Robert C. Merton

Robert C. Merton

John and Natty McArthur University Professor, Emeritus

John and Natty McArthur University Professor, Emeritus

+1 (617) 495-6678
 
Robert C. Merton
Contact Information
(617) 495-6678
Publications Awards & Honors

Books
Books

Journal Articles
Journal Articles

Book Chapters
Book Chapters

  • Gray, Dale F., Robert C. Merton, and Zvi Bodie. "Measuring and Managing Macrofinancial Risk and Financial Stability: A New Framework." In Financial Stability, Monetary Policy, and Central Banking. Vol. 15, edited by Alfaro A. Rodrigo and Cifuentes S. Rodrigo., 2010. View Details
  • Lo, Andrew W., and Robert C. Merton. "Preface." Preface to Chap. 1 Annual Review of Financial Economics, Volume 1, edited by Andrew W. Lo and Robert C. Merton, 1–17. Palo Alto: Annual Reviews, 2009. View Details
  • Merton, Robert C., Paul A. Samuelson, and Robert M. Solow. "Nobel Laureate Panel Discussion: What Retirement Means to Me." Chap. 1 in The Future of Life-Cycle Saving and Investing: The Retirement Phase, edited by Zvi Bodie, Laurence B. Siegel, and Rodney N. Sullivan, 1–14. Charlottesville: CFA Institute, Research Foundation, 2009. (Monograph.) View Details
  • Merton, Robert C. "Contribution." Contribution to Harry M. Markowitz, Merton H. Miller, William F. Sharpe, Robert C. Merton, and Myron S. Scholes. Vol. 2, edited by Howard R. Vane and Chris Mulhearn. Pioneering Papers of the Nobel Memorial Laureates in Economics. Edward Elgar Publishing, 2009. (Introduction to Part IV.) View Details
  • Merton, Robert C. "Foreword." Les nouvelles frontières de l'Entreprise: Rencontres économiques d'Aix-en-Provence, 11–16. Cercle des économistes, 2008, French ed. (Full Text.) View Details
  • Merton, Robert C. "Foreword." Financial Derivatives Pricing, by Robert A. Jarrow, xi–xii. World Scientific, 2008. (Full Text.) View Details
  • Merton, Robert C. "Foreword." The World of Equity Derivatives, 10–11. London: Newsdesk Communications Ltd., 2008. (Full Text.) View Details
  • Merton, Robert C. "A New Generation of Pension Fund Management." Chap. 1 in Innovations in Investment Management, edited by H. Gifford Fong, 1–17. JOIM Conference Series. New York: Bloomberg Press, 2008. View Details
  • Merton, Robert C. "Foreword." Macrofinancial Risk Analysis, by Dale F. Gray and Samuel W. Malone. John Wiley & Sons, 2008. (Full Text.) View Details
  • Merton, Robert C. "The Future of Retirement and Planning." In The Future of Life-Cycle Saving and Investing, edited by Zvi Bodie, Dennis McLeavey, and Laurence B. Siegel. CFA Institute, Research Foundation, 2007. View Details
  • Merton, Robert C. "Paul Samuelson and Financial Economics." In Samuelsonian Economics and the Twenty-First Century, edited by Michael Szenberg, Lall Ramrattan, and Aron Gottesman. Oxford: Oxford University Press, 2006. View Details
  • Merton, Robert C. "Future Possibilities in Finance Theory and Finance Practice." In Mathematical Finance - Bachelier Congress 2000, edited by H. Geman, D. Madan, S. Pliska, and T. Vorst. Berlin: Springer-Verlag, 2002. (Was HBS Working Paper 01-030.) View Details
  • Merton, Robert C. "Foreword." Risk Management, by D. E. Bell and A. Schleifer Jr. Cambridge, MA: Course Technology Inc. (CTI), 1995. View Details
  • Merton, Robert C., and Peter Tufano. "The Global Financial System Project." In The Intellectual Venture Capitalist: John H. McArthur and the Work of the Harvard Business School, 1980-1995, edited by T. K. McCraw and J. L. Cruikshank. Boston: Harvard Business School Press, 1999. View Details
  • Merton, Robert C. "Applications of Option-Pricing Theory: Twenty-Five Years Later." In Les Prix Nobel 1997, edited by Tore Frängsmyr. Stockholm: Nobel Foundation, 1997. (Reprinted in American Economic Review, June 1998.) View Details
  • Merton, Robert C. "Foreword." Mathematics of Derivative Securities, edited by M. A.H. Dempster and S. Pliska. Cambridge University Press, 1997. View Details
  • Merton, Robert C. "On the Role of the Wiener Process in Finance Theory and Practice: The Case of Replicating Portfolios." In The Legacy of Norbert Wiener: A Centennial Symposium. Vol. 60, edited by D. Jerison, I. M. Singer, and D. W. Stroock. Proceedings of Symposia in Pure Mathematics . Providence, RI: American Mathematical Society, 1997. View Details
  • Merton, Robert C. "Foreword." Managing Derivative Risks, edited by L. Chew. Chichester: John Wiley & Sons, 1996. View Details
  • Merton, Robert C., and Zvi Bodie. "A Conceptual Framework for Analyzing the Financial Environment." Chap. 1 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 3–31. Boston: Harvard Business School Press, 1995. View Details
  • Bodie, Zvi, and Robert C. Merton. "The Informational Role of Asset Prices: The Case of Implied Volatility." Chap. 6 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 197–224. Boston: Harvard Business School Press, 1995. View Details
  • Merton, Robert C., and Zvi Bodie. "Financial Infrastructure and Public Policy: A Functional Perspective." Chap. 8 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 263–282. Boston: Harvard Business School Press, 1995. View Details
  • Merton, Robert C., and Zvi Bodie. "Deposit Insurance Reform: A Functional Approach." In Carnegie-Rochester Conference Series on Public Policy. Vol. 38, edited by A. Meltzer and C. Plosser. Amsterdam: Elsevier, 1993. View Details
