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My first reaction on being awarded the Nobel Prize was, actually, I thought of Fischer Black, my colleague. He unfortunately had passed away. And there was no doubt in my mind that if he were still alive, he would have been a co-recipient of the Nobel Prize.

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Myron Scholes

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Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn’t liquidate their risk, and the system tended to freeze up.

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My career in academic research has not been involved with active management of securities. I’ve tried to understand risk-and-return relationships; also the pricing of derivative securities.

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May 15, 2024

My career in academic research has not been involved with active management of securities. I’ve tried to understand risk-and-return relationships; also the pricing of derivative securities.

Previous

May 15, 2024

Most of the time, your risk management works. With a systemic event such as the recent shocks following the collapse of Lehman Brothers, obviously the risk-management system of any one bank appears, after the fact, to be incomplete. We ended up where banks couldn’t liquidate their risk, and the system tended to freeze up.

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