对华尔街影响最大的几位金融学教授

}{1Z1dM0By 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.

7p:D$i{#?~0His 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.

.wm OF7]M7F0The 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V5S:?
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AUH4c1HS'D$k0At 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. 中国华尔街博客空间De)t @,H

Dr. Markowitz first developed his portfolio investment theories in his 1955 Ph.D. dissertation at the University of Chicago. 中国华尔街博客空间f Y,F)G
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].c(iLh vm)fh!W$L0He 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.
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Merton H. Miller
GoK e(mO,Q[2O0University of Chicago 中国华尔街博客空间FplU9g9S

The 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. 中国华尔街博客空间e h;_u"JM t N A]x

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

8B g-|)EL%g.Wfpu0The 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n@j@/t/W _||

Such 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/s/m6}5gB M;K)r!?&ZE:Y

s ^"f&s\/x0The 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.

+mz l7z+T^2Tj0He 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0I ij4e9sS,s6s4fk/xLG

9Nr s[-YG_/} H+y0William F. Sharpe 中国华尔街博客空间wB e#wC|dR?*Z
Stanford University 中国华尔街博客空间8b Fq.fcIY

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\gX0BF0The 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.

JE&F9u&E0Dr. 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W0KG6P4p$T

0v!@fc?3R!I0Today, 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.

y4pH;Rt2e0Dr. 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.

8Qq*F-L(} @$Z7B0Three 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. 中国华尔街博客空间MJQ3C,IUYQ1S`G

From 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. 中国华尔街博客空间4?$ls*CJ"d9[b0O+A

O*RDM3uyx%Z3hJ0''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.'' 中国华尔街博客空间,thcgis
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