What Practitioners Need to Know...The Nobel Prize
1990年诺贝尔经济学奖授予了Harry Markowitz、William Sharpe和Merton Miller，表彰他们在投资组合选择、资产定价和公司金融方面的开创性研究，这些工作推动了定量方法在金融分析中的应用。
On October 16, 1990, the Royal Swedish Academy of Sciences announced its selection for the Nobel Memorial Prize in Economic Science. For the first time since the prize for economics was established in 1968, the Royal Academy chose three individuals whose primary contributions are in finance and whose affiliations are not with arts and science schools, but rather with schools of business. Harry Markowitz was cited for his pioneering research in portfolio selection, while William Sharpe shared the award for developing an equilibrium theory of asset pricing. Merton Miller was a cowinner for his contributions in corporate finance, in which he showed, along with Franco Modigliani, that the value of a firm should be invariant to its capital structure and dividend policy. The pioneering research of these individuals revolutionized finance and, of particular relevance for this column, motivated the application of quantitative methods to financial analysis. It is thus fitting that we devote this issue's column to the essential contributions of these Nobel laureates.