  • Merton, Robert C., and André Perold. "Management of Risk Capital in Financial Firms." In Financial Services: Perspectives and Challenges, edited by Samuel L. Hayes III, 215–245. Boston, MA: Harvard Business School Press, 1993. View Details
  • Merton, Robert C. "Operation and Regulation in Financial Intermediation: A Functional Perspective." In Operation and Regulation of Financial Markets, edited by P. Englund. Stockholm: Ekonomiska rådet (Sweden), 1993. View Details
  • Merton, Robert C. "Optimal Investment Strategies for University Endowment Funds." In Studies of Supply and Demand in Higher Education, edited by C. Clotfelter and M. Rothschild. Chicago: University of Chicago Press, 1993. (Chapter 21 in Continuous-Time Finance.) View Details
  • Bodie, Zvi, and Robert C. Merton. "Pension Benefit Guarantees in the United States: A Functional Analysis." In The Future of Pensions in the United States, edited by R. Schmitt. Philadelphia: University of Pennsylvania Press, 1993. (Reprinted in The Foundations of Pension Finance, Volume I, Zvi Bodie and E. Philip Davis, eds., Edward Elger, 2000.) View Details
  • Merton, Robert C. "The Changing Nature of Debt and Equity: A Discussion." In Are the Distinctions between Debt and Equity Disappearing? edited by R. W. Kopeke and E. S. Rosengren. Federal Reserve Bank of Boston Conference Series. Federal Reserve Bank of Boston, 1990. View Details
  • Merton, Robert C. "Capital Market Theory and the Pricing of Financial Securities." In Handbook of Monetary Economics, edited by B. Friedman and F. Hahn. Amsterdam: North-Holland Publishing Company, 1990. View Details
  • Bodie, Zvi, Alan J. Marcus, and Robert C. Merton. "Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs." In Pensions in the U.S. Economy, edited by John B. Shoven and David A. Wise. Chicago: University of Chicago Press, 1988. View Details
  • Merton, Robert C. "Continuous-Time Stochastic Models." In The New Palgrave: A Dictionary of Economic Theory and Doctrine, edited by John Eatwell, Murray Milgate, and Peter Newman. London: Macmillan Press, 1987. (Revised in The New Palgrave Dictionary of Money and Finance, London: MacMillan Press, Ltd., 1992.) View Details
  • Merton, Robert C., Zvi Bodie, and Alan J. Marcus. "Pension Plan Integration as Insurance against Social Security Risk." In Issues in Pension Economics, edited by Zvi Bodie, John B. Shoven, and David A. Wise. Chicago: University of Chicago Press, 1987. View Details
  • Merton, Robert C. "On the Current State of the Stock Market Rationality Hypothesis." In Macroeconomics and Finance: Essays in Honor of Franco Modigliani, edited by R. Dornbusch, S. Fischer, and J. Bossons. Cambridge: MIT Press, 1987. View Details
  • Merton, Robert C. "Implicit Labor Contracts Viewed as Options: A Discussion of 'Insurance Aspects of Pensions'." In Pensions, Labor and Individual Choice, edited by David A. Wise. Chicago: University of Chicago Press, 1985. View Details
  • Mason, Scott P., and Robert C. Merton. "The Role of Contingent Claims Analysis in Corporate Finance." In Recent Advances in Corporate Finance, edited by E. I. Altman and M. G. Subrahmanyam. Homewood, IL: Richard D. Irwin, 1985. View Details
  • Fischer, Stanley, and Robert C. Merton. "Macroeconomics and Finance: The Role of the Stock Market." In Essays on Macroeconomic Implications of Financial and Labor Markets and Political Processes. Vol. 21, edited by K. Brunner and A. H. Meltzer. Amsterdam: North-Holland Publishing Company, 1984. View Details
  • Merton, Robert C. "On Consumption-Indexed Public Pension Plans." In Financial Aspects of the U.S. Pension System, edited by Zvi Bodie and John B. Shoven. Chicago: University of Chicago Press, 1983. (Chapter 18 in Continuous-Time Finance. Reprinted in The Foundations of Pension Finance, Volume I, Zvi Bodie and E. Philip Davis, eds., Edward Elger, 2000.) View Details
  • Merton, Robert C. "On the Role of Social Security as a Means for Efficient Risk-Bearing in an Economy Where Human Capital is Not Tradeable." In Financial Aspects of the U.S. Pension System, edited by Zvi Bodie and John B. Shoven. Chicago: University of Chicago Press, 1983. (Reprinted in The Foundations of Pension Finance, Volume I, Zvi Bodie and E. Philip Davis, eds., Edward Elger, 2000.) View Details
  • Merton, Robert C. "Financial Economics." In Paul Samuelson and Modern Economic Theory, edited by E. C. Brown and R. M. Solow. New York: McGraw-Hill, 1983. View Details
  • Merton, Robert C. "On the Mathematics and Economic Assumptions of Continuous-Time Financial Models." In Financial Economics: Essays in Honor of Paul Cootner, edited by W. F. Sharpe and C. M. Cootner. Englewood Cliffs, NJ: Prentice Hall, 1982. (Chapter 3 in Continuous-Time Finance.) View Details
  • Merton, Robert C. "On the Microeconomic Theory of Investment under Uncertainty." In Handbook of Mathematical Economics. Vol. 2, edited by K. Arrow and M. Intriligator. Amsterdam: North-Holland Publishing Company, 1982. View Details
  • Merton, Robert C. "Capital Requirements in the Regulation of Financial Intermediaries: A Discussion." In Proceedings: The Regulation of Financial Institutions.Federal Reserve Bank of Boston Conference Series. Federal Reserve Bank of Boston, 1979. View Details
  • Merton, Robert C. "A Reexamination of the Capital Asset Pricing Model." In Studies in Risk and Return, edited by J. Bicksler and I. Friend. Cambridge, MA: Ballinger Publishing Company, 1977. View Details

