During this time Professor Jan Mossin's seminal paper "Equilibrium in a Capital Asset Market" was published in Econometrica, contributing significantly to the development of the capital asset pricing model (CAPM). About the same time as Mossin returned to NHH from Carnegie Mellon with his doctorate, future Nobel laureate Finn E. Kydland went to the same university for his doctoral studies. Most of the US educated doctoral graduates came back to NHH to teach and continue their research, but some stayed in the US and a few (like Kydland) returned to NHH only to later go back to the US to continue their work.