December 2014
Beginner
352 pages
14h 24m
English
Content preview from The Economics Book
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IN CONTEXT
FOCUS
Banking and finance
KEY THINKERS
Fischer Black (1938–95)
Myron Scholes (1941–)
BEFORE
1900 French mathematician Louis Bachelier demonstrates that stock prices follow a consistent but random process.
1952 US economist Harry Markowitz proposes a method to build optimal portfolios based on diversifying risk.
1960s Capital Asset Pricing Model (CAPM) is developed to determine the correct rate of return for a financial asset.
AFTER
1990s Value-at-Risk (VaR) is developed to measure the risk of loss on a portfolio.
Late 2000s Global financial markets collapse.
During the 1960s the institutional foundations of the post-war world were steadily eroded. ...
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