Working Papers
Working Papers

Cases and Teaching Materials
Cases and Teaching Materials

Other Publications and Materials
Other Publications and Materials

All Publications

Robert C. Merton is the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management.

Merton is University Professor Emeritus at Harvard University and was the George Fisher Baker Professor of Business Administration (1988–98) and the John and Natty McArthur University Professor (1998–2010) at Harvard Business School.  After receiving a PhD in economics from MIT in 1970, Merton served on the finance faculty of the MIT Sloan School of Management until 1988, at which time he was J.C. Penney Professor of Management.  He is currently Resident Scientist at Dimensional Holdings, Inc., where he is the creator of Managed DC, a global integrated retirement-funding solution system that addresses the deficiencies associated with traditional defined-benefit and defined-contribution pension plans.

Merton received the Alfred Nobel Memorial Prize in Economic Sciences in 1997 for a new method to determine the value of derivatives.  He is past president of the American Finance Association, a member of the National Academy of Sciences, and a Fellow of the American Academy of Arts and Sciences.

Merton is the author of Continuous-Time Finance and a coauthor of Cases in Financial Engineering:  Applied Studies of Financial Innovation; The Global Financial System:  A Functional Perspective; Finance; and Financial Economics.  He has also been recognized for translating finance science into practice.  Merton received the inaugural Financial Engineer of the Year Award from the International Association for Quantitative Finance (formerly International Association of Financial Engineers), which also elected him a Senior Fellow. He received the 2011 CME Group Melamed-Arditti Innovation Award, and the 2013 WFE Award for Excellence from World Federation of Exchanges.  A Distinguished Fellow of the Institute for Quantitative Research in Finance ("Q Group") and a Fellow of the Financial Management Association, Merton received the Nicholas Molodovsky Award from the CFA Institute.  He is a member of the Halls of Fame of the Fixed Income Analyst Society as well as Risk and Derivatives Strategy magazines. Mertonreceived Risk’s Lifetime Achievement Award for contributions to the field of risk management.

Merton’s research focuses on finance theory, including lifecycle and retirement finance, optimal portfolio selection, capital asset pricing, pricing of derivative securities, credit risk, loan guarantees, financial innovation, the dynamics of institutional change, and improving the methods of measuring and managing macro-financial risk.

Merton received a BS in engineering mathematics from Columbia University, an MS in applied mathematics from California Institute of Technology, a PhD in economics from MIT, and honorary degrees from ten universities.

Current Research Focus: Professor Merton’s current research focuses on three areas: 1)Lifecycle investing and retirement funding solutions, 2) Measuring and monitoring macrofinancial (systemic) risk, and 3) Financial innovation and the dynamics of financial institutional change.

Connecting Web Sites

MIT Web Site

Nobel Prize Biography
Nobel Prize Lecture
Theses of MIT Alumni Nobel Prize Winners
Columbia University SEAS latest Nobel Laureate: Robert C. Merton
N ova documentary about the Black-Merton-Scholes Formula. The film tells the fascinating story of the invention of the Black-Scholes Formula, a mathematical Holy Grail that forever altered the world of finance and earned its creators the 1997 Nobel Prize in Economics.
Petra Conference of Nobel Laureates, Jordan 2005
Bodie-Merton FINANCE textbook
Bodie-Merton-Cleeton FINANCIAL ECONOMICS textbook
Derivatives Sourcebook Web site maintained by MIT LFE. A project to illustrate the wide application of option pricing theory. We have collected, categorized and indexed a list of over 1400 research articles since 1980 that have cited the option-pricing research of Fischer Black, Robert Merton, and Myron Scholes.

Listing of Education, Appointments, and Awards

Education

B.S., Columbia University (Engineering Mathematics), 1966
M.S., California Institute of Technology (Applied Mathematics), 1967
Ph.D., Massachusetts Institute of Technology (Economics), 1970

Honorary Degrees

Masters of Arts, Harvard University, 1989
Doctor of Laws, University of Chicago, 1991
Professeur Honoris Causa, Hautes Etudes Commerciales (France), 1995
Doctor of Economic Science (honoris causa), University of Lausanne, 1996
Doctoris Honoris Causa, University Paris-Dauphine, 1997
Doctor of Management Science (honoris causa), National Sun Yat-sen University, 1998
Doctor of Science (honoris causa), Athens University of Economics and Business, 2003
Doctor Honoris Causa , Universidad Nacional Mayor de San Marcos, Lima, Peru, 2004
Doctor of Philosophy Honoris Causa, Universidad Nacional Federico Villarreal, Lima, Peru, 2004
Doctor of Science, Honoris Causa, Claremont Graduate University, 2008 

Academic Appointments

School of Management Distinguished Professor of Finance, A.P. Sloan School of Management Massachusetts Institute of Technology, 2010 –
University Professor Emeritus, Harvard University, 2010 –
John and Natty McArthur University Professor, Graduate School of Business Administration, Harvard University,1998-2010
George Fisher Baker Professor of Business Administration, Graduate School of Business Administration, Harvard University, 1988-1998
Invited Professor of Finance, Faculte des Sciences Economiques, Universite de Nantes, June 1993
Visiting Professor of Finance, Graduate School of Business Administration, Harvard University, 1987-1988
J.C. Penney Professor of Management, A.P. Sloan School of Management, Massachusetts Institute of Technology,1980-1988
Assistant Professor of Finance, 1970-73, Associate Professor, 1973-74; Professor 1974-80, A.P. Sloan School of Management, Massachusetts Institute of Technology
Research Associate, National Bureau of Economic Research (1979- )
Instructor, Department of Economics, Massachusetts Institute of Technology, 1969-1970
Research Assistant to Paul Samuelson, Massachusetts Institute of Technology, 1968-1970
Other Professional Appointments

Current:

Resident Scientist, Dimensional Fund Advisors (2009- )
Chairman, Board of Directors, Daedalus Software, Inc. (2008- )
Member, Board of Directors, Dimensional SmartNest LLC (2010-)
Member, Board of Directors, Peninsula Banking Group (2003- )
Member, Board of Directors, Community First Financial Group (2003- )
Member, Board of Directors, Vical Inc. (2002- )
Member Quantitative Finance Advisory Board, Department of Applied Mathematics and Statistics, Stony Brook University (2009- )
Member, Board of Advisors, Santa Clara University Center for Innovation in Finance & Investment (2008-  )
Member, International Advisory Board, Middle East Science Fund (2008- )
Member, Board of Policy Advisers, Chinese Academy of Sciences Research Center on Fictitious Economy & Data Science (2008- )
Member, Competitive Markets Advisory Council, CME Group (2004-)
Member, Academic Advisory Board, Real Options Group (1999- )

Past:

