NO.PZ2020021002000012
问题如下：
Provide a list of examples of risk management that can be seen in early history.
选项：
解释：
中文解析：
以下是历史上一些比较知名的风险管理案例c.1750 BC—Code of Hammurabi records Babylonian maritime loan insurance. Roman e ra—Burial societies cover funerary expenses with
regular premiums.
Early medieval period—Early guilds support members who suffer financial loss.
1300s—Shipping insurance matures in Genoa.
1583—First recorded life insurance policy in London
1650s—Blaise Pascal and Pierre de Fermat lay foundation of probability theory
1666—Great Fire of London inspires early fire insurance companies.
1688—Lloyds (of London) coffee house first mentioned
1690s-early 1700s—Development of mortality tables in London
Late 1600s—early 1700s—Jakob Bernoulli describes law of large numbers/statistical inference.
1730—Japanese rice futures traded in Osaka (world's first futures).
1730—Normal distribution and standard deviation described by Abraham de Moivre.
1762—First life insurer to calculate premiums in scientific manner (forerunner of Equitable Life)
1764—Publication of Thomas Bayes'1750s work (Bayesian statistics)
1846—Cologne Re: first dedicated reinsurance company
1864—Chicago Board of Trade lists first US standardized futures contracts (corn).
1875—Francis Galton, British statistician, describes regression to the mean.
1900—Louis Bachelier models Brownian motion to investigate financial assets.
Early 1900s—Lloyds underwriters collect catastrophe risk data for pricing, for example, hurricane records.
1921—Frank Knight explores'Risk, Uncertainty and Profit'
1950s- 1960s—Large corporations self-insure; "risk manager" used for widened insurance purchaser role.
1952—Diversification and modern portfolio management: Harry Markowitz
1961- 1966—Capital Asset Pricing Model: William Sharpe and John Lintner
1970s—Decade of market liberalization and price and interest rate volatility
1972—CME currency futures contracts
1973—Chicago Board of Trade (CBOT) options on stocks; Chicago Board Opt ions Exchange (CBOE) created
1973—Black-Scholes option pricing formu la
Mid 1970s—Treasury bill and bond futures
1979-1980—OTC currency options and swaps
Early 1980s—Growth of early OTC markets; first interest rate swaps
1983—Interest rate caps and floors
1987—Commodity swaps; average options; and other pathdependent options
1988—Basel Accord (Basel I) banking reform, focused on credit risk
1990—Collateralized loan obligations
Early 1990s—Credit derivatives develop, for example, credit default swaps
1993—CBOE volatility index (VIX)
1994—J .P. Morgan publishes value-at-risk (VaR) methodology (RiskMetrics)
1994-1995—Classic cases of derivative misuse, for example, Orange County, Barings Bank
1996—Market Risk Amendment for Basel I
1998—Russia financial crisis, LTCM near collapse
1998-1999—Synt hetic CDOs (collateralized debt obligations); CDOs of CDOs (CDO squared)
2001—Terrorist attacks on World Trade Center (9/ 11); Enro n
collapse, corporate scandals
2002—Sarbanes-Oxley Act (SOX) to prevent fraudulent
accounting
2004—Basel II (including operational risk capital)
2004- 2006—VIX fut ures, options
2007-2009—Global Financial Crisis
2009—Contingent convertible bonds (CoCos)
2010—Base l III ongoing (including liquidity risk)
2010—Dodd-Frank Act
2011 onwards—Fast development of cyber risk transfer market
2016—Solvency II reform in effect for insurance industry
2017—Finalized Basel Ill reforms released
这是考点么
