• Journal of Korea Fair Competition Federation
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• no.73
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• pp.2-12
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• 2001

미 법무부의 독점금지국(the Antitrust of the U.S. Department of Justice)은, 지난달 제일제당과 두 일본기업이 미 독점금지법 위반을 인정하는데 동의했다고 발표하였다. 미 법무부 독점금지국은 미국 상거래에 영향을 주는 호전적 카르텔에 있어서는, 연루된 기업의 국적에 상관없이, 또한 그 기업이 미국 역내에 있느냐 역외에 있느냐를 불문하고 자국의 독점금지법을 일괄적으로 적용해 오고 있다. 따라서 이런 기업들은 미국 독점금지법하에서 벌금이나 심지어는 금고형으로부터 자유로울 수가 없는 것이 현실이다. 미 법무부의 독점금지국은 판사의 형 선고 재량권을 현저하게 약화시킨 형 선고에 관한 지침(United States Sentencing Guidelines), 그리고 카르텔 공동협력에 있어 공모에 대한 증거제공 및 공동행위를 신고한 기업에 대해 형량감경제도(Corporate Leniency policy)를 효율적으로 운영함으로써 지난 몇 년간 미국 역외에서 발생한 공동행위에 대해 수많은 형사적 유죄판결을 받아내었다. 지난 수십년간 독점금지국은 가격고정, 입찰담합, 시장할당 그리고 셔먼법에 의해 당연위법으로 인정되는 경쟁자간의 합의에 관련된 기업들과 개인들에 대해 조사하고 형사적으로 소추해왔다. 이 모두는 불합리하게 거래를 제한하는 합의로 독점금지법에 의해 금지되는 행위들이다. 연방법은 현재 셔먼법 위반에 대한 벌칙으로 거래를 제한하는 공모에 합의함으로써 셔먼법을 위반한 기업에게는 최고 1,000만 달러, 개인에게는 최고 35만 달러의 벌금을 부과할 수 있으며 최장 3년간의 징역에 처해 질 수 있다고 규정하고 있다. 그러나 벌금액은 1987년의 형사벌금개선법(The Criminal Fines Improvements Act: 법원이 개인 및 기업에 대한 범죄에 의해 야기된 이익이나 손실의 두 배에 해당하는 금액 중 더 큰 금액을 선택적으로 부과할 수 있다는 규정)에 의해 극적으로 늘어나고 있다. 이 논고에서는 미 법무부 독점금지국이 글로벌 카르텔과의 전쟁을 성공적으로 수행하게 된 과정을 간략하게 검토하고, 그 과정에서 다루어진 중요한 사건 중 두 사례를 선정해서 고찰해 보기로 하겠다.

• Korean Journal of Construction Engineering and Management
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• v.9 no.2
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• pp.136-145
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• 2008

Recently the Ministry of Finance and Economy of Korea launched two new project delivery systems called "Best Value Contract (Design-Bid-Build)" and "Bridging Contract (Design-Build)" in October of 2007 by revising enforcement ordinances of "Act on Contracts to Which the State is a Party". These project delivery systems require the bidders to submit technical proposal adjusted to the project characteristics and objectives for selecting the contractor by evaluating technical proposals. This research aimed to suggest guideline to effectively operate the project delivery systems described above. To reach the goal of the research, the framework of the operation model was developed, which includes the four categories: the standard bidding process, the technical proposal requirements, the technical proposal evaluation criteria, and the award methods. The contents of the four categories above were fulfilled throughout conferring with the advisory experts. In particular, the award methods, which are the important decision-making factor in the perspective of the owner, consist of four types: Low Bid-Fully Qualified, Weighted Criteria, Adjusted Bid, and Adjusted Score. The quantitative features and application criteria of these four types of award methods were suggested throughout the simulation using the virtual case.

• Information Systems Review
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• v.21 no.2
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• pp.51-67
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• 2019

This study examines IPO underpricing and its interaction with investor attention as one of key factors that can affect post-IPO performance in the short- and long-run. With higher investor attention measured as Google searches around IPO dates, our empirical results show that IT firms are underpriced more severely than non-IT firms. We also demonstrate that investor attention is positively associated with IPO performance in the short-run for both IT and non-IT firms. However, the impact of investor attention is more sustained for IT firms over a longer time horizon when coupled with a high level of underpricing while its impact is neutralized for non-IT firms. Given the unique attributes such as network effects embedded in the IT industry, our findings suggest that IPO underpricing and its interplay with investor attention for IT firms play an important role in shaping long-run performance and ultimately affecting fundamental value.

