Robert C Merton

School of Management Distinguished Professor of Finance

Biography | Selected Publications

Black-Scholes: Robert Merton on the Options Pricing Model." Merton, Robert C. Business Week, December 2014.

Annual Review of Financial Economics, Volume 6. Lo, Andrew W. and Robert C. Merton (eds.). Palo Alto, CA: Annual Reviews, 2014.

“The Crisis in Retirement Planning.” Merton, Robert C. Harvard Business Review, July 2014.

Measuring the Connectedness of the Financial System: Implications for Risk Management.” ​Merton, Robert C. Asian Development Review Vol. 31, No. 1 (2014): 186-210. (2014)

"Systemic Risk and the Refinancing Ratchet Effect." Khandhani, Amir E., Andrew W. Lo and Robert C. Merton. Finance and Accounting Memos (FAME), January 2014. (2014)

“The Financial Innovator.” Merton, Robert C. In Raffles Conversations, edited by Vikram Khanna, 204-209. Singapore: Business Times, 2014 (2014)

“The Value of Implicit Guarantees.” Zoe Tsesmelidakis and Robert C. Merton. In Proceedings of the 26th Australasian Finance and Banking Conference 2013. Sidney, Australia: December 2013.

Annual Review of Financial Economics, Volume 5Lo, Andrew W. and Robert C. Merton (eds.). Palo Alto, CA: Annual Reviews, 2013.

Applying Life-Cycle Economics: An Income-Oriented DC Retirement Solution that Integrates Accumulation and Payout Phases.” Robert C. Merton. In Looking Forward to Retirement, edited by NEST. Peterborough, UK: June 2013.

Harnessing the Building Blocks of Economic Valuation: Exploring the Work of Nobel Laureate Robert C. Merton.” ​Merton, Robert C. Journal of Investment Consulting Vol. 14, No. 1 (2013): 5-16. (2013)

“Innovation Risk: How to Make Smarter Decisions.” ​Merton, Robert C. Harvard Business Review, April 2013.

"Systemic Risk and the Refinancing Ratchet Effect." Khandani, Amir E., Andrew W. Lo and Robert C. Merton. Journal of Financial Economics Vol. 108, No. 1 (2013): 29-45. (2013)

"On a New Approach for Analyzing and Managing Macrofinancial Risks." Merton, Robert C., Monica Billio, Mila Getmansky, Dale Gray, Andrew W. Lo and Loriana Pelizzon. Financial Analysts Journal Vol. 69, No. 2 (2013): 22-33. (2013)

Observations on Financial Education and Consumer Financial Protection.” Merton, Robert C. In Life-Cycle Investing: Financial Education and Consumer Protection, edited by Zvi Bodie, Laurence B. Siegel, and Lisa Stanton, 1-20. Charlottesville, VA: The Research Foundation of the CFA Institute, 2012.

Annual Review of Financial Economics, Volume 4. Lo, Andrew W. and Robert C. Merton (eds.). Palo Alto, CA: Annual Reviews, 2012.

Financial Economics, Second Edition. Bodie, Zvi, Robert C. Merton, and David L. Cleeton. Englewood Cliffs, NJ: Prentice Hall, 2012.

Funding Retirement: Next Generation Design.” ​Merton, Robert C. JASSA: The Finsia Journal of Applied Finance No. 4 (2012): 6-11. (2012)

"Foreword to Risk Less and Prosper." Merton, Robert C. In Risk Less and Prosper, by Zvi Bodie and Rachelle Taqqu. Hoboken, NJ: John Wiley & Sons, Inc., 2012. (2011)

Annual Review of Financial Economics, Volume 3Lo, Andrew W. and Robert C. Merton (eds.). Palo Alto, CA: Annual Reviews, 2011.

"Foreword." Merton, Robert C. In Pension Finance, edited by M. Burton Waring, xxi-xxiv. Hoboken, NJ: John Wiley & Sons, Inc., 2012. (2011)

“Dutch Not Facing Up to Pension Troubles.” ​Merton, Robert C. and Jan Snippe. Financial Times, September 2011.