Member, MIT Sloan Finance Group Advisory Board (2008-2010)
Member, Board of Directors, Dimensional Funds (2003-2009)
Member, Board of Directors, MF Risk, Inc. (2001-2009)
Senior Advisor, Platinum Grove Asset Management (2008)
Chief Science Officer, Trinsum Group (2007-2008) 
Member, Board of Directors, Trinsum Group (2007-2008)
Member, Board of Directors, Integrated Finance Limited (2002-2007)
Co-Founder, Chief Science Officer, Integrated Finance Limited (2002-2007)
Managing Director, J.P. Morgan Chase (2001)
Senior Advisor, J.P. Morgan & Company, Inc. (1999-2000)
Co-Founder, Management Committee, Long-Term Capital Management, L.P. (1993-1999)
Senior Advisor, Salomon Inc. (1988-1992)
Member, Board of Trustees, College Retirement Equities Fund (1988-1996)
Member, Board of Directors, Travelers Investment Management Company (1987-1991)
Member, Board of Directors, ABT Investment Series (1983-1988)
Member, Board of Directors, ABT Utility Income Fund (1982-1988)
Member, Board of Trustees, ABT Growth and Income Trust (1982-1988)
Member, Board of Directors, Nova Fund (1980-1988)
Member, Advisory Board, AlphaSimplex Group, Cambridge, MA (2001-2007)
Member, Advisory Board, nuServe (2001- 2004)
Member, Advisory Board, eCredit.com (2000-2002 )


Elected Societies and Positions

Member, Tau Beta Pi, Columbia University, 1965
Member, Sigma Xi, Massachusetts Institute of Technology, 1970
Director, American Finance Association, 1982-84; 1987-88
Fellow, Econometric Society, 1983-
Fellow, American Academy of Arts and Sciences, 1986-
President, American Finance Association, 1986
Vice President, The Society for Financial Studies, 1993
Member, National Academy of Sciences, 1993-
Senior Fellow, International Association of Financial Engineers, 1994-
Distinguished Fellow, Institute for Quantitative Research in Finance ('Q Group'), 1997-
Honorary Member, the Bachelier Finance Society, 1997-
Member, The Honorable Order of Kentucky Colonels, Commonwealth of Kentucky, 1999-
FMA Fellow, Financial Management Association, 2000-
Fellow, Society of Fellows, American Finance Association, 2000-
Member, Honorary Board, The International Raoul Wallenberg Foundation, 2003-
Member, Honorary Board, Angelo Roncalli International Committee, 2003-

Awards

1964 Faculty Scholar Award, Columbia University
1971-72 Salgo-Noren Award for Excellence in Teaching, Massachusetts Institute of Technology
1977-78 Graduate Student Council Teaching Award, Massachusetts Institute of Technology
1983 Leo Melamed Prize, University of Chicago
1985, 1986 First Prize, Roger Murray Prize Competition, Institute for Quantitative Research in Finance
1989 Distinguished Scholar Award, Eastern Finance Association
1993 International INA - Accademia Nazionale dei Lincei Prize, National Academy of Lincei, Rome
1993 FORCE Award for Financial Innovation, Fuqua School of Business, Duke University
1993 Financial Engineer of the Year Award, International Association of Financial Engineers
1997 Alfred Nobel Memorial Prize in Economic Sciences
1997 'Heroes Among Us,' Boston Celtics, Boston
1998 Inducted, Derivatives Hall of Fame, Derivatives Strategy Magazine
1998 Michael I. Pupin Medal for Service to the Nation, Columbia University
1999 Distinguished Alumni Award, California Institute of Technology
1999 Mathematical Finance Day Lifetime Achievement Award, Boston University
2002 Risk Hall of Fame, Risk Magazine
2003 Lifetime Achievement Award, Risk Magazine
2003 Nicholas Molodovsky Award, Association for Investment Management and Research (now CFA Institute)
2004 Graham and Dodd Award for the Best Perspectives Article in 2003, Financial Analyst Journal
2005 establishment of The Robert C. Merton (1970) Professorship in Financial Economics, Massachusetts Institute of Technology
2006 PRIMIA Higher Standard Award, Professional Risk Managers' International Association
2007 40 People of Power & Influence in Finance during the last 40 Years, 40th Anniversary, Institutional Investor magazine
2007 Profile, 20th Anniversary, Risk Magazine
2008 Distinguished Finance Educator Award, Financial Education Association
2008 First Annual Award for Foundational Contributions to Finance, Owen School of Management, Vanderbilt University
2009 Robert A. Muh Award in the Humanities, Arts, and Social Sciences, MIT
2009 Tjailing C. Koopmans Asset Award, Tilburg University
2009 Award of Excellence, The Hall of Excellence, Hastings-on-Hudson High School
2009 Sigma Xi, The Scientific Research Society, Life Member
2010 LECG Award for Outstanding Contributions to Financial Economics
2010 Kolmogorov Medal, University of London

