• 재무관리연구
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• 제23권1호
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• pp.1-47
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• 2006

본 연구에서는 한국증권선물거래소 상장기업을 대상으로 공개매수가 기업가치에 미치는 영향을 연구하는 데 목적을 두었다. 이를 위해 공개매수 공시일 전후의 기업가치 변화를 합병의 경우와 비교하여 분석하였다. 분석결과는 다음과 같다. 첫째, 공개매수와 합병의 비교검증에서 공개매수의 공시효과는 제의기업에서는 비유의적으로 나타났고 대상기업에서는 유의한 양(+)의 초과수익률이 발견되었다. 이와 대조적으로 합병의 공시효과는 제의기업에서 유의한 양(+)의 초과수익률이, 대상기업에서는 비유의적으로 나타났다. 또한 공개매수가 대상기업과 제의기업을 합한 총 초과수익률에서 합병의 경우보다 높고, 그 대부분은 제의기업보다는 대상기업에서 발생한다는 것을 발견하였다. 이러한 결과는 공개매수와 합병이 기업가치에 미치는 영향이 차별적으로 존재하며, Berkovitch and Khanna(1991)의 모형에서 제시한 것처럼 공개매수는 합병보다 더 높은 시너지이익이 가능한 경우에 발생한다는 주장을 지지하는 증거로 해석된다. 둘께, 공개매수가 기업가치에 미치는 영향을 세부적으로 분석한 결과는 다음과 같다. (1) 타율적인 공개매수에 관해 자본시장이 부정적으로 반응하고 (2) 적대적 공개매수에 대해 제의기업이 지나친 비용을 지출하는 것으로 자본시장이 해석하며 (3) 지급수단(medium of payment)이 기업의 내재가치를 나타내는 신호 역할을 수행하는 증거가 발견되었다. 또한 (4) 비계열사 간의 공개매수는 제의기업과 대상기업 모두 기업가치에 유리하게 작용하는 것으로 나타났으며 (5) 공개매수 기간이 끝난 후에는 실패의 경우 제의기업의 주가는 급락하였으나, 대상기업의 주가는 오히려 상승하는 것으로 나타났다. 마지막으로 (6) 비상장기업이 상장기업을 상대로 공개매수를 제의하는 것이 상장기업간의 공개매수 경우보다 대상기업의 기업가치에 유리하게 작용한다는 것을 발견하였다.

• 국제학술발표논문집
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• The 2th International Conference on Construction Engineering and Project Management
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• pp.289-298
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• 2007

The development of construction industry has led to the increase in the number of criteria imposed by project clients for selecting contractors. For example, clients often request tenderers to satisfy various conditions such as tight programme, financial strength, managerial ability, relevant work experiences, technical strength, high workmanship standard, safety requirement, quality specification, and yet others. This trend has attracted research interests of devising various methods for helping project clients to assess contractors' bids. For example, in recent development, the Works Bureau of the Hong Kong Government has introduced two mechanisms in tender evaluation for various public work contracts, namely, the Marking Scheme effective from June 2002 and the Formula Approach effective from November 2002 [1], [2]. These approaches evaluate a contractor's tender by considering collectively its tender price and performance attributes, the latter including contractor experience, past performance, technical resources and technical content of his proposal. The tender with the highest combined price and performance score (CPPS) will be normally recommended for acceptance. It appears, however, that there is little existing research in helping contractors to identify a competition strategy that enables the contractor to offer his most competitive bid collectively taking into account his resource capacities and project client's multiple performance criteria. This paper examines the factors affecting contractor's competition strategy to compete for works in Hong Kong. The understanding about the factors will contribute to identifying effective competition strategy. The data used for the analysis were collected from Hong Kong construction industry. The research findings may provide valuable references for investigating effective competition strategies in other construction industries outside the region.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2003년도 춘계학술대회 논문집
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• pp.185-189
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• 2003

According to opening Seoul-Busan high speed rail line in 2004, we are studying to offer speedily for the parcel service of high speed rail-combined transport as it does, tender the quality freight services within a one and the same high speed train formation. Therefore, we reviewed for various types of HSR-combined transport and suggested to application methods in Korean high speed rail line. Through these kinds of approaches, we are able to expect the fulfillment of customer needs for high speed rail market segments, the profit maximization of future railway operating companies, and enhancement for cost-effective rail network operation of the mixed traffic on infrastructure cost-reduction in national logistics.

