Stewart Myers

Stewart Clay Myers (born August 1, 1940) is the Robert C. Merton (1970) 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
Born (1940-08-01) August 1, 1940
NationalityAmerican
Academic background
Alma materWilliams College
Stanford University
Academic work
DisciplineEconomics
Sub-disciplineFinancial Economics
InstitutionsMIT Sloan School of Management

Career

He holds a Ph.D. and MBA from Stanford University and an A.B. from Williams College.[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.

He is currently 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
  • 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
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References
  1. http://mitsloan.mit.edu/faculty/detail.php?in_spseqno=95&co_list=F
  2. Wiley Interscience
  3. http://mitsloan.mit.edu/faculty/pdf/publist/myers-pub.pdf
  4. http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=62697795&ticker=ETR:US&previousCapId=1046885&previousTitle=JI%20Ventures%2C%20Inc.
  5. "Why Stew Myers matters - MIT Sloan School of Management". mitsloan.mit.edu. Retrieved 2016-08-15.
  6. Wiley Interscience
  7. "Archived copy". Archived from the original on 2011-07-08. Retrieved 2010-10-29.CS1 maint: archived copy as title (link)
  8. "Archived copy". Archived from the original on 2010-04-20. Retrieved 2010-05-12.CS1 maint: archived copy as title (link)
  9. http://www.nber.org/people/stewart_myers
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