Selected Lectures

1975 Distinguished Speaker Lecture, Western Finance Association
1985 Mortimer Hess Memorial Lecture, Association of the Bar of the City of New York
1988 12th Annual Lecture, Geneva Association, Paris
1992 Scholl Chair in Finance Distinguished Speaker Lecture, DePaul University
1993 Lecture, Discussion Meeting on Mathematical Finance, The Royal Society, London
1993 Keynote, 10th International Conference in Finance, Association Francaise de France
1994 AEA/AFA Speaker, Allied Social Sciences Meetings
1994 Speaker, International Monetary Conference, London
1995 Lecture, Newton Institute Seminar, Isaac Newton Institute for Mathematical Sciences, Cambridge
1995 Keynote, 12th International Conference in Finance, Association Francaise de France
1995 Keynote, 25th Anniversary, Financial Management Association
1996 Oxford University Press and Massachusetts Institute of Technology Sloan School of Management
Distinguished Lectures in Business, Massachusetts Institute of Technology, Cambridge
1996 Donor's Lecture, London Business School, London
1996 Inaugural, Dean's Research Seminar, Harvard Business School
1996 Faculty Inaugural Session, University of Lausanne
1996 Paolo Baffi Lecture on Money and Finance, Bank of Italy, Rome
1997 Edgar Lorch Memorial Lecture, Sigma Xi, Columbia University
1998 Lionel McKenzie Lecture, University of Rochester
1998 Martin H. Crego Lecture, Vassar College
1998 I.E. Block Community Lecture, Society for Industrial and Applied Mathematics
1999 Keynote, Risk Magazine's 5th Annual Derivatives and Risk Management Congress, Boston
2000 Speaker, Boston Economic Club
2000 Speaker, Finance 2000, Boston University
2000 Keynote, First World Congress of Bachelier Finance Society, Paris
2000 Keynote, IMF/World Bank Meetings, Prague
2000 Keynote, Kyoto Symposium, Tokyo
2001 First Nomura Lecture, Mathematical Institute, University of Oxford
2001 Keynote, European Finance Association, Barcelona
2001 First Nash Distinguished Lecture in Quantitative Finance, Carnegie-Mellon University, Pittsburgh
2001 Nobel Centennial, Economics Department, Lund University
2001 Nobel Centennial, Stockholm Institute for Financial Research
2001 Nobels in Venice 2001 - III MILLENNIUM COLLOQUIA
2002 Commencement Speaker, Master of Financial Engineering, Haas School of Business, University of California
2002 Keynote, De Nederlandsche Bank Conference, Amsterdam
2002 Fourth Geneva Conference on the World Economy, International Centre for Monetary and Banking Studies, Geneva
2002 Universita degli Studi di Brescia, Italy
2002 Bocconi University, Milan
2002 Third Millennium Colloquium, Venice
2002 Keynote, 8th Annual Risk Management Conference, ICBI, Geneva
2003 Keynote, Conference on International Accounting Standards, Harvard Law School
2003 Keynote, Annual Meeting Conference, Association of Investment Management and Research, Phoenix
2003 Keynote, 6th Hellenic European Conference on Computer Mathematics and Its Applications, Athens University of Economics and Business
2003 Keynote, 10th Anniversary Risk Management Conference, ICBI, Geneva
2004 Isaacs-Jonas Entrepreneurship Lecture, School of Engineering and Applied Science, Columbia University
2004 Universidad Nacional Mayor de San Marcos, Lima Peru
2004 XIV National Congress of Students of Economics, Peru
2004 Central Bank of Peru, Lima
2004 Nobels in Venice Conference, Venice
2004 Lindau Nobel Prize Winners' Conference, Lindau Germany
2004 Keynote, 14th Annual Derivative Securities and Risk Conference, Cornell University
2004 Keynote, Institute for Quantitative Research in Finance ('Q Group'), Paris
2004 Annual Meeting of Board of Governors, Inter-American Development Bank, Lima Peru
2004 Keynote, 11th Annual Risk Management Conference, ICBI, Geneva
2005 Political Economy Lecture Series, Department of Economics, Harvard University
2005 Keynote, Mathematical Finance Seminar, The Courant Institute of Mathematical Sciences, New York University
2005 Petra Conference of Nobel Laureates, Jordan
2005 Business Leadership Forum, Instituto de Empresa, Madrid
2005 Keynote, 12th Annual Risk Management Conference, ICBI, Geneva
2006 Nancy Schwartz Memorial Lecture, Northwestern University
2006 Keynote, 40th Anniversary Conference Q Group
2006 Keynote, 13th Annual Risk Management Conference, ICBI, Geneva
2007 Keynote, 14th Annual Risk Management Conference, ICBI, Geneva
2007 60th CFA Institute Anniversary Conference, New York
2007 Daimler Series Lecture, Guanghua School of Management, Peking University, Beijing
2007 Lecture, "Observations on Sovereign Wealth and QDII Management: Commercial Opportunities," Asset Managers Association, Shanghai
2008 Keynote, Silver Industry Conference, Singapore
2008 Seminar, National University of Singapore, Singapore
2008 London Business School Distinguished Speaker Lecture
2008 Seminar, CIEBA Meeting Washington, DC
2008 Keynote, Harvard University Law School Islamic Finance Forum
2008 Keynote, HBS Centennial Event, Mexico
2008 Keynote, Boston College Finance Conference, Boston
2008 Marjolin Lecture 27th SUERF Colloquium, Munich
2008 Opening Speech, Aix-en-Provence Economic Forum, Marseille
2008 Keynote, Stochastic Economic Dynamics and Finance Symposium, Denmark
2008 Central Bank of Denmark
2008 Boston University, "The Future of Life-Cycle Saving and Investing Conference"
2008 The Hague
2008 Owen Graduate School of Management, Vanderbilt University, Conference on Financial Innovation 
2008 Keynote, 15th Annual Risk Management Conference, ICBI, Geneva
2008 Keynote, Speech, Global Financial Linkages, Transmission of Shocks, and Asset Prices Conference, European Central Bank, Frankfurt
2008 Finance Lecture, Goethe University, Frankfurt
2009 Harvard Institute for Learning in Retirement
2009 Harvard Business School Global Economic Crisis "Deep Dive" Seminar
2009 IMF Asset Managers Roundtable, Washington, DC
2009 Columbia School of Engineering and Physical Science Research Panel
2009 Keynote, Institutional Money Congress Frankfurt
2009 Robert A. Muh Lecture, MIT
2009 Keynote, Conference - Facing the Crisis: Economic and Social Policies for Turbulent Times, 50th Anniversary of the Inter-American Development Bank, Medellin, Colombia
2009 Van Lanschot Lecture, Tilburg University, Holland
2009 Keynote, European Financial Management Association, Milan
2009 Keynote, World Glaucoma Congress, Boston
2009 Keynote, Money and Banking Conference, Central Bank of Argentina
2009 CME Global Financial Leadership Conference, Chicago Mercantile Exchange
2010 Kolmogorov Lecture, University of London
2010 Nathan and Beatrice Keyfitz Lecture, Fields Institute, Toronto
2010 9th Carroll Round Lecture, Georgetown University
2010 Cambridge Science Festival 2010: "Lunch with a Laureate" Series, MIT
2010 Keynote, 2010 FIAP International Seminar: Developing the Potential of the Individually Funded Pension Systems, Chile

Advisory and Editorial Boards

Current:

Advisory Editor, Review of Development Finance (2009- )
Member, Academic Advisory Board, Journal of Applied Corporate Finance (2008- )
Co-editor, Annual Review of Financial Economics, (2007- )
Advisory Board, Journal of Financial Literature (2004- )
Advisory Board, Annals of Finance (2004- )
Advisory Board, Journal of Investment Management (2002- )
Advisory Board, North Holland Series of Handbooks in Finance (2000- )
Advisory Board, International Journal of Theoretical & Applied Finance (1997- )
Advisory Board, Brookings-Wharton (1997- )
Advisory Board, Journal of Financial Education (1995- )
International Board of Scientific Advisers, Tinbergen Institute (1995- )
Advisory Board, Review of Derivatives Research (1993- )
Advisory Board, Japan Financial Economics Association (1993- )
Associate Editor, Journal of Fixed Income (1991- )
Advisory Board, Mathematical Finance (1989- )
Editorial Board, Finance India (1988- ) 

