{"id":"https://openalex.org/W1519684601","doi":null,"title":"Merton H. Miller: Our Socrates","display_name":"Merton H. Miller: Our Socrates","publication_year":2008,"publication_date":"2008-07-01","ids":{"openalex":"https://openalex.org/W1519684601","mag":"1519684601"},"language":"en","primary_location":{"id":"mag:1519684601","doi":null,"is_oa":false,"landing_page_url":"http://www.craig.csufresno.edu/ijb/Volumes/Volume%2013/V134-6.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S2764555313","display_name":"International Journal of Business","issn_l":"1083-4346","issn":["1083-4346"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","norway-1","poland-20","russia-white-list-2"],"host_organization":"https://openalex.org/P4327986828","host_organization_name":"Premier Publishing","host_organization_lineage":["https://openalex.org/P4327986828"],"host_organization_lineage_names":["Premier Publishing"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"International Journal of Business","raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5038802682","display_name":"Jameleddine Chichti","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Jamel E. Chichti","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5020568830","display_name":"Mondher Bellalah","orcid":"https://orcid.org/0000-0001-5124-2956","observed_orcids":["https://orcid.org/0000-0001-5124-2956"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Mondher Bellalah","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0001-5124-2956","affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5026210800","display_name":"Walid Mansour","orcid":"https://orcid.org/0000-0002-0721-1244","observed_orcids":["https://orcid.org/0000-0002-0721-1244"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Walid Mansour","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-0721-1244","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"13","issue":"4","first_page":"377","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8047000169754028,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8047000169754028,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13495","display_name":"Biographical and Historical Analysis","score":0.09480000287294388,"subfield":{"id":"https://openalex.org/subfields/1202","display_name":"History"},"field":{"id":"https://openalex.org/fields/12","display_name":"Arts and Humanities"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.02239999920129776,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/modigliani-miller-theorem","display_name":"Modigliani-Miller theorem","score":0.8740000128746033},{"id":"https://openalex.org/keywords/corporate-finance-theory","display_name":"corporate finance theory","score":0.8180000185966492},{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.5360000133514404},{"id":"https://openalex.org/keywords/futures-markets","display_name":"futures markets","score":0.8500000238418579},{"id":"https://openalex.org/keywords/financial-regulation","display_name":"financial regulation","score":0.921999990940094},{"id":"https://openalex.org/keywords/scholarly-legacy","display_name":"academic legacy","score":0.4880000054836273},{"id":"https://openalex.org/keywords/nobel-prize-in-economics","display_name":"Nobel Prize in Economics","score":0.7120000123977661},{"id":"https://openalex.org/keywords/harvard-university","display_name":"Harvard University","score":0.3499999940395355}],"concepts":[{"id":"https://openalex.org/C2777496998","wikidata":"https://www.wikidata.org/wiki/Q1536587","display_name":"Miller","level":2,"score":0.8565530776977539},{"id":"https://openalex.org/C80515813","wikidata":"https://www.wikidata.org/wiki/Q1134763","display_name":"Corporate finance","level":2,"score":0.5972456932067871},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5255650281906128},{"id":"https://openalex.org/C2779259174","wikidata":"https://www.wikidata.org/wiki/Q7553104","display_name":"SOCRATES","level":2,"score":0.4939919114112854},{"id":"https://openalex.org/C118563197","wikidata":"https://www.wikidata.org/wiki/Q185030","display_name":"Genius","level":2,"score":0.4758867025375366},{"id":"https://openalex.org/C2776589375","wikidata":"https://www.wikidata.org/wiki/Q1876068","display_name":"Microfoundations","level":2,"score":0.43342962861061096},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.3764088749885559},{"id":"https://openalex.org/C190253527","wikidata":"https://www.wikidata.org/wiki/Q295354","display_name":"Law and economics","level":1,"score":0.3264444172382355},{"id":"https://openalex.org/C133425853","wikidata":"https://www.wikidata.org/wiki/Q60571","display_name":"Neoclassical