Q&A: Myron Scholes on LTCM, crisis lessons and the value of intermediation

Quants' golden age

Myron Scholes

The birth of quantitative finance is often dated back to the work of Louis Bachelier in 1900, but for the subsequent seven decades it won few converts – notable exceptions such as Benoît Mandelbrot aside – until the arrival of Fischer Black, Myron Scholes and Robert Merton.

In a series of seminal papers in the early 1970s, these three figures revolutionised trading through the now-famous Black-Scholes option pricing formula, which largely replaced the intuitive approaches used up to that point

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact info@risk.net to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Risk.net? View our subscription options

If you already have an account, please sign in here.


Want to know what’s included in our free registration? Click here

This address will be used to create your account

Calibrating interest rate curves for a new era

Dmitry Pugachevsky, director of research at Quantifi, explores why building an accurate and robust interest rate curve has considerable implications for a broad range of financial operations – from setting benchmark rates to managing risk – and hinges on…

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here