We examine an unusual contract which the Dutch East India Company (VOC) sold to investors in 1613. The firm was in a position as modelled by Froot, Scharfstein and Stein for modern corporations: facing heavy, strategic investment, about to reap the benefits, but unable to attract the necessary capital. Hedging or insurance then makes sense to safeguard continued operations. Understanding this, the VOC directors took out insurance on incoming cash from return cargoes. We analyze the contract’s price and underwriters and contrast the VOC’s single use of this peculiar instrument with the English East India Company’s later repeated application.

中文翻译：

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学习如何通过套期保值来管理风险：1613年的VOC保险合同

我们研究了荷兰东印度公司（VOC）于1613年向投资者出售的一份不寻常的合同。该公司处于Froot，Scharfstein和Stein为现代企业建立的榜样：面临沉重的战略投资，即将获得收益，但无法吸引必要的资金。套期保值或保险才有意义以保障持续经营。了解了这一点后，VOC主任为来自返还货物的进款现金购买了保险。我们分析了合同的价格和承销商，并将VOC对该特殊工具的单次使用与英国东印度公司后来的重复使用进行了对比。