Scholes returns to Chicago after visiting for the 1973–74 academic year, where he continues to collaborate with Black and Miller. They work on the effects of the taxation of dividends on the prices of securities.

He goes on to the University of Chicago, working as a programming assistant and becoming one of the first “computer nerds”. He earns his MBA in economics in 1964.

Myron S. Scholes is born on July 1, 1941, in the Canadian town of Timmins.

He becomes a permanent faculty member in the Business and Law School of Stanford University. He publishes articles about pension planning, investment banking and incentives, and develops a new theory of tax planning. In 1990, he becomes a consultant to Salomon Brothers, Inc., while still conducting research and teaching at Stanford. He is professor emeritus since 1996.

Scholes is currently the chairman of another hedge fund: Platinum Grove Asset Management. In 2005, Scholes and his former LCTM partners are implicated in a case of tax fraud. The judge rules that LCTM is liable for $40m (€33m) of taxes and a fine of $16m.

Scholes progresses to McMaster University in Hamilton with a major in Economics. He graduates in 1962.

He then becomes an Assistant Professor of Finance at the Sloan School of Management at M.I.T., where he meets Fischer Black. They are soon joined by Robert Merton, who he will later share the Nobel Prize with. The team collaborates on projects about asset pricing and derivative pricing models.

Scholes joins with some colleagues to found a hedge fund called Long-Term Capital Management (LCTM). After a successful start, it loses 4,6 billion dollars in four months in 1998. To prevent international finance markets from collapsing in a chain reaction, the Federal Bank of New York organizes a “rescue” of LCTM. This action has raised concerns because it could encourage financial institutions to risk more, believing that the Federal Bank will intervene if trouble arises.

Myron Scholes shares the 1997 Nobel Prize in Economics with Robert C. Merton “for a new method to determine the value of derivatives", the Black-Scholes formula (together with Fischer Black, who died two years before the Prize award). This methodology has paved the way for economic valuations in many areas and generated new financial instruments.

He visits Stanford University.

He finishes his PhD in 1969.

The family moves to Hamilton, Ontario, when Scholes is ten years old. His mother, whose family owned a chain of department stores, dies of cancer when Myron is 16 years old. But through her and his relatives, Scholes becomes interested in business and finance. He invests in the stock market while still at high school. He is a good student and especially a good listener – having developed a sight defect, which is later rectified with a corneal transplant.

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