▁Mod igli ani ▁suggested ▁breaking ▁the ▁paper ▁into ▁two ▁and ▁naming ▁that ▁part ▁" T ow ard ▁a ▁Theory ▁of ▁the ▁Market ▁Value ▁of ▁Ris ky ▁As sets ". ▁Tre yn or ▁took ▁his ▁advice , ▁and ▁presented ▁the ▁first ▁part ▁to ▁the ▁fin ance ▁fac ulty ▁sem inar ▁in ▁the ▁fall ▁of ▁ 1 9 6 2 ▁and ▁the ▁second ▁part , ▁titled ▁" Imp lications ▁for ▁the ▁Theory ▁of ▁Fin ance ", ▁in ▁the ▁spring ▁of ▁ 1 9 6 3 . ▁Later , ▁months ▁after ▁Tre yn or ▁was ▁back ▁working ▁at ▁AD L , ▁Mod igli ani ▁called ▁to ▁tell ▁him ▁about ▁William ▁F . ▁Sh ar pe ’ s ▁C AP M ▁paper , ▁and ▁suggested ▁that ▁Tre yn or ▁and ▁Sh ar pe ▁exchange ▁draft s . ▁" T ow ard ▁a ▁Theory ▁of ▁the ▁Market ▁Value ▁of ▁Ris ky ▁As sets " ▁was ▁not ▁published ▁until ▁it ▁appeared ▁in ▁ 1 9 9 9 ▁ ▁in ▁Robert ▁Kor aj czy k ' s ▁book , ▁As set ▁Pr icing ▁and ▁Port folio ▁Performance . ▁This ▁paper ▁is ▁also ▁presented ▁in ▁the ▁" R isk " ▁section ▁of ▁Tre yn or ' s ▁ 2 0 0 7 ▁book , ▁Tre yn or ▁on ▁Institution al ▁In vest ing ▁and ▁available ▁on ▁the ▁Social ▁Science ▁Research ▁Network . ▁ ▁After ▁Tre yn or ' s ▁return ▁to ▁AD L ▁his ▁manager , ▁Martin ▁Ernst , ▁asked ▁him ▁if ▁this ▁work ▁had ▁any ▁practical ▁applications ; ▁Tre yn