PIONEERS OF FINANCE THEORY

Abstract

Author(s): Selçuk BALI

Beginning from the end of XIX. century, there were a lot of scientists who contributed to develop finance as a discipline. At this point, it is tried to define short biographical information of 8 scientists who contributed to the finance theory with their pioneer work, research and publishings, basic concepts and theories that they put forth and their publishings that are thought as basic in years. These scientists are as follows respectively: Bachelier, who has an influential role in the development of using stochastic process with mathematical finance. Fisher who is the pioneer of using and developing the index numbers, and has prior studies on interest, value and money; Keynes who gave to separation of economy as before Keynes and since Keynes, Graham whu is known as the father of security analysis, Marschak who put forth the concept of new middle class, Williams who is named as the father of dividend investing by many investors; Hicks who is the architect of “Capital” triology, and Kaldor who blend numerous economic theories and policies successfully

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