The Valuation of Option Contracts and a Test of Market Efficiency, Black-Scholes, 1972

The Valuation of Option Contracts and a Test of Market Efficiency was first published in the Journal of Finance, Vol. 27, No. 2, May 1972, pp. 399-417 (Papers and Proceedings of the Thirtieth Annual Meeting of the American Finance Association, New Orleans, Louisiana, December 27-29, 1971)

You can read the full paper (free) or download it (paid) on JSTOR:

https://www.jstor.org/stable/2978484

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