Written from an economic decision-making perspective, this text provides a detailed analysis of how tax rules influence economic decisions and gives the reader a useful framework for thinking about how taxes affect business activities. Revision coming December 2000.
Myron S. Scholes is a Partner of Oak Hill Capital Management and a Principal of Oak Hill Platinum Partners. He is also involved in the private and public investment activities of the Robert M. Bass organization. Professor Scholes has been the Frank E. Buck Professor of Finance Emeritus at the Stanford University Graduate School of Business since 1996.
Professor Scholes is widely known for his seminal work in options pricing, capital markets, tax policies, and the financial services industry. He is co-originator of the Black-Scholes options pricing model, which is the basis of the pricing and risk management technology that is used to value and to manage the risk of financial instruments around the world. For this work, he was awarded the Alfred Nobel Memorial Prize in Economic Sciences in 1997.
He was the Frank E. Buck Professor of Finance at the Stanford University Graduate School of Business from 1983 to 1996 and a Senior Research Fellow at the Hoover Institution from 1987 to 1996. He received a Ph.D. in 1969 from the University of Chicago where he served as the Edward Eagle Brown Professor of Finance in the Graduate School of Business from 1974 to 1983 and Director of the Center for Research in Security Prices from 1976 to 1983. He was an Assistant and Associate Professor of Finance at Sloan School of Management, MIT, from 1969 to 1974.
Professor Scholes is a member of the Econometric Society and served as President of the American Finance Association in 1990. Professor Scholes has honorary doctorate degrees from the University of Paris, McMaster University, and Louvain University.
Professor Scholes has consulted widely with many financial institutions, corporations, and exchanges. He was a Principal and Limited Partner at Long-Term Capital Management LP, an investment management firm, from 1993 to 1998. From 1991 to 1993, he was a Managing Director at Salomon Brothers, a member of Salomon's risk management committee, and Co-Head of its Fixed Income Derivatives Sales and Trading Department, where he was instrumental in building Salomon Swapco, its derivatives intermediation subsidiary, and in expanding its derivative sales and trading group.
Mark A. Wolfson is a Managing Partner of Oak Hill Capital Management (OHCM) and has played instrumental roles in the establishment of Oak Hill Strategic Partners, Oak Hill Venture Partners, Oak Hill Platinum Partners, Oak Hill Investment Management, and the Oak Hill Special Opportunities Fund. OHCM manages Oak Hill Capital Partners, a private equity partnership founded by Robert M. Bass and his longtime team of investment professionals. Mr. Wolfson serves on the Boards of Directors of 230 Park Investors, Accretive Healthcare, Caribbean Restaurants, DaVinci I, LLC (Japan real estate), eGain Communications, Financial Engines, and Investment Technology Group. Mr. Wolfson holds the title of Consulting Professor at the Stanford Graduate School of Business, where he has been a faculty member since 1977, including a three-year term as Associate Dean, and formerly held the title of Dean Witter Professor. He has also taught at the Harvard Business School and the University of Chicago and has been a Visiting Scholar at the Sloan School of Management at Massachusetts Institute of Technology and the Hoover Institution at Stanford University. -Mr. Wolfson has been a Research Associate at The National Bureau of Economic Research since 1988 and serves on The Board of Trustees of Menlo School as well as the Board of Advisors and Executive Committee of The Stanford Institute for Economic Policy Research.
Merle Erickson is an Associate Professor of Accounting at the Graduate School of Business at the University of Chicago where he teaches a tax strategy course in the MBA program and executive education courses that focus on tax-related valuation issues in mergers, acquisitions, and divestitures. He received his Ph.D. from the University of Arizona in 1996. Professor Erickson's research focuses on tax-related valuation issues, earnings and balance sheet management, and various aspects of accounting fraud. His research has been published in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Journal of the American Taxation Association, the National Tax Journal, and Tax Notes. He is also the author/editor of Cases in Tax Strategy (Pearson/Prentice Hall). Professor Erickson has received awards for his teaching and research, and he consults periodically with both private and governmental entities. He is an associate editor of the Journal of Accounting Research and is currently on the editorial boards of The Accounting Review and the Journal of the American Taxation Association.
Edward L. Maydew is Chair of the Accounting Area and the David E. Hoffman Term Professor of Accounting at the University of North Carolina, KenanFlagler Business School. He also serves as Director of Research at the UNC Tax Center. Professor Maydew formerly served on the faculty of the University of Chicago and earned his Ph.D. from the University of Iowa. His research and teaching interests span a variety of tax and accounting topics, and he has received a number of awards for research and teaching. He has published in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Journal of Public Economics, National Tax Journal, and Journal of the American Taxation Association. He has assisted firms in a variety of complex accounting and tax matters. He is an Associate Editor at the Journal of Accounting and Economics and serves or has served on the editorial boards of Review of Accounting Studies, Accounting Horizons, and Journal of the American Taxation Association.
Terry Shevlin is Deloitte & Touche Professor of Accounting at the University of Washington. He received his Ph.D. from Stanford University in 1986. He teaches or has taught financial accounting at the undergraduate level, taxes and business strategy at the graduate level, and seminars in empirical tax research -and capital markets research at the Ph.D. level. He has presented talks on research in taxation at the American Accounting Association Doctoral Consortium on three separate occasions and has given presentations at both the Big 10 and PAC 10 Doctoral Consortiums.
Professor Shevlin's research has been published in The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Contemporary Accounting Research, Journal of the American Taxation Association, Journal of Accounting, Auditing and Finance, Review of Accounting Studies, and Accounting Horizons. In addition to his interest in taxation, his research interests include earnings management, capital markets, and employee stock options. He has twice won both the American Accounting Association Competitive Manuscript Award and the American Taxation Association Tax Manuscript Award. He served as editor of the Journal of the American Taxation Association from 1996-1999, currently serves as Senior Editor of The Accounting Review (2002-2005), and serves on a number of journal editorial boards. He also serves as the Faculty Director of the Ph.D. Program at the University of Washington Business School.
