| S. No. | Year | Authors | Paper title | Major findings |
| 1 | 1900 | Bachelier [15] | Théorie de la spéculation | The mathematical theory of the random processes based on Einstein theory of random Brownian motion of colliding gas molecules |
| 2 | 1953 | Kendall [13] | The Analysis of Economic Time-Series―Part i: Prices | Kendal could not find the regular stock price cycle and observed that most likely it doesn’t exist |
| 3 | 1964 | Cootner [20] | The Random Character of Stock Market Prices | The price changes of the stocks are independent to each other |
| 4 | 1964 | Sprinkel [18] | Money and Stock Prices | The change in the supply of the money could predict the stock prices |