Robert C. Merton receives Kolmogorov Medal

first_imgRobert C. Merton, John and Natty McArthur University Professor at Harvard Business School and the 1997 co-winner of the Nobel Memorial Prize in the Economic Sciences, recently received the Kolmogorov Medal from the University of London in recognition of his distinguished work in fields of research influenced by the renowned Russian mathematician Andrei N. Kolmogorov (1903-1987). Merton also delivered a lecture titled “Observations on the Science of Finance in the Practice of Finance: Past, Present, and Future.”Merton’s research focuses on developing finance theory in the areas of capital markets and finance institutions. According to University of London Professor Alex Gammerman, “Andrei Kolmogorov is widely regarded as a founder of stochastic processes. One of the most spectacular applications of that theory is to the theory of pricing financial derivatives, which originated in the work of Robert Merton in collaboration with fellow Nobel laureate Myron Scholes and the late Fischer Black.”When Merton’s Nobel was announced, Carliss Y. Baldwin, the William L. White Professor of Business Administration at Harvard Business School, remarked, “Few economists have contributed theories of such breadth and beauty; fewer still have seen their ideas put to such immediate practical use. Like Paul Samuelson, Bob Merton has changed the foundations on which the science of economics is built.”In his prize lecture, Merton offered observations on the structural elements of the worldwide financial crisis, on needed financial regulatory changes, and on the important role of financial innovation and science in the future.Merton is past president of the American Finance Association, a member of the National Academy of Sciences, and a fellow of the American Academy of Arts and Sciences. He joined the Harvard Business School faculty in 1988.last_img read more

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SA hotelier couple list luxury Gold Coast mansion for more than $4m

first_img133 Commodore Drive, Paradise Waters.A South Australian hotelier couple have listed their grand Surfers Paradise mansion on the market with a multimillion-dollar price tag.Peter and Jenny Hurley want $4.75 million for their European-inspired Commodore Drive property overlooking main river.It has been a holiday home for the couple since they bought it for $4 million in 2003 from freight tycoon Clive Thomas and his wife. 133 Commodore Drive, Paradise Waters.Mr Hurley established the Hurley Hotel Group after leaving a teaching career to buy the Wudinna Hotel in 1975.More than 40 years later, he and his wife operate 10 hotels across South Australia and hold shares in two others.Other significant investments under the Hurley group include the Arkaba Village Shopping Centre and Surrey Downs Shopping Centre, both in South Australia. 133 Commodore Drive, Paradise Waters. More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago133 Commodore Drive, Paradise Waters.A sweeping staircase under a domed ceiling, formal lounge with wet bar, infinity edge pool and private courtyard are among the four-bedroom, four bathroom home’s standout features.It is understood the Hurleys are selling the property because they have bought another on the Gold Coast.Kollosche Prestige agents Michael Kollosche and Duncan Longmore are marketing the property.Mr Kollosche declined to make comment on the owners but said the home was “beautiful”.“It’s a great home and in a fantastic location,” he said. 133 Commodore Drive, Paradise Waters.last_img read more

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