Annual Review of Financial Economics, Volume 2Lo, Andrew W. and Robert C. Merton (eds.). Palo Alto, CA: Annual Reviews, 2010.

"Observations on Individually Funded Pension System Design: Advances for the Future." Robert C. Merton. In Developing the Potential of the Individually Funded Pension Systems, edited by FIAP. Santiago, Chile: May 2010.

"Transparantie in pensioensector nog ver te zoeken (Adjusted Actuarial Cost Price Conflicts with Transparency Requirement)." Merton, Robert and Jan Snippe. Financieele Dagblad (Financial Times), March 2010.

"Solutions for the Future." ​Merton, Robert C. Pensions Insight, January 2010.

"Tribute to Paul A. Samuelson." Merton, Robert C. Journal of Portfolio Management Vol. 36, No. 2 (2010): 1. (2010)

"Measuring and Managing Macrofinancial Risk and Financial Stability: A New Approach." Gray, Dale F., Robert C. Merton and Zvi Bodie. In Financial Stability, Monetary Policy and Central Banking, edited by Rodrigo A. Alfaro, 125-157. Santiago, Chile: Central Bank of Chile, 2010.

Annual Review of Financial Economics, Volume 1 Lo, Andrew W. and Robert C. Merton (eds.). Palo Alto, CA: Annual Reviews, 2009.

"Preface to the Annual Review of Financial Economics, Volume 1."  Lo, Andrew W. and Robert C. Merton. Annual Review of Financial Economics, Volume 1, edited by Andrew W. Lo and Robert C. Merton, 1-17. Palo Alto, CA: Annual Reviews, 2009.

"Nobel Laureate Panel Discussion: What Retirement Means to Me." Merton, Robert C., Paul A. Samuelson and Robert M. Solow. In The Future of Life-Cycle Saving and Investing: The Retirement Phase, edited by Zvi Bodie Laurence B. Siegel and Rodney N. Sullivan, 1-14. Charlottesville, VA: CFA Institute, Research Foundation Publications, 2009.

"Disclose the Fair Value of Complex Securities." Kaplan, Robert, Robert Merton and Scott Richard. Financial Times, August 2009.

"Introduction to Part IV." Merton, Robert C. In Harry M. Markowitz, Merton H. Miller, William F. Sharpe, Robert C. Merton, and Myron S. Scholes Volume 2, edited by Howard R. Vane and Chris Mulhearn, 303-307. Cheltenham, UK: Edward Elgar Publishing, 2009.

"Foreword." Merton, Robert C. In Financial Derivatives Pricing, by Robert A. Jarrow, xi-xii. World Scientific Publishing Co, Inc., 2008.

"MIT Roundtable on Corporate Risk Management." Merton, Robert C. and Andrew W. Lo. Journal of Applied Corporate Finance Vol. 20, No. 4 (2008): 20-38. (2008)

"New Framework for Measuring and Managing Macrofinancial Risk and Financial Stability." Gray, Dale F., Robert C. Merton and Zvi Bodie, Harvard Business School Working Paper 09-015. Cambridge, MA: Harvard Business School, August 2008.

"A New Generation of Pension Fund Management." Merton, Robert C. In Innovations in Investment Management, edited by H. Gifford Fong, 1-17. New York, NY: Bloomberg Press, 2008.

"Foreword." Merton, Robert C. In Macrofinancial Risk Analysis, by Dale F. Gray and Samuel Malone, xv-xviii. Merton, Robert C. West Sussex, England: John Wiley & Sons Ltd, 2008.

"Foreword." Merton, Robert C. In Les nouvelles frontieres de l'Entreprise, 11-16. Le Cercle des Economistes, 2008.

"Foreword." Merton, Robert C. In The World of Equity Derivatives, 10-11. London, UK: Newsdesk Communications Ltd., 2008.

"Applying Modern Risk Management to Equity and Credit Analysis." Robert C. Merton. In CFA Institute Conference Proceedings Quarterly, edited by Daniel J. Larocco. New York, NY: December 2007.

