Professorship created in honor of Merton MillerSeventeen donors -- faculty members, alumni and friends of the University -- have given $1.5 million to create a professorship honoring Merton Miller, the Robert R. McCormick Distinguished Service Professor Emeritus in the Graduate School of Business and winner of the 1990 Nobel Memorial Prize in Economic Sciences.
Miller is an international authority on financial markets and instruments, corporate finance and the management of risk. He is a director of the Chicago Mercantile Exchange and has also served as a director of the Chicago Board of Trade.
"This new professorship is a most fitting way to recognize the many pathbreaking discoveries of Merton Miller during his 35-year career at Chicago," said Robert Hamada, Dean of the Graduate School of Business.
The professorship will allow the school to recruit a leading scholar from another institution or to promote a deserving existing member of the faculty, Hamada said.
Included among the organizations that contributed to the fundraising effort are the Chicago Board of Trade, the Chicago Mercantile Exchange, Dimensional Fund Advisors Inc. of Los Angeles, Calif., and Long Term Capital Management of Greenwich, Conn.
The professorship was proposed by David Booth (M.B.A. '71) and Rex Sinquefield (M.B.A. '72), co-chairmen of Dimensional Fund Advisors. Myron Scholes, a partner of Long Term Capital Management and a former professor of finance at the University, also solicited funds and gave to the effort.
Although the donor group has raised the $1.5 million required to create a named professorship, the group's ultimate fundraising goal is $2 million to bring the professorship up to a higher level. Donations have now been opened to the public. Those interested in donating to the effort should contact the GSB Development Office at 702-8196.