Stewart Myers

Stewart Clay Myers (born August 1, 1940) is the Robert C. Merton (1970) Professor of Financial Economics at the MIT Sloan School of Management.[1] He is notable for his work on capital structure and innovations in capital budgeting and valuation, and has had a "remarkable influence" on both the theory and practice of corporate finance.[2] Myers, in fact, coined the term "real option". He is the co-author with Richard A. Brealey and Franklin Allen of Principles of Corporate Finance, a widely used and cited business school textbook, now in its 11th edition. He is also the author of dozens of research articles.[3]

Stewart Myers
Born (1940-08-01) August 1, 1940 (age 80)
Academic background
Alma materWilliams College
Stanford University
Academic work
Sub-disciplineFinancial Economics
InstitutionsMIT Sloan School of Management


He holds a Ph.D. and MBA from Stanford University and an A.B. from Williams College.[4] He began teaching at MIT Sloan School of Management in 1966.[5]

His contributions are seen as falling into three main categories:[6]

Recent projects include the valuation of investments in R&D, risk management, and the allocation of capital in diversified firms, and the theory of corporate governance.

He is currently a principal of economic consulting firm The Brattle Group.[7] He is a past president of the American Finance Association,[8] a research associate of the National Bureau of Economic Research,[9] and a director of the Cambridge Endowment for Research in Finance.


  • Stewart C. Myers (ed) Modern Developments in Financial Management, Dryden Press, 1976, ISBN 9780275341008
  • Alexander A. Robichek, Stewart C. Myers, Optimal financing decisions, Prentice-Hall, 1965
  • Richard Brealey; Stewart Myers; Franklin Allen; Pitabas Mohanty (1988). Principles of Corporate Finance, 11e. MacGraw-Hill. ISBN 978-93-392-0502-7.
  • Richard A. Brealey, Stewart C. Myers, Capital Investment and Valuation, McGraw Hill Professional, 2003, ISBN 9780071383776


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