"Contingent Claims Approach to Measuring and Managing Sovereign Credit Risk." Gray, Dale F., Robert C. Merton and Zvi Bodie. Journal of Investment Management Vol. 5, No. 4 (2007): 5-28. (2007)

"The Future of Retirement Planning." Merton, Robert C. In The Future of Life-Cycle Saving and Investing, edited by Zvi Bodie, Dennis McLeavey and Laurence B. Siegel, 5-18. Research Foundation of CFA Institute, 2007.

"Paul Samuelson and Financial Economics." Merton, Robert C. In Samuelsonian Economics and the Twenty-First Century, edited by Michael Szenberg, Lall Ramrattan and Aron Gottesman, 262-300. Oxford, UK: Oxford University Press, 2006. 

"A New Framework for Analyzing and Managing Macrofinancial Risks of An Economy." Gray, Dale F., Robert C. Merton and Zvi Bodie, Harvard Business School Working Paper 07-026. Cambridge, MA: Harvard Business School, October 2006.

"Paul Samuelson and Financial Economics." Merton, Robert C. American Economist Vol. 50, No. 2 (2006): 9-31. (2006)

"Do a Firm's Equity Returns Reflect the Risk of Its Pension Plan?" Jin, Li, Robert C. Merton and Zvi Bodie. Journal of Financial Economics Vol. 81, No. 1 (2006): 1-26. (2006)

The Derivatives Sourcebook. Lim, Terence, Andrew W. Lo, Robert C. Merton and Myron S. Scholes. Hanover, MA: Now Publishers Inc., 2006. 

"Made to Measure Is the Best Fit for Future Pensions." ​Mendoza, Roberto G. and Robert C. Merton. Financial Times, January 2006.

"Allocating Shareholder Capital to Pension Plans." Merton, Robert C. Journal of Applied Corporate Finance Vol. 18, No. 1 (2006): 15-24. (2006)

"Observations on Innovation in Pension Fund Management in the Impending Future." Merton, Robert C. PREA Quarterly, 2006.

"You Have More Capital than You Think." Merton, Robert C. Harvard Business Review, November 2005.

"A Proposal for Expensing Employee Compensatory Stock Options for Financial Reporting Purposes." ​Hancock, Peter, Roberto G. Mendoza and Robert C. Merton. Journal of Applied Corporate Finance Vol. 17, No. 3 (2005): 95-101. (2005)

"The Design of Financial Systems: Towards a Synthesis of Function and Structure." ​Merton, Robert C. and Zvi Bodie. Journal of Investment Management Vol. 3, No. 1 (2005): 1-23. (2005)

"Swapping Your Country's Risks." Merton, Robert C. Harvard Business Review, February 2005.

"The Real Problem with Pensions." ​Merton, Robert C. Harvard Business Review, December 2004.

"A Simple Way to Value Stock Options." ​Mendoza, Roberto G., Robert C. Merton and Peter Hancock. Financial Times, April 2004.

"Foreword: On Financial Innovation and Economic Growth." Merton, Robert C. Harvard China Review, April 2004.

Geneva Reports on the World Economy 4: Transparency, Risk Management and International Financial Fragility. Draghi, Mario, Francesco Giavazzi and Robert C. Merton. Geneva, Switzerland: International Center for Monetary and Banking Studies, 2003.

"A Better Way to Motivate Staff." ​Mendoza, Roberto G., Peter Hancock and Robert C. Merton. Financial Times, August 2003.

"Transparency, Risk Management and International Financial Fragility." Draghi, Mario, Francesco Giavazzi and Robert C. Merton, Harvard Business School Working Paper 03-118. Cambridge, MA: Harvard Business School, June 2003.

"Footnote Reporting Distorts Impact of Stock Options." ​Bodie, Zvi, Robert S. Kaplan and Robert C. Merton. The Boston Globe, March 2003.

"For the Last Time: Stock Options Are an Expense." ​Bodie, Zvi, Robert S. Kaplan and Robert C. Merton. Harvard Business ReviewMarch 2003.

"Thoughts on the Future: Theory and Practice in Investment Management." Merton, Robert C. Financial Analysts Journal Vol. 59, No. 1 (2003): 17-23. (2003)

"Options Should be Reflected in the Bottom Line." Bodie, Zvi, Robert S. Kaplan and Robert C. Merton. The Wall Street Journal, August 2002.

