Merton H. Miller (1923-2000) was the Robert H. McCormick Distinguished Service Professor Emeritus in the Graduate School of Business at the University of Chicago and the president of the American Finance Association. In 1990 he was awarded the Nobel Memorial Prize in Economic Sciences. He was the author or editor of a number of books, most recently Merton Miller on Derivatives and Financial Innovations and Market Volatility. Bruce D. Grundy, a former student of Miller, is the Ian Potter Professor of Finance at Melbourne Business School. His research interests include corporate governance, derivatives pricing, real options, and the mutual fund industry. Prior to joining Melbourne Business School Bruce was a member of the faculty at the Wharton School and Stanford's GSB and a visiting faculty member at the National University of Singapore and the Johann Wolfgang Goethe-Universitat Frankfurt am Main.