Stewart Myers
Stewart Clay Myers ("Stew") 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]
His contributions are seen as falling into three main categories:[4]
- 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. [5] He is a past president of the American Finance Association,[6] a research associate of the National Bureau of Economic Research,[7] and a director of the Cambridge Endowment for Research in Finance.
He holds a Ph.D. and MBA from Stanford University and an A.B. from Williams College.[8]
External links
- Stewart Myers - MIT Sloan Biography
- Business Week Profile
- Publication list
- The Contributions of Stewart Myers to the Theory and Practice of Corporate Finance, Journal of Applied Corporate Finance
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