Myron Scholes

About Myron Scholes

Myron Samuel Scholes ( SHOHLZ; born July 1, 1941) is a Canadian–American financial economist. Scholes is the Frank E. Buck Professor of Finance, Emeritus, at the Stanford Graduate School of Business, Nobel Laureate in Economic Sciences, and co-originator of the Black–Scholes options pricing model. This mathematical model, developed with Fischer Black, revolutionized finance by providing a systematic way to value options through the elimination of risk via dynamic hedging. In 1997, Scholes was awarded the Nobel Memorial Prize in Economic Sciences (shared with Robert C. Merton) for a "new method to determine the value of derivatives." The Royal Swedish Academy of Sciences noted that their work made it possible to observe the value of options in a scientific manner, effectively creating a foundation for the rapid growth of financial markets and the management of economic risk across the globe. Scholes is currently the Chief Investment Strategist at Janus Henderson.