"International Pension Swaps." Bodie, Zvi and Robert C. Merton. Journal of Pension Economics and Finance Vol. 1, No. 1 (2002): 77-83. (2002)

"Future Possibilities in Finance Theory and Finance Practice." Merton, Robert C. In Mathematical Finance - Bachelier Congress 2000, edited by Helyette Geman, Dilip Madan, Stanley Pliska and Ton Vorst, 47-74. Berlin, Germany: Springer-Verlag, 2002.

"Foreword." Merton, Robert C. In Risk Management, edited by Robert Jameson, xiii-xvi. New York: McGraw Hill, 2000.

“Finance Theory and Future Trends: The Shift to Integration.” Merton, Robert C. Financial Management Vol. 29, No. 3 (2000): 94-99. (2000)

Finance. Bodie, Zvi and Robert C. Merton. Englewood Cliffs, NJ: Prentice Hall, 1999.

"Commentary: Finance Theory and Future Trends: The Shift to Integration." Merton, Robert C. Risk, July 1999.

"The Global Financial System Project." Merton, Robert C. and Peter Tufano. In The Intellectual Venture Capitalist: John H. McArthur and the Work of the Harvard Business School, 1980-1995, edited by Thomas K. McCraw and Jeffrey L. Cruikshank, 67-98. Boston, MA: Harvard Business School Press, 1999.

"Applications of Option-Pricing Theory: Twenty-Five Years Later." Merton, Robert C. In Les Prix Nobel 1997, edited by Tore Frangsmyr. Stockholm, Sweden: Nobel Foundation, 1998.

"Applications of Option-Pricing Theory: Twenty-Five Years Later." Merton, Robert C. American Economic Review Vol. 88, No. 3 (1998): 323-349. (1998)

"Smith Breeden Associates: The Equity Plus Fund (A)." Robert C. Merton and Alberto Moel. In Harvard Business School Case 297-089. Cambridge, MA: March 1998.

"Foreword." Merton, Robert C. In Mathematics of Derivative Securities, edited by  Michael A. H. Dempster and Stanley R. Pliska, xi-xvi. Cambridge, UK: Cambridge University Press, 1997.

"On the Role of the Wiener Process in Finance Theory and Practice: The Case of Replicating Portfolios." Merton, Robert C. In The Legacy of Norbert Wiener: A Centennial Symposium, edited by David Jerison, I. M. Singer and Daniel W. Stroock, 209-221. Providence, RI: American Mathematical Society, 1997.

"Harrington Financial Group." Robert C. Merton and Alberto Moel. In Harvard Business School Case 297-088. Cambridge, MA: April 1997.

"Savings and Loans and the Mortgage Markets." Merton, Robert C. and Alberto Moel. Harvard Business School Background Note 297-090, February 1997.

"A Model of Contract Guarantees for Credit-Sensitive, Opaque Financial Intermediaries." Merton, Robert C. European Finance Review Vol. 1, No. 1 (1997): 1-13. (1997)

Teacher's Manual for Cases in Financial Engineering: Applied Studies of Financial Innovation. Mason, Scott P., Robert C. Merton, André F. Perold and Peter Tufano. Englewood Cliffs, NJ: Prentice Hall, 1996.

"Foreword." Merton, Robert C. In Managing Derivative Risks, edited by Lillian Chew. Chichester, UK: John Wiley & Sons, 1996.

Cases in Financial Engineering: Applied Studies of Financial Innovation. Mason, Scott P., Robert C. Merton, André F. Perold and Peter Tufano. Englewood Cliffs, NJ: Prentice Hall, 1995.

