Scholes and the late economist Fessyl Black published an article "Option Pricing and Corporate Debt" in 1973. In this article, they gave the option pricing formula, the famous Black-Scholes formula.

Myron Samuel Scholes (July 1, 1941 ~) is an American economist. Because he gave the famous Black-Scholes option pricing formula, it has become the thinking method of financial institutions involving new financial products, and won the 1997 Nobel Prize in Economics.

Scholes' main works and important papers are:

(1) Option Contract Pricing and Market Efficiency Test (JournalofFinance,Vol.27, Pp.399 ~ 417)

(2) Capital Asset Pricing Model: Some Empirical Tests by Jensen, co-written with Blake and Jensen in 1972

(3) Option and Corporate Debt Pricing, co-written with Blake in 1973, Journalalofpoliticaleconomics, vol. 81, pp. 637 ~ 654)

(4) The Influence of Dividend Distribution and Dividend Policy on Common Stock Price and Income (Journalalofinanicaleconomics, vol. 1, Pp.1 ~ 22)

(5) Tax and Option Pricing written in 1976

(6) Estimating β with Asynchronous Data (Journal of Financial Economics, Vol. 5, Pp.39 ~ 327)

(7) Journal of Dividends and Taxes (Vol.6, pp.333 ~ 364) co-written with Miller in 1978

(8) Journal of Dividends and Taxes: Some Empirical Evidence co-written with Miller in 1982. Pp.1118 ~ 1141)

(9) Global Financial Markets, Derivatives and Systemic Risks written in 1996 (JurnalofRiskandUncertaity,12; 271~286,1996), etc.