1. Šoškić Dejan, (2004), „Harry M. Markowitz, Merton H. Miller, William F. Sharpe“, str. 11-25, u: Pelević, Dr Branislav (redaktor), (2004), Ekonomisti nobelovci 1990-2003, Beograd: Centar za izdavačku delatnost Ekonomskog fakulteta u Beogradu
2. "Merton H. Miller - Facts". Nobelprize.org. Nobel Media AB 2013. Web. http://www.nobelprize.org/nobel_prizes/economic-sciences/laureates/1990/miller-facts.html (datum pristupa 15.11.2013)
3. www.britanica.com4. www.thefamouspeople.com
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He contributed to the revolution of financial practice, having developed it from a loose collection of rules into a sophisticated approach to the maximization of value for shareholders.
He is considered to be the founder of modern finance; one of the principal creators of theoretical and empirical analyses in the field of corporate finance. A visionary; a man bursting with inquisitiveness, willing to deal with all dilemmas, steered by intuition that unmistakably led him to the scientific doctrines which required different approaches and revision of incorrect beliefs.
As a beloved colleague, professor and mentor to numerous generations of students, throughout his long and remarkable career, he became the embodiment of Chicago University. To his future followers he bestowed his research studies, still unrivalled in financial economics.
Franco Modigliani and Merton Miller are the authors of a theorem on capital structure, which set the new foundations for contemporary corporate finance. Their work brought into question the generally accepted position that a firm’s value depends on its capital structure, i.e. the share of equity and debt in the financing of its business operations.
“In their research they started from arbitrage in the perfect market conditions
and uncertain future operational revenues of an enterprise. In case that a firm with higher debt is underestimated, investors can become the owners of this firm’s bonds and shares. In that case, the interest paid by the firm would be compensated by the higher investors’ interest income. Investors would, thus, own the net value of equity. The reverse is also true. […] By means of this thesis Modigliani and Miller support the law of one price, and reach the constant price of capital for enterprises with different levels of debt. The reason for this lies in the fact that the investment value of an enterprise remains unaffected by the changes in the structure of its sources of finance. Any deviations from this value are soon balanced by arbitrage transactions.” (Dejan Šoškić)
They further developed this thesis in the subsequent joint paper, by claiming that a firm’s value is not only unaffected by its capital structure, but also by its dividend policy. Purchasing of shares has the same effect as dividend payment, resulting in a trade-off between the issuing of shares and payment of dividends. Regardless of the fact that the rate of return in cash can be different for investors, the total rate of return is the same, and cannot be changed under the influence of the dividend policy.