"Fischer Black." Merton, Robert C. and Myron Scholes. Journal of Finance Vol. 50, No. 5 (1995): 1359-1370. (1995)

"A Functional Perspective of Financial Intermediation." Merton, Robert C. Financial Management Vol. 24, No. 2 (1995): 23-41. (1995)

"Financial Innovation and the Management and Regulation of Financial Institutions." Merton, Robert C. Journal of Banking and Finance Vol. 19, No. 3-4 (1995): 461-481. (1995)

"Mark-to-Market Accounting for Banks and Thrifts: Lessons from the Danish Experience." Bernard, Victor L., Robert C. Merton and Krishna G. Palepu. Journal of Accounting Research Vol. 33, No. 1 (1995): 1-32. (1995)

"A Conceptual Framework for Analyzing the Financial Environment." Merton, Robert C. and Zvi Bodie. The Global Financial System: A Functional Perspective, edited by Dwight B. Crane, Kenneth A. Froot, Scott P. Mason, André Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri and Peter Tufano, 3-31. Boston, MA: Harvard Business School Press, 1995.

"Financial Infrastructure and Public Policy: A Functional Perspective." Merton, Robert C. and Zvi Bodie. The Global Financial System: A Functional Perspective, edited by Dwight B. Crane, Kenneth A. Froot, Scott P. Mason, André Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri and Peter Tufano, 3-31. Boston, MA: Harvard Business School Press, 1995.

The Global Financial System: A Functional Perspective. Crane, Dwight B., Kenneth A. Froot, Scott P. Mason, André F. Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri, and Peter Tufano. Boston, MA: Harvard Business School Press, 1995.

"The Informational Role of Asset Prices: The Case of Implied Volatility." Bodie, Zvi, and Robert C. Merton. In The Global Financial System: A Functional Perspective, edited byDwight B. Crane, Kenneth A. Froot, Scott P. Mason, André Perold, Robert C. Merton, Zvi Bodie, Erik R. Sirri and Peter Tufano, 197-224. Boston, MA: Harvard Business School Press, 1995.

"Influence of Mathematical Models in Finance on Practice: Past, Present and Future." Merton, Robert C., R. V. Simons and A. D. Wilkie. Philosophical Transactions of the Royal Society of London Vol. 347, No. 1684 (1994): 451-463. (1994)

"Pension Benefit Guarantees in the United States: A Functional Analysis." Bodie, Zvi and Robert C. Merton. In The Future of Pensions in the United States, edited by Raymond Schmitt, 194-234. Philadelphia, PA: University of Pennsylvania Press, 1994.

"Management of Risk Capital in Financial Firms." Merton, Robert C. and André F. Perold. In Financial Services: Perspectives and Challenges, edited by Samuel L. Hayes III, 215-245. Boston, MA: Harvard Business School Press, 1993.

"Theory of Risk Capital in Financial Firms." Merton, Robert C., and André Perold. Journal of Applied Corporate Finance Vol. 6 No. 3 (1993): 16-32. (1993)

"Optimal Investment Strategies for University Endowment Funds." Merton, Robert C. In Studies of Supply and Demand in Higher Education, edited by Charles T. Clotfelter and Michael Rothschild, 211-242. Chicago, IL: University of Chicago Press, 1993.

"Deposit Insurance Reform: A Functional Approach." Merton, Robert C. and Zvi Bodie. In Carnegie-Rochester Conference Series on Public Policy Vol. 38, edited by A. Meltzer and C. Plosser, 1-34. Amsterdam, Netherlands: Elsevier B.V., 1993.

"Operation and Regulation in Financial Intermediation: A Functional Perspective." Merton, Robert C. In Operation and Regulation of Financial Markets, edited by Peter Englund, 17-67. Stockholm, Sweden: The Economic Council, 1993.

"Pension Reform and Privatization in International Perspective: The Case of Israel." Bodie, Zvi and Robert C. Merton.The Economics Quarterly  No. 152 (1992). (1992)

"Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model." Bodie, Zvi, Robert C. Merton and William Samuelson. Journal of Economic Dynamics and Control Vol. 16, No. 3-4 (1992): 427-449. (1992)

"On the Management of Deposit Insurance and Other Guarantees." Merton, Robert C. and Zvi Bodie, Harvard Business School Working Paper 92-081. Cambridge, MA: Harvard Business School, May 1992.

