Black-Scholes Marketing Merton Metrics 
Harvard Business Review
JUNE 9, 2011
Robert Merton was 46 when he won the award. He and two other economists created the trading process called Black-Scholes that impacted the ways financial markets were informed and influenced. Merton had the office on the other side of my office. You see the problem. DeLong is the Philip J.
Harvard Business Review
DECEMBER 22, 2016
And, for reasons explained below, ARG tends to be significantly higher than EFV, especially when the stock market is booming. In addition, many companies reward executives with extra shares when they hit prescribed financial metrics, augmenting potential ARG not captured in EFV. million (57% from stock-based pay).
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