Merton Miller and Modern Finance
回顾默顿·米勒对金融学的贡献，认为其最重要的贡献是将套利论证确立为现代金融学的基石，并展示套利如何贯穿其职业生涯。
In this keynote address to the 2000 Financial Management Association International Annual Meeting, I consider Merton Miller’s contributions to the field of finance. I argue that his most important contribution is to have made arbitrage arguments the cornerstone of modern finance. The arbitrage proof of Proposition I introduced a new standard in finance, namely that any result the finance profession takes seriously must have the critical property that it cannot be undermined by clever arbitrageurs. I show how arbitrage is a constant theme in Merton Miller’s career from his work in corporate finance to his analyses of financial innovation, financial crashes, and crises.