economics","level":1,"score":0.3209994435310364},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.29855847358703613},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.14858224987983704},{"id":"https://openalex.org/C52119013","wikidata":"https://www.wikidata.org/wiki/Q50637","display_name":"Art history","level":1,"score":0.1286049485206604},{"id":"https://openalex.org/C142362112","wikidata":"https://www.wikidata.org/wiki/Q735","display_name":"Art","level":0,"score":0.0},{"id":"https://openalex.org/C18903297","wikidata":"https://www.wikidata.org/wiki/Q7150","display_name":"Ecology","level":1,"score":0.0},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:1519684601","doi":null,"is_oa":false,"landing_page_url":"http://www.craig.csufresno.edu/ijb/Volumes/Volume%2013/V134-6.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S2764555313","display_name":"International Journal of Business","issn_l":"1083-4346","issn":["1083-4346"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-c","anvur-scientific","cwts-core","norway-1","poland-20","russia-white-list-2"],"host_organization":"https://openalex.org/P4327986828","host_organization_name":"Premier Publishing","host_organization_lineage":["https://openalex.org/P4327986828"],"host_organization_lineage_names":["Premier Publishing"],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"International Journal of Business","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":18,"referenced_works":["https://openalex.org/W1546523058","https://openalex.org/W1546993880","https://openalex.org/W1870714348","https://openalex.org/W2023382416","https://openalex.org/W2074928461","https://openalex.org/W2075911810","https://openalex.org/W2077791698","https://openalex.org/W2123343520","https://openalex.org/W2124597406","https://openalex.org/W2140358882","https://openalex.org/W2153524047","https://openalex.org/W2162448899","https://openalex.org/W2165934798","https://openalex.org/W2170790204","https://openalex.org/W2323928431","https://openalex.org/W2341795385","https://openalex.org/W2752617332","https://openalex.org/W3144381780"],"related_works":["https://openalex.org/W2494638647","https://openalex.org/W1836216964","https://openalex.org/W1486024441","https://openalex.org/W7096018006","https://openalex.org/W7095250495","https://openalex.org/W178047453","https://openalex.org/W2176708548","https://openalex.org/W2476936155","https://openalex.org/W2992543352","https://openalex.org/W4412167227"],"abstract_inverted_index":{"ABSTRACT":[0],"Myron":[1],"Scholes":[2],"called":[3],"Merton":[4,122,141,374],"H.":[5,123,142],"Miller":[6,12,289,321,423,505,609],"our":[7,310],"Socrates.":[8],"He":[9,155,200,455],"was":[10,88,174,216,290,449],"right.":[11],"(1923-2000)":[13],"created":[14],"the":[15,23,38,42,44,50,61,67,79,104,132,137,144,187,202,223,269,282,285,300,317,323,352,357,361,371,425,433,442,457,474,481,484,493,519,522,528,534,545,552,557,640,648],"leading":[16],"breakthroughs":[17],"of":[18,31,41,69,81,106,108,131,136,151,178,190,198,263,273,279,293,320,373,436,459,476,521,530,533,547,551,554,556,601,618,629,650],"Corporate":[19,71,125,191,619],"Finance":[20,72,152,192,620],"Economics":[21,73],"over":[22],"last":[24,138,286],"forty-plus":[25,287],"years.":[26,288],"The":[27],"legendary":[28],"Modigliani-Miller":[29],"theorems":[30,359],"leverage":[32],"and":[33,60,103,166,194,212,255,346,388,438,515,549,621],"dividend":[34],"policy":[35],"irrelevance":[36],"to":[37,65,96,115,158,268,303,369,383,394,402,407,467,544,562,612],"aggregate":[39],"value":[40],"firm,":[43],"battles":[45],"he":[46,63,87,113,232,478,488,542,564,593,632],"brought":[47,267],"on":[48,100,322,429,500,636],"for":[49,162,217,284,480,497,569],"futures":[51],"markets,":[52],"his":[53,82,101,109,172,332,411,460,498,602,634],"views":[54],"railing":[55],"against":[56],"restrictive":[57],"regulatory":[58],"interventions,":[59],"pillars":[62],"devised":[64],"underlie":[66],"mainstreams":[68],"post-Millerian":[70],"are":[74,366],"among":[75],"many":[76,248,337],"other":[77],"things":[78],"revelation":[80],"philosophy.":[83],"In":[84,91,226,307,503,587,607],"one":[85,292],"word,":[86],"a":[89,163,219,227,511,567,570,595,615],"genius.":[90],"this":[92,308],"paper,":[93,309],"we":[94,250,365,378],"endeavor":[95,401],"shed":[97],"some":[98,107,329],"light":[99,426],"life":[102,173,372],"legacy":[105],"unparalleled":[110],"philosophical":[111,167],"corollaries":[112,189],"left":[114],"academia.":[116],"JEL":[117],"Classification:":[118],"G30,":[119],"G31":[120],"Keywords:":[121],"Miller;":[124],"finance":[126,349],"economics":[127],"I.":[128],"INTRODUCTION":[129],"One":[130],"greatest":[133],"financial":[134,305],"philosophers":[135],"century":[139],"is":[140],"Miller,":[143,375,440],"Robert":[145,490],"R.":[146],"McCormick":[147],"Distinguished":[148],"Service":[149],"Professor":[150],"until":[153],"2000.":[154],"knew":[156],"how":[157,231],"contrive":[159],"well-cemented":[160],"bases":[161],"new":[164,382],"scientific":[165],"reasoning":[168],"in":[169,184,205,277,410,427,441,513,527,538,598,604,639],"economics.":[170,472],"All":[171],"an":[175,234,261,525],"uninterrupted":[176],"array":[177],"successes,":[179],"but":[180,385,471],"also":[181],"failures,":[182],"which,":[183],"bulk,":[185],"shaped":[186],"directional":[188],"Economics,":[193],"even":[195],"same":[196,443],"those":[197],"macro-economics.":[199],"won":[201],"Nobel":[203,495],"Prize":[204],"1990,":[206],"sharing":[207],"it":[208],"with":[209,510,589],"Harry":[210],"Markowitz":[211],"William":[213,446],"Sharpe.":[214],"That":[215],"him":[218,391],"supreme":[220],"recognition":[221],"from":[222,331,643],"Financial":[224],"Community.":[225],"succinct":[228],"note":[229],"describing":[230],"became":[233],"economist,":[235],"Paul":[236],"Anthony":[237],"Samuelson":[238],"said:":[239],"Harvard":[464],"made":[241,251],"us.":[242],"But":[243],"as":[244,326,328,360,524],"I":[245],"have":[246],"written":[247],"times,":[249],"Harvard.":[252],"This":[253],"strong":[254],"consistent":[256],"statement":[257],"would":[258,339,379],"say":[259],"that":[260,584,630],"elite":[262],"eminent":[264],"professors":[265],"who":[266],"world":[270,283,353],"what":[271,336,405],"thousands":[272],"people":[274,338,573],"had":[275,276],"hundreds":[278],"universities":[280],"around":[281,351],"unmistakably":[291],"them.":[294],"His":[295],"methodological":[296],"shadow":[297],"still":[298],"affects":[299],"theoretical":[301],"temptations":[302],"model":[304],"phenomena.":[306],"attention":[311],"will":[312,400],"be":[313,340,395,408,613],"directed":[314],"at":[315,583],"emphasizing":[316],"track":[318],"records":[319],"intellectual":[324],"side,":[325],"well":[327],"insights":[330],"personal":[333],"life,":[334],"that's":[335],"interested":[341],"in.":[342],"Indeed,":[343],"all":[344],"undergraduate":[345],"graduate":[347],"corporate":[348],"curricula":[350],"must":[354],"embed":[355],"compulsorily":[356],"MM":[358],"major":[362],"cornerstone.":[363],"Hence,":[364],"tremendously":[367],"motivated":[368],"expound":[370],"though,":[376],"maybe,":[377],"add":[380],"nothing":[381],"theory,":[384],"speaking":[386],"again":[387,389],"about":[390,574],"turns":[392],"out":[393,404,611],"extremely":[396],"exciting.":[397],"We":[398],"further":[399],"point":[403],"seems":[406],"salient":[409],"academic":[412],"life.":[413],"II.":[414],"THE":[415],"INTELLECTUAL":[416],"BIRTH":[417],"OF":[418],"A":[419],"LEGENDARY":[420],"FINANCIAL":[421],"ECONOMIST":[422],"saw":[424],"Boston":[428],"May":[430],"16,":[431],"1923,":[432],"sole":[434],"child":[435],"Joel":[437],"Sylvia":[439],"area":[444],"where":[445,487],"F.":[447],"Sharpe":[448],"born,":[450],"eleven":[451],"years":[452,520],"later.":[453],"(1)":[454],"followed":[456],"footsteps":[458],"father":[461],"by":[462,647],"attending":[463],"University,":[465],"not":[466],"get":[468],"law":[469],"courses,":[470],"At":[473],"age":[475],"17,":[477],"entered":[479],"first":[482],"time":[483],"lecture":[485],"hall":[486],"met":[489],"M.":[491],"Solow,":[492],"1987":[494],"Prize-winner":[496],"work":[499,603],"growth":[501],"theory.":[502],"1943,":[504],"graduated":[506],"magna":[507],"cum":[508],"laude":[509],"B.A.":[512],"economics,":[514],"then":[516],"worked":[517],"during":[518],"WW2":[523],"economist":[526],"Division":[529,546],"Tax":[531],"Research":[532,548],"U.S.":[535],"Treasury":[536],"Department":[537],"Washington":[539],"D.C.":[540],"Afterwards,":[541],"moved":[543],"Statistics":[550],"Board":[553],"Governors":[555],"Federal":[558],"Reserve":[559],"System.":[560],"Prior":[561],"that,":[563],"worked,":[565],"while":[566],"fellow,":[568],"company":[571],"advising":[572],"their":[575],"portfolios":[576],"selection,":[577],"though":[578],"no":[579],"portfolio":[580],"theory":[581],"existed":[582],"time.":[585],"(2)":[586],"concert":[588],"Miller's":[590],"credentials,":[591],"unsurprisingly,":[592],"gained":[594],"striking":[596],"expertise":[597],"taxation":[599],"because":[600],"Public":[605],"Finances.":[606],"addition,":[608],"turned":[610],"sharply":[614],"great":[616],"devotee":[617],"more":[622],"precisely":[623],"its":[624],"tax":[625],"side.":[626],"By":[627],"virtue":[628],"devotion,":[631],"earned":[633],"doctorate":[635],"prices":[637],"discrimination":[638],"railway":[641],"industry":[642],"Johns":[644],"Hopkins":[645],"University":[646],"end":[649],"1952.":[651],"\u2026":[652]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}