Jinzouki
Does changing titles affect stats?
Yep, the stats are boosted/decreased by percantages. And you can see how much they are when changing them around with your titlist.
ie. Ichiban I belive gives either +10or; +20% to all primary stats
Failure gives -80% to every stat, -100% to exp and money
You can even place a title on dungeons that you create to improve them- however, the side effect is that all items/monsters in the dungeon gain the same title, meaning they will have all the stat boosts and skills that the title gives. And you cannot get your title back until you finish the dungeon.
So you'd typically want to give a title with higher % boosts to your characters. One way to collect titles(that I did while I was low level) is to find them off items on the map. When your phantoms dissappear to take the items, you earn not only the items themselves, but the titles they hold.