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Three Essays on Financial Economics.

Chiang, Tsun-Feng.

Three Essays on Financial Economics.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Three Essays on Financial Economics.
Author:	Chiang, Tsun-Feng.
Description:	118 p.
Notes:	Source: Dissertation Abstracts International, Volume: 75-03(E), Section: A.
Notes:	Adviser: Douglas Pearce.
Contained By:	Dissertation Abstracts International75-03A(E).
Subject:	Economics, Theory.
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3575609
ISBN:	9781303544514

Three Essays on Financial Economics.
Chiang, Tsun-Feng.

Three Essays on Financial Economics. - 118 p.

Source: Dissertation Abstracts International, Volume: 75-03(E), Section: A.

Thesis (Ph.D.)--North Carolina State University, 2013.

This dissertation is composed of three research-based essays. The first two take Korea, an economy with high income risk, as an example to calibrate optimal portfolio choices. The first essay confirms that Korean households are subject to higher idiosyncratic income risk (compared with US households) and that the risk increases with age. Using the estimated income risk, the study finds that even though Korea has impressive income growth and average returns on stocks, a Korean household should be conservative in its investment in risky assets since high income and return uncertainty could have negative effects on consumption smoothing. The second essay discusses a similar issue but extends the context of international financial markets. It asks how Korean workers in different industries should allocate their wealth in the equities of selected countries to hedge against their wage risks. Without considering the foreign exchange risk, this study finds that workers in most industries have large hedging demands for French and Canadian stocks. These results may be due to the competitiveness or the complementarity between Korean industries and the two studied countries' industries.

ISBN: 9781303544514Subjects--Topical Terms:

212740
Economics, Theory.

Three Essays on Financial Economics.
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100 1 $a Chiang, Tsun-Feng. $3 660349
245 1 0 $a Three Essays on Financial Economics.
300 $a 118 p.
500 $a Source: Dissertation Abstracts International, Volume: 75-03(E), Section: A.
500 $a Adviser: Douglas Pearce.
502 $a Thesis (Ph.D.)--North Carolina State University, 2013.
520 $a This dissertation is composed of three research-based essays. The first two take Korea, an economy with high income risk, as an example to calibrate optimal portfolio choices. The first essay confirms that Korean households are subject to higher idiosyncratic income risk (compared with US households) and that the risk increases with age. Using the estimated income risk, the study finds that even though Korea has impressive income growth and average returns on stocks, a Korean household should be conservative in its investment in risky assets since high income and return uncertainty could have negative effects on consumption smoothing. The second essay discusses a similar issue but extends the context of international financial markets. It asks how Korean workers in different industries should allocate their wealth in the equities of selected countries to hedge against their wage risks. Without considering the foreign exchange risk, this study finds that workers in most industries have large hedging demands for French and Canadian stocks. These results may be due to the competitiveness or the complementarity between Korean industries and the two studied countries' industries.
520 $a The topic of the third essay is also portfolio choice. However, it aims to improve upon previous empirical studies to avoid the ambiguity of the definition of risky assets by introducing ordered financial risk. This study concentrates on the effects of household characteristics on that household financial risk-related choices, using US household data. It finds some characteristics, such as marriage status and education, are more influential than economic variables, such as income and net worth. The predicted probabilities show that a household is unlikely to choose high financial risk unless it possesses more than one characteristic that has positive effects on the taking of high risk. Additionally, the effects of households' expectations could change because of the global financial crisis. The results are robust in terms of model selection and the criteria established for ordering financial risk.
590 $a School code: 0155.
650 4 $a Economics, Theory. $3 212740
650 4 $a Sociology, Individual and Family Studies. $3 212553
650 4 $a Economics, Finance. $3 212585
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710 2 $a North Carolina State University. $b Economics. $3 660350
773 0 $t Dissertation Abstracts International $g 75-03A(E).
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791 $a Ph.D.
792 $a 2013
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3575609

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