Nobel Laureate Professor Myron S. Scholes Presents on Financial Risk Management at Xiamen University

Honorary guest and renown Nobel Laureate Professor Myron S. Scholes presented his lecture, "Intermediation Process and Risk Management", on June 25 at Xiamen University. Organized by Wang Yanan Institute for Studies in Economics (WISE) and School of Economics (SOE) EDP Center, the presentation marked the 30th anniversary of the founding of the School of Economics and the 91st anniversary of the establishment of the Department of Economics at Xiamen University. The lecture is part of a series of academic forums celebrating advancements in economics and finance research, enhancing Xiamen University's international reputation in economics and finance and encouraging bright young minds to reach their full potential.
In his presentation, which attracted over 500 attendees, Professor Scholes gave his assessment of the current status quo of China's financial risk management and introduced his research on the transfer of financial risk, capital structure, and financial risk management models. He discussed the difficulty for a company in pricing financial products, especially under internal and external uncertainties of the financial risks. He also spoke of the relationship between financial innovations and financial systems, stating that innovations had the potential to reform and improve the system while the nature of the financial system could also stifle innovation.
Professor Myron S. Scholes attended the University of Chicago Booth School of Business and obtained his MBA in 1964 and his Ph.D. in 1969. He has taught at prestigious universities including Massachusetts Institute of Technology Sloan School of Management, University of Chicago Booth School of Business and Stanford University. Professor Myron S. Scholes co-authored the Black-Scholes option pricing model, receiving the Nobel Memorial Prize in Economic Sciences in 1997 alongside Harvard University Professor Robert C. Merton. The Black-Scholes formula is widely regarded as a prominent conceptual framework for valuing derivatives including call and put options.
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