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.
Merton Miller
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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.
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But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
- Merton Miller -