In 1992 Eugene Fama and Kenneth French of the University of Chicago released a paper in called the Multifactor Asset Pricing Model and Value Effect. The results of their study improved on the single-factor asset pricing model (CapM) that had been identified by Sharp in 1964. Finally, there was statistically valid evidence to explain a majority of the above market returns previously explained as Alpha. Their study explained almost all returns based on market, size, and "value" factors. From this was developed the three-factor asset pricing model, an invaluable asset allocation and portfolio analysis tool. Consequently, Dimensional Fund Advisors (DFA) introduced value strategies based on their research.