对华尔街影响最大的几位金融学教授

`2Q0dG f1u@ ?0By many accounts, Harry M. Markowitz, professor of finance at Baruch College of the City University of New York, is the gentlest of the three recipients of the Nobel Memorial Prize in Economic Science, and perhaps the most scholarly.

His colleagues at Baruch talk of his ''intellectual fervor'' and bookishness. And Fisher Black, a former finance professor now applying Dr. Markowitz's theories at Goldman, Sachs, tells of how he reversed himself after Dr. Markowitz, with great courtesy, poked holes in a paper that Mr. Fisher had written.

#{OM4D*gAd/e0The paper called for automated, computerized stock trading, in lieu of the present exchanges. But after a cross-examination from Dr. Markowitz, Mr. Black reversed his conclusion, rewriting the paper and endorsing the exchanges. 中国华尔街博客空间0SWCD4a*i$\:D)]

gm}:@;G]0At age 63, Dr. Markowitz still teaches graduate students three days a week at Baruch, and this semester he is a lecturer at the University of Tokyo - his first big foray abroad. He is to follow that with a teaching stint at the London School of Economics.

Dr. Markowitz first developed his portfolio investment theories in his 1955 Ph.D. dissertation at the University of Chicago.

$k4m+XbY0He has taught since 1982 at Baruch and now also works as a consultant to Daiwa Securities, the Japanese investment house. Before Baruch, he had worked at the Rand Corporation and was an I.B.M. researcher, developing Simscript, a computer language used to write programs for economic analyses. 中国华尔街博客空间in1Nn,HMR
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Merton H. Miller
hT,hwB!TR(?0University of Chicago

)rge2H5f kn]T0The time was early 1958. Merton H. Miller, a young professor at Carnegie-Mellon University in Pittsburgh, was sitting in the back of a classroom, auditing a lecture by a colleague, Franco Modigliani, when Dr. Modigliani started to discuss issues Dr. Miller had been trying to investigate.

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vnq(m9\0''I had collected some data,'' Dr. Miller recounts, ''but had no theory to serve as a framework, and he had some theory.''

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B)L k*\*A0The two professors had adjoining offices and were soon exploring the topic in daily discussions. Their first pioneering paper appeared a few months later, and took them a distance from their starting point. Pushing aside debt and stock outstanding as the key to a corporation's value, they concluded that what really counted were the skills of a company's managers and how much cash plants and equipment generate. 中国华尔街博客空间*z)] f lQ)Y

R2WJxg9\^0Such a conclusion might seem obvious today, notes Dr. Miller, who is now 67, but in 1958 - when companies seemed to earn money without great regard to operating strategy - the Miller-Modigliani thesis was counterintuitive and produced enormous debate. 中国华尔街博客空间+kDl;}H6C

n#IuS v,iO:Ie0The son of a Boston lawyer, Dr. Miller graduated from Harvard University in 1944, worked as a tax expert at the Treasury Department and enrolled at John Hopkins University to earn a Ph.D. in economics. 中国华尔街博客空间-f+j!}U*J;\M lo

He went on to Carnegie-Mellon, and eight years later, in 1961, moved to his present post. In Chicago, he has emerged in a new role - as a consultant and director of the Chicago Mercantile Exchange and a staunch defender of the exchange's trading in stock-index futures. 中国华尔街博客空间!{6zOJ*H ^'E
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William F. Sharpe 中国华尔街博客空间H4R{qKcy
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Stanford University

.Y7eQ*o^.q0The Nobel Memorial Prize in Economic Science comes to William F. Sharpe when he is more or less retired from teaching but, at age 56, very much engaged in practicing the theories for which he was honored yesterday. 中国华尔街博客空间:`#m&it
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Dr. Sharpe had elaborated on the earlier work of his mentor, Harry Markowitz, who also won a Nobel yesterday. While Dr. Markowitz focused on how investors evaluate risk and reward in trading portfolios, Dr. Sharpe explained how markets actually moved as investors made their decisions. 中国华尔街博客空间|@8uz
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;V+]|C!C?_9yUi0Today, as the chief executive of William F. Sharpe Associates - his wife, Kathryn, is the administrator -he applies his findings as a consultant to various pension funds. 中国华尔街博客空间 jjHuhZe

Dr. Sharpe was a 27-year-old Ph.D. candidate at the University of California at Los Angeles, working on the side at the Rand Corporation, when he first met Dr. Markowitz, a fellow Rand employee. The entrepreneurial Dr. Sharpe persuaded the economics department to let Dr. Markowitz be the mentor for his dissertation, although he was not connected with U.C.L.A.

Three years later, as a professor at the University of Washington in Seattle, Dr. Sharpe published the lengthy paper with the findings and conclusions, now known as the Capital Asset Pricing Model, for which he has won the Nobel.

8u1JRu"rH0From the University of Washington, Dr. Sharpe went briefly to the University of California at Irvine and in 1971 to Stanford University, where he is professor emeritus of finance. And through most of those years, he refined his original findings - although the 1987 stock market crash shook his confidence.

#@1D-~f-e&O0''My theory assumes that at any given time, market prices reflect investors' opinions of the future course of the economy,'' Mr. Sharpe said. ''The crash certainly raises serious questions about the efficiency of the markets.''

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