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RISS 인기검색어
- 검색키워드
- 저자 : Daehong T. Jaang (검색결과 4 건)
- 무료
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- 유료
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Does Derivative Trading Affect Stock Volatility?
Daehong T. Jaang 한국재무학회 2011 한국재무학회 학술대회 Vol.2011 No.09
This paper re-examines the relation of stock market volatility with those of macro-finance variables using data from 1950 to 2009. Unlike the findings in previous studies, macroeconomic volatilities do affect aggregate stock volatility significantly if derivative trading is taken into consideration. On the other hand the evidence on greater stock return variability in economic downturn is ambiguous. It is argued that those findings are likely to have been caused by omitting variables for financial market activities. It is shown that derivative trading, either exchange trading or over the counter trading, increases stock volatility significantly.
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Do Financial Activities Affect Stock Volatility?
Daehong T. Jaang 한국재무학회 2009 한국재무학회 학술대회 Vol.2009 No.05
This paper re-examines the relation of stock volatility with those of macro-finance variables using data from 1950 to 2008. While confirming the findings in previous studies, in particular, the evidence of the greater stock return variability in economic downturn, it shows that much of the volatility is attributable to financial market activities since mid-1980s. It is argued that predictors of financial market activities can help to better explain stock volatility.
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Financial Risk and Derivative Trading
Daehong T. Jaang 한국재무학회 2010 한국재무학회 학술대회 Vol.2010 No.05
This paper re-examines the relation of stock volatility with those of macro-finance variables using data from 1950 to 2009. Unlike the findings in previous studies, some key macroeconomic volatility, in particular, that of industrial production is shown to have significantly positive effects on aggregate stock volatility while evidence of the greater stock return variability in economic downturn is ambiguous. It is argued that those findings are likely to have been caused by omitting variables regarding financial market activities. It is shown that derivative trading, either exchange trading or over the counter trading, significantly positive effects on stock volatility.
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장대홍 ( Daehong T Jaang ) 한국경제학회 2017 한국경제포럼 Vol.10 No.3
자유사상은 리버럴리즘, 리버타리아니즘, 보수주의라는, 상충되거나 때로는 적대적 이기도 한 이념으로 분화되어 있다. 원래의 자유이념은 어떤 정치, 사회적 체제도 간섭할 수 없는 개인적 몫, 즉, 천부적 권리 또는 자연권의 사상을 기초로 하는 고전적 자유주의에서 출발하였다. 오늘날의 분화된 자유이념의 차이도 개인의 자유에 대한 정부의 간섭, 또는 정치성향의 차이에 따라 결정되며, 이는 경제자유의 수준과 경제적 성과에서 극명히 드러난다고 볼 수 있다. 이 글의 실증분석은 경제적 번영에서 원래의 자유이념이 천명하는 경제자유의 수준과 이를 성취한 역사적 경험이나 전통이 중요하다는 점, 반면에 이를 제약하는 이념적 성향이 부정적이라는 점을 선명하게 드러내었다. Liberal philosophy to this day has evolved into three distinct, often contradicting, ideologies, namely, liberalism, libertarianism, and conservatism. Originally, liberalism, now referred to as classical liberalism, traces back to the notion of personal sphere which should not be viloated by any socio-political intervention, which in turn was based on the concept of god-given or natural right. Differences among these competing ideologies are manifested by the degree of intervention or by the political disposition of ruling government, most vividly in the level of economic freedom and in the economic performance of a nation. Empirical analysis in this paper clearly indicates that economic performance is strongly influenced by such factors like the level of economic freedom, the historical experiences or the tradion espoused by original liberalism, while, on the other hand, negatively affected by the ideological disposition to restrict them.
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