These tools and models are now the standards utilized for pricing and hedging in major investment and commercial banks.
[1][citation needed] He is on the advisory board of Mathematical Finance – a journal he co-started in 1989.
He is also an associate or advisory editor for numerous other journals and serves on the board of directors of several firms and professional societies.
Publications include five books - Options Pricing, Finance Theory, Modeling Fixed Income Securities and Interest Rate Options (second edition), Derivative Securities (second edition), and An Introduction to Derivative Securities, Financial Markets, and Risk Management - as well as over 100 publications in leading finance and economic journals.
He graduated magna cum laude from Duke University in 1974 with a major in mathematics, received an MBA from the Tuck School of Business at Dartmouth College in 1976 with highest distinction, and in 1979 he obtained a PhD in finance from the MIT Sloan School of Management under Robert C. Merton.