"Financial Innovation and Economic Performance." Merton, Robert C. Journal of Applied Corporate Finance Vol. 4, No. 4 (1992): 12-22. (1992)

"On the Management of Financial Guarantees." Merton, Robert C. and Zvi Bodie. Financial Management Vol. 21, No. 4 (1992): 87-109. (1992)

"The Financial System and Economic Performance." Merton, Robert C. Journal of Financial Services Research Vol. 4, No. 4 (1990): 263-300. (1990)

"Capital Market Theory and the Pricing of Financial Securities." Merton, Robert C. In Handbook of Monetary Economics, Benjamin M. Freidman and F. Hahn, 497-577. Amsterdam, Netherlands: North-Holland Publishing Company, 1990.

Continuous-Time Finance. Merton, Robert C. Oxford, U.K.: Blackwell Publishing Ltd, 1990.

"The Changing Nature of Debt and Equity: A Discussion." Robert C. Merton. In Are the Distinctions between Debt and Equity Disappearing? Conference Series 33, edited by Richard W. Kopeke and Eric S. Rosengren, 44-48. Boston, MA: Federal Reserve Bank of Boston, 1990.

"On the Application of the Continuous-Time Theory of Finance to Financial Intermediation and Insurance." Merton, Robert C. The Geneva Papers on Risk and Insurance Vol. 14, No. 52 (1989): 225-262. (1989)

"Defined Benefit versus Defined Contribution Pension Plans: What are the Real Tradeoffs." Bodie, Zvi, Alan J. Marcus and Robert C. Merton. In Pensions in the U.S. Economy, edited by Zvi Bodie, John B. Shoven and David A. Wise, 139-162. Chicago, IL: University of Chicago Press, 1988.

"In Honor of Nobel Laureate, Franco Modigliani." Merton, Robert C. Journal of Economic Perspectives Vol. 1, No. 2 (1987): 145-155. (1987)

"A Simple Model of Capital Market Equilibrium with Incomplete Information." Merton, Robert C. Journal of Finance Vol. 42, No. 3 (1987): 483-509. (1987)

"On the Current State of the Stock Market Rationality Hypothesis." Merton, Robert C. In Macroeconomics and Finance: Essays in Honor of Franco Modigliani, edited by Rudiger Dornbusch, Stanley Fischer and John Bossons. Cambridge, MA: MIT Press, June 1987.

"Pension Plan Integration as Insurance against Social Security Risk." Merton, Robert C., Zvi Bodie and Alan J. Marcus. In Issues in Pension Economics, edited by Zvi Bodie, John B. Shoven and David A. Wise, 147-172. Chicago: University of Chicago Press, 1987.

"Dividend Behavior for the Aggregate Stock Market." Marsh, Terry A. and Robert C. Merton. Journal of Business Vol60, No. 1 (1987): 1-40. (1987)

"Continuous-Time Stochastic Models." Merton, Robert C. In The New Palgrave: A Dictionary of Economic Theory and Doctrine, edited by John Eatwell, Murray Milgate and Peter Newman. London, UK: MacMillan Press, Ltd., 1987.

"Dividend Variability and Variance Bounds Tests for the Rationality of Stock Market Prices." Merton, Robert C. and Terry A. Marsh. American Economic Review Vol. 76, No. 3 (1986): 483-498. (1986)

"Implicit Labor Contracts Viewed as Options: A Discussion of 'Insurance Aspects of Pensions.'" Merton, Robert C. In Pensions, Labor, and Individual Choice, edited byDavid A. Wise, 343-356. Chicago, IL: University of Chicago Press, 1985.

"The Role of Contingent Claims Analysis in Corporate Finance." Mason, Scott P. and Robert C. Merton. In Recent Advances in Corporate Finance, edited by Edward I. Altman and Marti G. Subrahmanyam, 7-54. Homewood, IL: Richard D. Irwin Publishing, 1985.

"Macroeconomics and Finance: The Role of the Stock Market." Merton, Robert C. and Stanley Fischer. In Essays on Macroeconomic Implications of Financial and Labor Markets and Political Processes Volume 21, edited by Karl Brunner and Allan H. Meltzer. Amsterdam, Netherlands: North-Holland Publishing Company, 1984.

