Editing Capital asset pricing model (section)

==Inventors==
The CAPM was introduced by [[Jack L. Treynor|Jack Treynor]] (1961, 1962),<ref>{{cite journal|last=French |first=Craig W. |year=2003 |title=The Treynor Capital Asset Pricing Model |journal=Journal of Investment Management |volume=1 |issue=2 |pages=60–72 |ssrn=447580 }}</ref> [[William F. Sharpe]] (1964), [[John Lintner]] (1965a,b) and [[Jan Mossin]] (1966) independently, building on the earlier work of [[Harry Markowitz]] on [[Diversification (finance)|diversification]] and [[modern portfolio theory]]. Sharpe, Markowitz and [[Merton Miller]] jointly received the 1990 [[Nobel Memorial Prize in Economic Sciences|Nobel Memorial Prize in Economics]] for this contribution to the field of [[financial economics]]. [[Fischer Black]] (1972) developed another version of CAPM, called Black CAPM or zero-beta CAPM, that does not assume the existence of a riskless asset. This version was more robust against empirical testing and was influential in the widespread adoption of the CAPM.