• 무역상무연구
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• 제23권
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• pp.155-219
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• 2004

This paper focuses on two recent legislative developments in electronic commerce: the "Uniform Computer Information Transactions Act" ("UCITA") of USA and the "preliminary draft convention on the use of data message in [international trade] [the context of international contracts]" ("preliminary draft Convention") of UNCITRAL. UCITA provides rules contracts for computer information transactions. UCITA supplies modified contract formation rules adapted to permit and to facilitate electronic contracting. UCITA also adjusts commonly recognized warranties as appropriate for computer information transactions; for example, to recognize the international context in connection with protection against infringement and misappropriation, and First Amendment considerations involved with informational content. Furthermore, UCITA adapts traditional rules as to what is acceptable performance to the context of computer information transactions, including providing rules for the protection of the parties concerning the electronic regulation of performance to clarify that the appropriate general rule is one of material breach with respect to cancellation (rather than so-called perfect tender). UCITA also supplies guidance in the case of certain specialized types of contracts, e.g., access contracts and for termination of contracts. While for the most part carrying over the familiar rules of Article 2 concerning breach when appropriate in the context of the tangible medium on which the information is fixed, but also adapting common law rules and rules from Article 2 on waiver, cure, assurance and anticipatory breach to the context of computer information transactions, UCITA provides a remedy structure somewhat modeled on that of Article 2 but adapted in significant respects to the different context of a computer information transaction. For example, UCITA contains very important limitations on the generally recognized common law right of self-help as applicable in the electronic context. The UNCITRAL's preliminary draft Convention applies to the use of data messages in connection with an existing or contemplated contract between parties whose places of business are in different States. Nothing in the Convention affects the application of any rule of law that may require the parties to disclose their identities, places of business or other information, or relieves a party from the legal consequences of making inaccurate or false statements in that regard. Likewise, nothing in the Convention requires a contract or any other communication, declaration, demand, notice or request that the parties are required to make or choose to make in connection with an existing or contemplated contract to be made or evidenced in any particular form. Under the Convention, a communication, declaration, demand, notice or request that the parties are required to make or choose to make in connection with an existing or contemplated contract, including an offer and the acceptance of an offer, is conveyed by means of data messages. Also, the Convention provides for use of automated information systems for contract formation: a contract formed by the interaction of an automated information system and a person, or by the interaction of automated information systems, shall not be denied on the sole ground that no person reviewed each of the individual actions carried out by such systems or the resulting agreement. Further, the Convention provides that, unless otherwise agreed by the parties, a contract concluded by a person that accesses an automated information system of another party has no legal effect and is not enforceable if the person made an error in a data message and (a) the automated information system did not provide the person with an opportunity to prevent or correct the error; (b) the person notifies the other party of the error as soon as practicable when the person making the error learns of it and indicates that he or she made an error in the data message; (c) The person takes reasonable steps, including steps that conform to the other party's instructions, to return the goods or services received, if any, as a result of the error or, if instructed to do so, to destroy such goods or services.

• 재무관리논총
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• 제3권1호
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• 법제연구
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• 제41호
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• pp.367-399
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• 2011

현행 자본시장법 제174조는 상장법인을 중심으로 정보접근의 우월적 지위가 있는 자들에 한정하여 미공개중요정보의 이용을 금지하고 있다. 아울러 규제대상정보의 범위도 상장법인의 업무 등에 관한 정보에 한정하며, 시장정보는 예외적으로 규제하고 있다. 그러나 현행법상 규제되지 않는 미공개정보의 이용행위 중에는 정보 비대칭의 이용이라는 불공정한 속성을 가진 경우가 상당하며, 특히 외부자에 의한 정보이용의 경우가 그러하다. 본 논문은 이와 같이 현행법상 규제의 범위에 포섭되지 않는 외부자거래의 다양한 유형을 그 이용대상정보가 내부정보인가 외부정보인가에 따라 구분한 뒤, 각각 규제의 필요성을 검토하고 개선안을 모색하였다. 현재 규제되지 않는 외부자거래의 유형으로는 (i) 불법적으로 지득한 내부정보를 이용한 거래, (ii) 합법적으로 우연히 지득한 내부정보를 이용한 거래, (iii) 정보생성자 및 그 관련자의 외부정보에 기한 거래 등을 들 수 있다. 이 가운데 (i)과 (iii)의 경우는 자본시장법상 포괄조항인 제178조 제1항 제1호의 적극적 해석을 통해 규제가 가능할 것으로 판단된다. 우연히 지득한 정보를 이용하는 (ii)의 경우는 규제의 필요성이 그리 크지 않은 것으로 보인다. 향후 입법자가 자본시장법의 미공개정보이용 규제의 틀을 회사관계 중심규제에서 완전한 정보보유 중심규제로 바꾸게 되면 규제의 공백 없이 미공개정보를 '이용'한 모든 경우가 규율될 수 있을 것이다. 그렇지만 정보보유 중심규제로의 전환을 선택하기 위해서는 그로 인한 장단점을 충분히 검토해야 하며, 결국 미공개정보이용의 규제 목적이 무엇인가를 염두에 두어야 할 것이다. 그리고 이러한 규제 체계의 전환이 있을 때까지는 현행법상의 적용 가능한 조문을 적극적으로 활용할 것이 요청된다.