"On Consumption-Indexed Public Pension Plans." Merton, Robert C. In Financial Aspects of the U.S. Pension System, edited by Zvi Bodie and John B. Shoven, 259-290. Chicago, IL: University of Chicago Press, 1983.

"On the Role of Social Security as a Means for Efficient Risk-Bearing in an Economy Where Human Capital is Not Tradeable." Merton, Robert C. In Financial Aspects of the U.S. Pension System, edited by Zvi Bodie and John B. Shoven, 325-358. Chicago, IL: University of Chicago Press, 1983.

"Aggregate Dividend Behavior and Its Implications for Tests of Stock Market Rationality." Marsh, Terry A. and Robert C. Merton, MIT Sloan Working Paper 1475-83. Cambridge, MA: MIT Sloan School of Management, September 1983.

"Financial Economics." Merton, Robert C. In Paul Samuelson and Modern Economic Theory, edited by Robert M. Brown and E. Cary Soloki. New York, NY: McGraw-Hill, 1983.

"On the Mathematics and Economic Assumptions of Continuous-Time Financial Models." Merton, Robert C. In Financial Economics: Essays in Honor of Paul Cootner, edited by William F. Sharpe and Cathryn M. Cootner. Englewood Cliffs, NJ: Prentice Hall, 1982.

"On the Microeconomic Theory of Investment under Uncertainty." Merton, Robert C. In Handbook of Mathematical Economics Volume II, edited by Kenneth J. Arrow and Michael D. Intriligator, 601-669. Amsterdam, Netherlands: North-Holland Publishing Company, 1982.

"The Returns and Risk of Alternative Put-Option Portfolio Investment Strategies." Merton, Robert C., Myron S. Scholes and Matthew L. Gladstein. Journal of Business Vol. 55, No. 1 (1982): 1-55. (1982)

"On Market Timing and Investment Performance Part II: Statistical Procedures for Evaluating Forecasting Skills." ​Merton, Robert C. and Roy D. Henriksson. Journal of Business Vol. 54, No. 4 (1981): 513-533. (1981)

"On Market Timing and Investment Performance Part I: An Equilibrium Theory of Value for Market Forecasts." Merton, Robert C. Journal of Business Vol. 54, No. 3 (1981): 363-406. (1981)

"On Estimating the Expected Return on the Market: An Exploratory Investigation." Merton, Robert C. Journal of Financial Economics Vol. 8, No. 4 (1980): 323-361. (1980)

"Capital Requirements in the Regulation of Financial Intermediaries: A Discussion." Merton, Robert C. In The Regulation of Financial Institutions, Conference Series 21. Boston, MA: Federal Reserve Bank of Boston, 1979.

"On the Cost of Deposit Insurance When There Are Surveillance Costs." Merton, Robert C. Journal of Business Vol. 51, No. 3 (1978): 439-452. (1978)

"The Returns and Risk of Alternative Call Option Portfolio Investment Strategies." Merton, Robert C., Myron S. Scholes and Matthew L. Gladstein. Journal of Business Vol. 51, No. 2 (1978): 183-242. (1978)

"On the Pricing of Contingent Claims and the Modigliani-Miller Theorem." Merton, Robert C. Journal of Financial Economics Vol. 5, No. 2 (1977): 241-249. (1977)

"An Analytic Derivation of the Cost of Deposit Insurance and Loan Guarantees : An Application of Modern Option Pricing Theory." Merton, Robert C. Journal of Banking and Finance Vol. 1, No. 1 (1977): 3-11. (1977)

"A Reexamination of the Capital Asset Pricing Model." Merton, Robert C. In Risk and Return in Finance Vol. 1, edited by James L. Bicksler and Irwin Friend, 141-159. New York, NY: Harper Collins Pubs Inc, 1977.

"Continuous-Time Portfolio Theory and the Pricing of Contingent Claims." Merton, Robert C. MIT Sloan Working Paper 881-76. Cambridge, MA: MIT Sloan School of Management, November 1976.

