文章基本信息

标题：Towards Personal Financial Sustainability Based on Human Capital Analysis in Korea
本地全文：下载
作者：Jaeyong Yu ; Gunyoung Lee ; Jangho Kim 等
期刊名称：Sustainability
印刷版ISSN：2071-1050
出版年度：2021
卷号：13
期号：5
页码：2700
DOI：10.3390/su13052700
语种：English
出版社：MDPI, Open Access Journal
摘要：Financial sustainability for individuals has become more important due to the increase in life expectancy. In personalized lifetime financial planning, human capital is critical for incorporating the life-cycle of individuals. This study focuses on human capital modeling based on features such as education level and working industry, and presents how difference in human capital can affect the optimal asset allocation. By analyzing the Korean labor and income panel survey data, fixed effects regression was performed to model human capital and a portfolio model that maximizes utility of total wealth is solved to optimize the lifetime financial plan. The empirical results show that individuals with human capital that are more correlated with stocks are advised to reduce allocation in stocks.