William F. Sharpe (1966) introduced the concept of what is now called the Sharpe ratio. Sharp first called it the Risk Reward before the concept was called the Sharp Coefficient by academics and financial activists. Sharp revised the idea a bit in 1994. In 1997, Franco Modigliani and his eldest daughter, Leah Modigliani, developed what is now called the Modigliani Risk Modified Performance Index.