Some data to this effect was presented as early as a 1969 conference in Buffalo, New York in a paper by Fischer Black, Michael Jensen, and Myron Scholes.
برخی داده‌ها از این اتفاق ارائه شده در کنفرانس سال ۱۹۶۹ در Buffalo New York, در مقاله Fischer Black, Michael Jensen, and Myron Scholes.