The DeGroote School of Business at McMaster Unviersity recently hosted Myron Scholes, a McMaster graduate and nobel laureate who has built a career on the unknown.
Scholes graduated from the Faculty of Social Sciences in 1962 and earned the Nobel Memorial Prize in Economic Sciences for his work with researcher Robert C. Merton in 1997. Together, Merton and Scholes were recognized for developing a new method for determining the value of derivatives.
Currently serving as the Frank E. Buck Professor of Finance, Emeritus, at the Stanford University Graduate School of Business, Scholes returned to his alma mater at the end of October to offer insight to a new generation of business leaders, with his lecture The Evolution of Asset Management: What the Future Holds. This was Scholes’ first time returning to McMaster’s main campus since his 50th class reunion in 2012.
Much of Scholes’ work looks into the importance of risk management in enhancing terminal wealth, and how digital transformation will continue to impact asset management over the coming years.
“I think there’s a great connection between data and technology,” Scholes said, commenting on his work. “Technology allows one to do things faster and more individualized. It allows one to do things faster and more individualized. It allows people to do things more flexibly, and that’s what business is.”
Since his time at McMaster, Scholes has gone on to earn an MBA and Ph.D. from the University of Chicago Booth School of Business. He served as a faculty member at the MIT Sloan School of Management and the University Chicago before taking his current role at Stanford in 1983.