taught nonlinear and linear optimization techniques for profit/cost optimization and regression analysis for demand estimation & forecasting and cost curve estimation for MBA courses
Jeff S. Hong’s Curriculum Vitae
PhD Economics, MA Int'l Studies, MA Linguistics, BA Lib Arts
I. Personal Data
II. Education ( in reverse chronological order )
III. Professional Skills and/or Experiences
A. Econometric Modeling & Forecasting Techniques
B. Financial Economics
C. Quantitative & Mathematical Methods
IV. Work Experiences (in reverse chronological order)
taught nonlinear and linear optimization techniques for profit/cost optimization and regression analysis for demand estimation & forecasting and cost curve estimation for MBA courses
taught finance, management, marketing and entrepreneurship courses
taught mathematical modeling and analytical techniques for undergraduate economics & statistics.
provided daily fundamental analysis and intraday technical (chart) analysis to help foreign exchange market investors make informed decisions.
using factor analysis, impact analysis and regression for trend analysis, conducted research in science & technology policies of industrialized countries as policy benchmark for government-funded R&D institute;
planned and coordinated technology cooperation programs with internationally renowned Engineering Research Centers (SRI, MIT, CTR, Bell Lab.,…etc.);
conducted general R&D management: identifying and evaluating project proposals; appropriating and controlling budgets; obtaining government approvals; maintaining technical and administrative contact with R&D partners; following up the progress; reviewing progress reports; collecting and managing the R&D results - findings, reports, prototypes...etc.
planned and implemented marketing strategies; developed offers; negotiated L/C's with banks; obtained E/L, E/P; managed follow-up.
developed proposals and prepared commercial and technical documents for int'l infrastructure construction (involving plants and heavy equipment) projects; organized production and delivery schedule; managed follow-up.
V. Publications & Presented Papers
To improve CCAPM's accuracy and to verify HARA's superior relevancy, I developed a loglinearized and Taylor-expanded Consumption-CAPM using stochastic discount factor with hyperbolic utility risk aversion assumption. The model also partially solved the asset pricing puzzle. The model estimated and forecasted the return on each individual '98 &' 99 Dogs of the Dow stocks and their portfolio. The regression result of the model outperformed the ARIMA forecast in out-of-sample testing with smaller RMSE. Rigorous assumption checks (ADF for stationarity, DW for autocorrelation, Condition No. & Klein's auxiliary regression for multicollinearity) were used to test the robustness of the model. Estimations are done with SAS, GAUSS, and Excel. Main contributions of this paper are: i) the model improved the accuracy of CCAPM over time-series model as ARIMA; ii) it verified the superior relevancy of HARA over CRRA. The relevancy was tested by checking with Delta method whether the nonlinear HARA parameter lies in the theory-prescribed range.
To develop an asset pricing models with more relevant factors depending on forecast horizon, two main stream rationales in asset pricing (fundamental single factor vs. multi-factor) were reviewed and analyzed for their strengths and weaknesses. It was found that such empirical variables as P/E & B/E ratios are more relevant in short-run forecast horizon while the more standard CAPM makes a better model for the long-run forecast horizon or for more fundamental asset pricing.
To determine random walk in U$/Yen exchange rate 20-year data series, ADF Test & Variance Ratio Test were applied using Eviews, and UIP & CIP characteristics were tested by running regerssions on Eviews and Excel to verify the forward discount bias. After confirming random walk and forward discount bias, I conducted an out-of-sample test of a log structural model (based on macro variables) to gauge the accuracy of the model vis-a-vis random walk model (based on staochastic calculus). The RMSE of the structural model was found to be greater with both quarterly and annual data affirming once again the random walk nature of the foreign exchange market.
To assess the validity of the deregulatory policy action, I verified that the natural monopoly in the long-distance market was removed from the estimated price elasticity >1 after estimating the demand curve using regression,. The data support that the competition through deregulation induced increase in call volume in the 2 post-deregulation years vis-à-vis the 2 pre-deregulation years as predicted by the economic theory. However, on qualitative side, a number of technical problems such as disorganization of nation-wide network and local service degradation due to financial instability were also found to be apparent downside.
To analyze cost & benefits to host & home countries of MNCs, I developed different models of transfer pricing, and examined various intergovernmental and governmental measures, including arm’s length pricing and APA to regulate transfer pricing activities on international and regional level (e.g. UN, OECD, EU, G7, ICC, ILO ?etc.)
A working paper tot investigates the problems of patent infringement and parallel imports. Although EU and international health agencies recommended price discrimination principles on MOU level to the pharmaceutical MNCs in 2001, they still fail to offer feasible solution that can also prevent parallel import and patent infringement. This paper aims to find feasible measures to effectively insulate the price-discriminated markets from parallel imports and to protect patent rights that would provide alternative solutions to the recommendations of EU and WHO.
A case study working paper on the corruption fighting system using information technology of the Seoul Metropolitan Government of South Korea. The "OPEN" system implemented by Seoul serves as an exemplary model to ensure transparency in all branches of the government and all areas of civil service. The system made available the on-line public monitoring of all the processing procedures of applications for permits and licenses filed with the city government as well as all the projects floated by the city. Since Seoul implemented this system in July 2000, the central government and all the nationwide municipalities followed suit in adopting the system in South Korea. This was made possible thanks the advanced IT infrastructure of the country. The model has been replicated in other countries and application systems are in demand from overseas. The implication for the anti-corruption efforts in the industrialized countries with similar levels of IT infrastructure would be considerable.
VI. Honors and Awards (in reverse chronological order)
VII. Languages: Korean (Native), English (Near-Native), French (Fluent)
VIII. TV Appearances