Past:

Advisory Council, Financial Analysts Journal (2003-2009)
Advisory Board, Journal of Banking and Finance (2003-2007)
Advisory Board, Review of Finance (formerly European Finance Review (1996-2005)
Associate Editor, Journal of Banking and Finance (1977-1979,1992-2003)
Advisory Board, Center for Global Management and Research, George Washington University (1996-2000)
Advisory Board, The New Palgrave Dictionary of Money and Finance (1989-1992)
Selection Editor, Papers and Proceedings, Journal of Finance, July 1986
Co-Editor, Journal of Financial Economics (1974-1977)
Associate Editor, Geneva Papers on Risk and Insurance (1989-1996)
Associate Editor, Journal of Financial Economics (1977-1983)
Associate Editor, Journal of Money, Credit and Banking (1974-1979)
Associate Editor, Journal of Finance (1973-1977)
Associate Editor, International Economic Review (1972-1977)
Founding Committee, Review of Financial Studies (1986)

Interviews

Columbia University School of Engineering Award
Profile: Robert C. Merton in Quantitative Finance, Vol 2 Issue 2 http://quant.iop.org
"Too Young to Retire," interview by Rutger Vahl, DNB Magazine, a publication of the Dutch Central Bank, no 3/4 2002
"A Model Mind," CFA Magazine , July-August 2004, interview with Roger Mitchell
"'Hedge funds' are a safety valve" interview Madrid, Spain, October 2005
"Harvard's Financial Scientist," by Peter Carr, Bloomberg Markets, October 2006
"CFOs : Don't forget pension funds," interview by Joel Chernoff, Pensions and Investments, December 11, 2006
"Derivatives provide security," interview by Kris van Hammet, Het Financiale Dagblad, Spring 2007
"Power & Influence," interview by Michael Peltz, Institutional Investor, p. 91, May 1, 2007
A model prophet," interview by Navroz Patel, Risk, V. 20 N. 6 July 2007, p. 40
"Don argues against annuity with refund," interview by Jeremy Au Yong, The Straits Times, January 11, 2008, Singapore.
"On Markets and Complexity," interview by Nate Nickerson, Technology Review, April 2/2008
"We have all learned," Interview, Institutional Money, 8/3/2007.
Bloomberg Television, Interview: Financial Risk, Now versus the Past, November 2007, Bloomberg Television, Singapore
Nobel Prize: Nobel Thinkers: Robert C. Merton
Nobel Prize: Nobel Thinkers: Paul A. Samuelson
Scully The World Show 2008, Nobel Laureates, Interview
"Under the Hood: Retirement Engine Rebuilt," Right Now, Harvard Magazine, January-February 2009, 9-10
"Lehman failliet laten gaan was fout," interview by Marike Stelligna, Elsevier, The Netherlands
"Whodunit?," interview by Dan Tudball, Wilmott Magazine, England, May 2009, pp. 32-45

Video: Speeches and Seminars

1997 Nobel Prize
1997 Nobel Prize Press Conference Harvard Business School
Haas School of Business video of Commencement Speech by Robert C. Merton
2001 Business, Government and the International Economy, Robert C. Merton and Paul Samuelson, November 19 
2001 First Nomura Lecture, Mathematical Institute, University of Oxford
2001 Keynote, European Finance Association, Barcelona
2001 First Nash Distinguished Lecture in Quantitative Finance, Carnegie-Mellon University, Pittsburgh
2002 Baker Library FEA
2003 NewsHour with Jim Lehrer, July 20, 2003, with Robert C. Merton on Stock Options
2003  Robert C. Merton Keynote Speech at 2003 AIMR Annual Conference
2004 Financial Engineering Graduation Speech, UC Berkeley
2006 Celebrating the Robert C. Merton Professorship, MIT Sloan School of Management, March 28
2006 "How to Pursue Both Comparative Advantage and  Efficient Diversification Risk: An Application of Derivative Securities", Nancy Schwartz Memorial Lecture, Northwestern University, April 5, 2006  View Video.
2006 "Future of Personal Finance", Boston University-Boston Federal Reserve Conference, October 26
2007 CFA Institute Annual Conference, May 2
2008 Keynote, Silver Industry Conference, Singapore
2008 Seminar, National University of Singapore, Singapore
2008 Chicago Board Options Exchange (CBOE) Panel Discussion reported in Barron's by Steven M. Sears, May 12, P. 52  
2008 Harvard Business School Panel, "Turmoil on the Street: Fathoming the Financial Crisis," September 23
2008 Harvard University Panel, "Understanding the Crisis in the Markets: A Panel of Harvard Experts," September 25
2008 Boston University, "The Future of Life-Cycle Saving & Investing Conference," October 23 
2008 Owen Graduate School of Management, Vanderbilt University, Conference on Financial Innovation: 35 Years of Black/Scholes and Merton, October 16
2009 Columbia School of Engineering and Physical Science Research Panel
2009 Robert A. Muh Award in the Humanities, Arts, and Social Sciences, MIT
2009 Harvard Business School Spring Reunion, "Observations on the Financial Crisis"
2009 Keynote, European Financial Management Association, Milan

Books
Journal Articles
Book Chapters
  • Gray, Dale F., Robert C. Merton, and Zvi Bodie. "Measuring and Managing Macrofinancial Risk and Financial Stability: A New Framework." In Financial Stability, Monetary Policy, and Central Banking. Vol. 15, edited by Alfaro A. Rodrigo and Cifuentes S. Rodrigo., 2010. View Details
  • Lo, Andrew W., and Robert C. Merton. "Preface." Preface to Chap. 1 Annual Review of Financial Economics, Volume 1, edited by Andrew W. Lo and Robert C. Merton, 1–17. Palo Alto: Annual Reviews, 2009. View Details
  • Merton, Robert C., Paul A. Samuelson, and Robert M. Solow. "Nobel Laureate Panel Discussion: What Retirement Means to Me." Chap. 1 in The Future of Life-Cycle Saving and Investing: The Retirement Phase, edited by Zvi Bodie, Laurence B. Siegel, and Rodney N. Sullivan, 1–14. Charlottesville: CFA Institute, Research Foundation, 2009. (Monograph.) View Details
  • Merton, Robert C. "Contribution." Contribution to Harry M. Markowitz, Merton H. Miller, William F. Sharpe, Robert C. Merton, and Myron S. Scholes. Vol. 2, edited by Howard R. Vane and Chris Mulhearn. Pioneering Papers of the Nobel Memorial Laureates in Economics. Edward Elgar Publishing, 2009. (Introduction to Part IV.) View Details
  • Merton, Robert C. "Foreword." Les nouvelles frontières de l'Entreprise: Rencontres économiques d'Aix-en-Provence, 11–16. Cercle des économistes, 2008, French ed. (Full Text.) View Details
  • Merton, Robert C. "Foreword." Financial Derivatives Pricing, by Robert A. Jarrow, xi–xii. World Scientific, 2008. (Full Text.) View Details
  • Merton, Robert C. "Foreword." The World of Equity Derivatives, 10–11. London: Newsdesk Communications Ltd., 2008. (Full Text.) View Details
  • Merton, Robert C. "A New Generation of Pension Fund Management." Chap. 1 in Innovations in Investment Management, edited by H. Gifford Fong, 1–17. JOIM Conference Series. New York: Bloomberg Press, 2008. View Details
  • Merton, Robert C. "Foreword." Macrofinancial Risk Analysis, by Dale F. Gray and Samuel W. Malone. John Wiley & Sons, 2008. (Full Text.) View Details
  • Merton, Robert C. "The Future of Retirement and Planning." In The Future of Life-Cycle Saving and Investing, edited by Zvi Bodie, Dennis McLeavey, and Laurence B. Siegel. CFA Institute, Research Foundation, 2007. View Details
  • Merton, Robert C. "Paul Samuelson and Financial Economics." In Samuelsonian Economics and the Twenty-First Century, edited by Michael Szenberg, Lall Ramrattan, and Aron Gottesman. Oxford: Oxford University Press, 2006. View Details
  • Merton, Robert C. "Future Possibilities in Finance Theory and Finance Practice." In Mathematical Finance - Bachelier Congress 2000, edited by H. Geman, D. Madan, S. Pliska, and T. Vorst. Berlin: Springer-Verlag, 2002. (Was HBS Working Paper 01-030.) View Details
  • Merton, Robert C. "Foreword." Risk Management, by D. E. Bell and A. Schleifer Jr. Cambridge, MA: Course Technology Inc. (CTI), 1995. View Details
  • Merton, Robert C., and Peter Tufano. "The Global Financial System Project." In The Intellectual Venture Capitalist: John H. McArthur and the Work of the Harvard Business School, 1980-1995, edited by T. K. McCraw and J. L. Cruikshank. Boston: Harvard Business School Press, 1999. View Details
  • Merton, Robert C. "Applications of Option-Pricing Theory: Twenty-Five Years Later." In Les Prix Nobel 1997, edited by Tore Frängsmyr. Stockholm: Nobel Foundation, 1997. (Reprinted in American Economic Review, June 1998.) View Details
  • Merton, Robert C. "Foreword." Mathematics of Derivative Securities, edited by M. A.H. Dempster and S. Pliska. Cambridge University Press, 1997. View Details
  • Merton, Robert C. "On the Role of the Wiener Process in Finance Theory and Practice: The Case of Replicating Portfolios." In The Legacy of Norbert Wiener: A Centennial Symposium. Vol. 60, edited by D. Jerison, I. M. Singer, and D. W. Stroock. Proceedings of Symposia in Pure Mathematics . Providence, RI: American Mathematical Society, 1997. View Details
  • Merton, Robert C. "Foreword." Managing Derivative Risks, edited by L. Chew. Chichester: John Wiley & Sons, 1996. View Details
  • Merton, Robert C., and Zvi Bodie. "A Conceptual Framework for Analyzing the Financial Environment." Chap. 1 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 3–31. Boston: Harvard Business School Press, 1995. View Details
  • Bodie, Zvi, and Robert C. Merton. "The Informational Role of Asset Prices: The Case of Implied Volatility." Chap. 6 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 197–224. Boston: Harvard Business School Press, 1995. View Details
  • Merton, Robert C., and Zvi Bodie. "Financial Infrastructure and Public Policy: A Functional Perspective." Chap. 8 in The Global Financial System: A Functional Perspective, by D. B. Crane, K. A. Froot, Scott P. Mason, André Perold, R. C. Merton, Z. Bodie, E. R. Sirri, and P. Tufano, 263–282. Boston: Harvard Business School Press, 1995. View Details
  • Merton, Robert C., and Zvi Bodie. "Deposit Insurance Reform: A Functional Approach." In Carnegie-Rochester Conference Series on Public Policy. Vol. 38, edited by A. Meltzer and C. Plosser. Amsterdam: Elsevier, 1993. View Details
  • Merton, Robert C., and André Perold. "Management of Risk Capital in Financial Firms." In Financial Services: Perspectives and Challenges, edited by Samuel L. Hayes III, 215–245. Boston, MA: Harvard Business School Press, 1993. View Details
  • Merton, Robert C. "Operation and Regulation in Financial Intermediation: A Functional Perspective." In Operation and Regulation of Financial Markets, edited by P. Englund. Stockholm: Ekonomiska rådet (Sweden), 1993. View Details
  • Merton, Robert C. "Optimal Investment Strategies for University Endowment Funds." In Studies of Supply and Demand in Higher Education, edited by C. Clotfelter and M. Rothschild. Chicago: University of Chicago Press, 1993. (Chapter 21 in Continuous-Time Finance.) View Details
  • Bodie, Zvi, and Robert C. Merton. "Pension Benefit Guarantees in the United States: A Functional Analysis." In The Future of Pensions in the United States, edited by R. Schmitt. Philadelphia: University of Pennsylvania Press, 1993. (Reprinted in The Foundations of Pension Finance, Volume I, Zvi Bodie and E. Philip Davis, eds., Edward Elger, 2000.) View Details
