He had a direct influence on the development of the black schools formula and generalized it in important ways. By devising another way of deriving the formula, he applied it other financial instruments, such as more mortgages and student loans. The work generated new financial instruments and has facilitated more effective risk management in society
1, Theory of rational option pricing (1973).
2, Systematic risk and the refinancing Ratchet Effect (2009).
3, Adjusted actuarial cost price conflicts with transparency requirements (2010).
4, Forward (2015).