• Management & Information Systems Review
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• v.33 no.2
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• pp.263-279
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• 2014

SPAC(Special Purpose Acquisition Company) is the paper company that aims the merger of private company only, and introduced in Korea at 2009. Until 2013, 22 SPACs were listed, and 10 of them made successful mergers but rest were delisted. When IPO, range of the volume of public offerings were 20~30 billion won. After IPO, some SPACs showed extreme price movements, but on average their prices were below IPO prices 1 year later and near IPO prices 2 years later. Successful SPACs showed positive and significant 2.94% 25 days Cumulative Average Abnormal Return(CAAR) before the public announcements of merger and also showed positive and significant 10.60% 45 days CAAR around the general meetings of shareholders. I concluded that SPAC market were constrained by several regulations, so deregulation is needed for SPAC market activation.

• The Korean Journal of Financial Studies
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• v.12 no.1
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• pp.63-88
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• 2006

본 연구는 기업가치를 측정하기 위해서 활용될 수 있는 두 가지의 새로운 모형을 개발하였다. 두 가지 모형은 모두 자산가치와 수익가치의 가중평균으로 기업의 본질가치를 표현할 수 있다는데 공통적인 특징이 있다. 첫째 모형은 도산확률 하의 세후 기업가치 가중평균모형이다. 현금흐름할인법으로 알려진 전체기업가치 평가방법론(entity approach)에 기초한 기업가치 평가모형인 이원흠 최수미(2002)의 지식자산가치 평가모형 및 이원흠 최수미(2004)의 가중평균 가치평가모형으로부터 도산확률 하의 세후 가중평균 기업가치 평가모형을 도출하였다. 이 모형은 기업가치는 수익가치 및 실물자산의 가치와 지급이자의 절세효과, 예상도산비용 등 4부분으로 구성된다는 것을 보여 주고 있다. 둘째 모형은 이익조정에 의한 비정상발생액을 감안한 기업가치 가중평균모형이다. 회계학 분야에 주로 발전한 발생액을 고려한 이익의 질(quality of earnings)을 기업가치 측면에서 평가할 수 있는 새로운 모형이다. 이익의 질을 고려한 기업가치 평가모형도 첫째 모형의 도출논리에 의거하여 세후 혹은 도산확률 하의 세후 기업가치 평가모형으로 확장할 수 있다. 새로이 개발된 가중평균 가치평가모형을 통해 추정한 수익가치와 자산가치의 가중치, 가중평균자본비용 등의 정보는 상장주식의 목표가격 평가, 투자등급 판정 등에 활용될 수 있을 뿐만 아니라, 신규상장주식의 공모가, 비상장기업의 합병가액산정, 지주회사의 가치평가 등 비상장기업의 가치평가 분야에 광범위하게 응용될 수 있을 것이다.

• Journal of Korea Entertainment Industry Association
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• v.13 no.7
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• pp.75-85
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• 2019

This study was intended to identify the influence of brand value, Jewelry design, recommendation, Jewelry price, recognition, and satisfaction on purchase intent and to present a marketing strategy to draw up an activation plan for the child Jewelry market. Therefore, the implications of this study are as follows: First, companies should give consumers a sense of brand value through media promotion so that consumers can recognize it. Second, companies will have to set up marketing strategies to further enhance brand value through production of limited edition products. It will also have to develop a strategy to expand the type of product by promoting the product along with the product that has been recognized. Third, companies will have to diversify their product designs and expand the range of design choices for consumers through detailed design contests for design professionals, ordinary people and housewives. Fourth, when recommending a product to an acquaintance, you should make a recommendation considering the members of the household, individuality, and taste. Fifth, the company will have to push forward the diversification of prices as well as the diversification of products. Finally, companies will have to set up marketing strategies that meet consumers' needs, such as expanding point reserves for products, hosting promotions and one-plus-won events with friends.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.233-260
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• 2003

This paper compares the underpricing of IPOs listed on KOSADQ with that of IPOs listed on KSE. When we consider the last day of upper price limit of IPOs, IPOs on KSE show higher initial excess return than IPOs on KOSDAQ. And AR2 which is the abnormal return based on the stock price of the last day recording upper limit after listing, IPOs on KOSDAQ exhibit larger abnormal return than IPOs on KSE. Our study also reports that the long-term performance of IPOs in two markets does not show any difference. That is, IPOs of both markets under performed in the long-run. The wealth relatives of IPOs are a little higher than market portfolio. We explored the reasons of the underpricing of IPOs in both markets through the multiple regression analysis. The business history is examined asstatistically significant variable to explain the underpricing.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.1
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• pp.156-163
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• 2012

The price stabilization policies which require the underwriters to maintain post-IPO prices at some level (stabilization duty) or give put-back options to investors, have survived for eight years until June, 2006. The purpose of this study is to analyze the effect of price stabilization policies upon IPO underpricing in KOSDAQ. The study decomposes the influence of the price stabilization policies on IPO underpricing into ex-ante and ex-post effect. The price stabilization policies have shown to increase the IPO underpricing both at ex-ante and ex post bases. And the ex-ante effect is greater than ex-post effect. Among policies, the price stabilization duty magnifies the underpricing more than put-back option. This study differentiate from the precedented studies by including the whole period in which those policies are in act and by decomposing the IPO underpricing effects into ex-ante and ex-post bases.