FYI: he history of asset pricing models is one of evolution. As anomalies are discovered, our knowledge advances and new models are developed.
Building on the work of Harry Markowitz, the trio of John Lintner, William Sharpe and Jack Treynor are generally given most of the credit for introducing the first formal asset pricing model, the capital asset pricing model (CAPM). It was developed in the early 1960s, and provided the first precise definition of risk and how it drives expected returns.
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/swedroe-5-factor-evaluation?nopaging=1
