Quantitative finance started in 1900 with Louis Bachelier 's doctoral thesis Theory of Speculation. Harry Markowitz 's 1952 Ph.D thesis Portfolio Selection and its published version was one of the first efforts in economic journals to formally adapt mathematical concepts to finance.
The Spaniards - Peninsulares, Criollos, and Mestizos. Like the Indians, Spaniards were also diverse in nature and background. Some were soldiers or missionaries directly from Spain. Others came as long time residents of New Spain (Mexico). Distinctions were made between criollos, those born in the Americas, and peninsulares, those born in Spain. Criollos were considered inferior to those who came from the mother country. Those persons of mixed race - Indian and Spaniard - known as mestizos, were one of the most rapidly growing groups in frontier society.
The term mestizaje, taking as its root mestizo or mixed, is the Spanish word for the general process of mixing ancestries. In English the term is miscegenation. To avoid confusion with the original usage of the term mestizo, mixed people started to be referred to collectively as castas.n colonial Venezuela, pardo was more commonly used instead of mestizo. Pardo means being mixed without specifying which mixture; it was used to describe anyone born in the Americas whose ancestry was a mixture of European, Amerindian, and Black African.