  • Merton, Robert C. "The Changing Nature of Debt and Equity: A Discussion." In Are the Distinctions between Debt and Equity Disappearing? edited by R. W. Kopeke and E. S. Rosengren. Federal Reserve Bank of Boston Conference Series. Federal Reserve Bank of Boston, 1990. View Details
  • Merton, Robert C. "Capital Market Theory and the Pricing of Financial Securities." In Handbook of Monetary Economics, edited by B. Friedman and F. Hahn. Amsterdam: North-Holland Publishing Company, 1990. View Details
  • Bodie, Zvi, Alan J. Marcus, and Robert C. Merton. "Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs." In Pensions in the U.S. Economy, edited by John B. Shoven and David A. Wise. Chicago: University of Chicago Press, 1988. View Details
  • Merton, Robert C. "Continuous-Time Stochastic Models." In The New Palgrave: A Dictionary of Economic Theory and Doctrine, edited by John Eatwell, Murray Milgate, and Peter Newman. London: Macmillan Press, 1987. (Revised in The New Palgrave Dictionary of Money and Finance, London: MacMillan Press, Ltd., 1992.) View Details
  • Merton, Robert C., Zvi Bodie, and Alan J. Marcus. "Pension Plan Integration as Insurance against Social Security Risk." In Issues in Pension Economics, edited by Zvi Bodie, John B. Shoven, and David A. Wise. Chicago: University of Chicago Press, 1987. View Details
  • Merton, Robert C. "On the Current State of the Stock Market Rationality Hypothesis." In Macroeconomics and Finance: Essays in Honor of Franco Modigliani, edited by R. Dornbusch, S. Fischer, and J. Bossons. Cambridge: MIT Press, 1987. View Details
  • Merton, Robert C. "Implicit Labor Contracts Viewed as Options: A Discussion of 'Insurance Aspects of Pensions'." In Pensions, Labor and Individual Choice, edited by David A. Wise. Chicago: University of Chicago Press, 1985. View Details
  • Mason, Scott P., and Robert C. Merton. "The Role of Contingent Claims Analysis in Corporate Finance." In Recent Advances in Corporate Finance, edited by E. I. Altman and M. G. Subrahmanyam. Homewood, IL: Richard D. Irwin, 1985. View Details
  • Fischer, Stanley, and Robert C. Merton. "Macroeconomics and Finance: The Role of the Stock Market." In Essays on Macroeconomic Implications of Financial and Labor Markets and Political Processes. Vol. 21, edited by K. Brunner and A. H. Meltzer. Amsterdam: North-Holland Publishing Company, 1984. View Details
  • Merton, Robert C. "On Consumption-Indexed Public Pension Plans." In Financial Aspects of the U.S. Pension System, edited by Zvi Bodie and John B. Shoven. Chicago: University of Chicago Press, 1983. (Chapter 18 in Continuous-Time Finance. Reprinted in The Foundations of Pension Finance, Volume I, Zvi Bodie and E. Philip Davis, eds., Edward Elger, 2000.) View Details
  • Merton, Robert C. "On the Role of Social Security as a Means for Efficient Risk-Bearing in an Economy Where Human Capital is Not Tradeable." In Financial Aspects of the U.S. Pension System, edited by Zvi Bodie and John B. Shoven. Chicago: University of Chicago Press, 1983. (Reprinted in The Foundations of Pension Finance, Volume I, Zvi Bodie and E. Philip Davis, eds., Edward Elger, 2000.) View Details
  • Merton, Robert C. "Financial Economics." In Paul Samuelson and Modern Economic Theory, edited by E. C. Brown and R. M. Solow. New York: McGraw-Hill, 1983. View Details
  • Merton, Robert C. "On the Mathematics and Economic Assumptions of Continuous-Time Financial Models." In Financial Economics: Essays in Honor of Paul Cootner, edited by W. F. Sharpe and C. M. Cootner. Englewood Cliffs, NJ: Prentice Hall, 1982. (Chapter 3 in Continuous-Time Finance.) View Details
  • Merton, Robert C. "On the Microeconomic Theory of Investment under Uncertainty." In Handbook of Mathematical Economics. Vol. 2, edited by K. Arrow and M. Intriligator. Amsterdam: North-Holland Publishing Company, 1982. View Details
  • Merton, Robert C. "Capital Requirements in the Regulation of Financial Intermediaries: A Discussion." In Proceedings: The Regulation of Financial Institutions.Federal Reserve Bank of Boston Conference Series. Federal Reserve Bank of Boston, 1979. View Details
  • Merton, Robert C. "A Reexamination of the Capital Asset Pricing Model." In Studies in Risk and Return, edited by J. Bicksler and I. Friend. Cambridge, MA: Ballinger Publishing Company, 1977. View Details
Working Papers
Cases and Teaching Materials
Other Publications and Materials
Awards & Honors
Received the 2010 LECG Award for Outstanding Contributions to Financial Economics for his tremendous scholarship and contributions to the field of financial economics.
Honored with the 2010 Kolmogorov Medal and Lecture. The lecture is given annually by distinguished researchers in the field of theoretical computer science, or related mathematical sciences, who made outstanding contributions to developing research directions initiated by Andrei N. Kolmogorov.
Received the 2009 Tjalling C. Koopmans Asset Award from the Tilburg School of Economics and Management. The award is given to scientists who have made extraordinary contributions to the economic sciences and policy making, and have reached the highest standards of quality in academic research.
Became a Life Member of Sigma Xi, The Scientific Research Society, in 2009.
Received the 2008 Distinguished Finance Educator Award from the Financial Education Association.
Received the 2008 Robert A. Muh Award in the Humanities, Arts, and Social Sciences at MIT. The Muh Award honors MIT alumni who have made outstanding contributions in one or more of these fields.
Awarded the honorary degree, Doctor of Science Honoris Causa, by Claremont Graduate University, Claremont California at a ceremony on May 17, 2008.
Profiled as a pioneer in establishing modern risk management by Risk magazine in its special July 2007 issue celebrating the magazine's 20th anniversary. The story was entitled "A Model Prophet."
Profiled as one of the 40 People of Power & Influence in Finance during the Last 40 Years, by Institutional Investor magazine in its special May 2007 issue celebrating the magazine's 40th anniversary.
Winner of the 2003 Graham and Dodd Award for Best Perspectives Article for "Thoughts on the Future: Theory and Practice in Investment Management" (Financial Analysts Journal, January/February 2003).
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