"The Impact on Option Pricing of Specification Error in the Underlying Stock Price Returns." Merton, Robert C. Journal of Finance Vol. 31, No. 2 (1976): 333-350. (1976)

"Option Pricing When Underlying Stock Returns are Discontinuous." Merton, Robert C. Journal of Financial Economics Vol. 3 (1976): 125-144. (1976)

"Theory of Finance from the Perspective of Continuous Time." Merton, Robert C. Journal of Financial and Quantitative Analysis Vol. 10, No. 4 (1975): 659-674. (1975)

"An Asymptotic Theory of Growth Under Uncertainty." Merton, Robert C. Review of Economic Studies Vol. 42, No. 3 (1975): 375-393. (1975)

"Fallacy of the Log-Normal Approximation to Optimal Portfolio Decision Making over Many Periods." Merton, Robert C. and Paul A. Samuelson. Journal of Financial Economics Vol. 1, No. 1 (1974): 67-94. (1974)

"On the Pricing of Corporate Debt: The Risk Structure of Interest Rates." Merton, Robert C. Journal of Finance Vol. 29, No. 2 (1974): 449-470. (1974)

"The Optimality of a Competitive Stock Market." Merton, Robert C. and Marti G. Subrahmanyam. Bell Journal of Economics and Management Science Vol. 5, No. 1 (1974): 145-170. (1974)

"Generalized Mean-Variance Tradeoffs for Best Perturbation Corrections to Approximate Portfolio Decisions." Samuelson, Paul A. and Robert C. Merton. Journal of Finance Vol. 29, No. 1 (1974): 27-40. (1974)

"An Intertemporal Capital Asset Pricing Model." Merton, Robert C. Econometrica Vol. 41, No. 5 (1973): 867-887. (1973)

"Book Review of Studies in the Theory of Capital Markets." Review of Studies in the Theory of Capital Markets, edited by Michael C. Jenson. Merton, Robert C. Journal of Money, Credit & Banking, May 1973.

"Theory of Rational Option Pricing." Merton, Robert C. Bell Journal of Economics and Management Science Vol. 4. No. 1 (1973): 141-183. (1973)

"The Relationship between Put and Call Option Prices: Comment." Merton, Robert C. Journal of Finance Vol. 28, No. 1: 183-184. (1973)

"'Continuous-Time Speculative Processes': Appendix to Paul A. Samuelson's 'Mathematics of Speculative Price.'" Merton, Robert C. SIAM Review Vol. 15, No. 1 (1973): 34-38. (1973)

"An Analytical Derivation of the Efficient Portfolio Frontier." Merton, Robert C. Journal of Financial and Quantitative Analysis Vol. 7, No. 4 (1972): 1851-1872. (1972)

The Collected Scientific Papers of Paul A. Samuelson, Volume 3. Merton, Robert C. Cambridge, MA: MIT Press, 1972.

"Optimum Consumption and Portfolio Rules in a Continuous-Time Model." Merton, Robert C. Journal of Economic Theory Vol. 3, No. 4 (1971): 373-413. (1971)

"Analytical Optimal Control Theory as Applied to Stochastic and Non-Stochastic Economics." Merton, Robert C. PhD diss., Massachusetts Institute of Technology, 1970.

"A Golden Golden-Rule for Welfare-Maximization in an Economy with a Varying Population Growth Rate." Merton, Robert C. Western Economic Journal Vol. 4 (1969): 307-318. (1969)

"Lifetime Portfolio Selection under Uncertainty: The Continuous-Time Case." Merton, Robert C. The Review of Economics and Statistics Vol. 51, No. 3 (1969): 247-257. (1969)

"An Empirical Investigation of the Samuelson Rational Warrant Pricing Theory." Robert C. Merton. (1969)

"A Complete Model of Warrant Pricing that Maximizes Utility."  Samuelson, Paul A. and Robert C. Merton. Industrial Management Review Vol. 10 (1969): 17-46. (1969)

"Restrictions on Rational Option Pricing: A Set of Arbitrage Conditions." Robert C. Merton. (1968)

"A 'Motionless' Motion of Swift's Flying Island." Merton, Robert C. Journal of the History of Ideas Vol. 27 (1966): 275-277. (1966)

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