Merton Miller Quotes

What happened after publication of our paper was that, for the next 40 years, people said, all right, we now know the answer to the capital structure question under ideal conditions.

So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.

Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges.