BE (Chemical Engineering) Yale University, 1959. SM (Industrial Management), Doctor of Philosophy Massachusetts Institute of Technology, Cambridge, Mass., USA, 1961, 1969.
Economics and Finance Analyst, Sun Oil Company, Philadelphia, Pennsylvania, 1961-1963. Instructor, Association Professor Finance, Grad School Business, University Chicago, 1966-1976. Visiting Association Professor Finance, University of California, Los Angeles, Calif., United States of America, 1971, University Washington, Seattle, 1971-1972.
Visiting Senior Lector Finance, London Graduate Sehool Business Studies, 1973. Leslie Wong Distinguished Faeulty Research Fellow, University British Columbia, Vancouver, 1976. Baring Brothers Visiting Professor Finance, London Graduate School Business Studies, 1979-1980.
Professor Finance, Director, Center Research Security Prices, Graduate School Business, University Chicago, Chicago, Illinois, United States of America, since 1976. Association Editor, Journal of Finance, J. Finance and Qunl. Analysis; Advisory Board, Midland Corporate Finance J. Consultant Editor, Finance Series (Scott, Foresman & Company).
Past and current research, both theoretical and empirical, on the many effects of the firm’s decision to change its capital structure and dividend policies. Incorporated in these investigations are the effects of risk, taxes and inflation. Research into the interrelation between the financing and capital budgeting decisions within the firm, on portfolio and security selection by individuals, and on the equilibrium pricing of multiperiod risky securities has been an abiding interest.
Some past interests included the incidence and risk-taking effects of various taxes from a public policy point of view and on the financ ing of nonprofit and government organisations. Current research interests are centred on how the myriad of United States tax provisions interact with the many potential participants in the capital markets (including the implications of the fast developing futures and options markets) to result in a set of equilibrium relative rates of return confronting an investor or supplier of securities.