• Journal of Arbitration Studies
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• v.19 no.2
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• pp.49-72
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• 2009

Korea Fair Trade Commission (KFTC), one of the Government agencies, has been preparing a standard model form of Exclusive Contract for Entertainment Management (hereinafter referred to as "Exclusive Contract") to eliminate some types of unfairness that placed entertainers at disadvantage such as forced PR activities or activities without payment, excessive privacy infringement, and exemption of payment after the termination of the exclusive contract. The said Exclusive Contract was drafted by The Korean Commercial Arbitration Board (the "KCAB") in association with the Korean Entertainment Law Society (the "KELS") and KCAB has persistently persuaded Corea Entertainment Management Association (the "CEMA"; mainly actors management) and Korea Entertainment Producers' Association (the "KEPA"; mainly singers management) to adopt the above-mentioned Exclusive Contract, respectively, and especially arbitration clause instead of litigation. After KCAB's tens of meetings and persuasion, they finally decided to accept KCAB's offer and they have submitted the Exclusive Contract drafted by KCAB and KELS to KFTC on April 17, 2009. The arbitration clause drafted by KCAB was already accepted by unfair contract examination division and unfair contract advisory committee and the final standard model contract was supposed to be publicly announced on June 30, 2009 after final examination of unfair contract standing committee, but the announcement has been delayed owing to severe controversies between the concerned parties, such as CEMA, KAU (Korea Artists' Union), KEPA and KSA (Korea Singers' Association) related to delicate issues like contract period and ownership of intellectual properties, etc. But it is expected the announcement will be made very soon by which the contract will include the originally drafted arbitration clause by KCAB. Therefore, it is very timely to examine the various legal issues which can be arisen out of disputes, and arbitration appropriateness with Exclusive Contract of Entertainment Management on this paper.

• The Journal of the Korea Contents Association
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• v.11 no.10
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• pp.115-127
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• 2011

As broadcasting contents are recognized as a key competition means, there are issues raised such as improvement of terrestrial retransmission system, introduction of PAR in broadcasting market and so forth. Especially, in pay broadcasting market, strategic partership between SP and PP leads to contents exclusivity for competitors, which causes to hinder normal competition and limit viewers' right of access. Consequently, not only is it claimed that essential facilities doctrine should be adopted in broadcasting market, but also clause of content equal access in IP TV law and adoption of prohibited acts regulation can be viewed in the same context. However, adoption of essential facilities doctrine in broadcasting market is likely to be counterproductive because of the differences of philosophies, economies and legal systems on which general facilities and contents are based. Therefore, it is time for a essential facilities concept, a fundamental concept of a refusal to dealing of essential facilities, and basic works to review specific cases and precedents implemented in competition laws market This study aims to review and propose beforehand if adoption of essential facilities doctrine is appropriate for broadcasting contents.

• The Korean Journal of Financial Management
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• v.26 no.3
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• pp.103-138
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• 2009

In this article we examine a unique data set of intraday fair disclosure(FD) releases to shed light on market efficiency within the trading day. Specifically, this paper analyze the response of stock prices on fair disclosure disseminated in real-time through KIND(Korea Investor's Network for Disclosure) on Korea stock exchange during the period from January 2003 to September 2004. We find that the prices of stock experiences a statistically and economically significant increase beginning seconds after the fair disclosure is initially announced and lasting approximately two minutes. The stock price responds more strongly to fair disclosure on smaller firm but the response to fair disclosure on the largest firm stock is more gradual, lasting five minutes. We also examine the profitability of a short-term trading strategy based on dissemination of fair disclosure. After controlling for trading costs we find that trader who execute a trade following initial disclosure generate negative profits, but trader buying stock before initial disclosure realize statistically significant positive profit after two minute of disclosure. Summarizing overall results, our evidence supports that security prices on Korea stock exchange reflects all available information within two minutes and the Korea stock market is semi-strongly efficient enough that a trader cannot generate profits based on widely disseminated news unless he acts almost immediately.

• The Journal of Society for e-Business Studies
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• v.22 no.4
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• pp.71-101
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• 2017

Since late 2016, protectionism has been a major trend in world trade with the Great Britain exiting the European Union and the United States electing Donald Trump as the 45th president. Consequently, there has been a huge public outcry regarding the negative prospects of heavy industry firms in Korea, which are highly dependent upon international trade with Western countries including the United States. In light of such trend and concerns, we have tried to predict business performance of heavy industry firms in Korea with data regarding trade policy of the United States. United States International Trade Commission (USITC) levies countervailing duties and anti-dumping duties to firms that violate its fair-trade regulations. In this study, we have performed data analysis with past records of countervailing duties and anti-dumping duties. With results from clustering analysis, it could be concluded that trade policy trends of the Unites States significantly affects the business performance of heavy industry firms in Korea. Furthermore, we have attempted to quantify such effects by employing long short-term memory (LSTM), a popular neural networks model that is well-suited to deal with sequential data. Our major contribution is that we have succeeded in empirically validating the intuitive argument and also predicting the future trend with rigorous data mining techniques. With some improvements, our results are expected to be highly relevant to designing regulations regarding heavy industry in Korea.

• International Commerce and Information Review
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• v.19 no.1
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• pp.155-187
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• 2017

In the US, the Sections 301 of the Trade Act of 1974 are still being used to resolve disputes. The U.S' such unilateral retaliations grounded on the Sections 301 of the Trade Act, in fact, violate the WTO agreements and hinder the development of international trade as the trade partner may assume it as a reprisal move impeding the fair settlement of disputes. Here, this study is going to examine the characteristics and functions of the WTO dispute settlement system briefly and compare the countermeasures recognized to be legitimate by the WTO with the U.S' unilateral retaliation. Also, this author will analyse the US-Japan Automobiles (DS6) and EC-Bananas III (DS27) as one of the typical cases resulted from the unilateral retaliation. According to the result, these cases do not conform to WTO-consistency, and it implies that it is absurd to accept the US' unilateral retaliation internationally. In conclusion, presently, it is a global trend to solidify protectionism, and to vitalize trade and resolve trade disputes efficiently, it is needed to prohibit the recourse to unilateral retaliations and also positively apply the WTO dispute settlement system(DSU) defining rules about how to strengthen the multilateral system.

• Journal of Information Management
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• v.42 no.2
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• pp.1-21
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• 2011

The copyright law is the greatest legal tool for promoting access to knowledge and information by striking a balance between owners rights and users rights. For libraries, copyright limitations and exceptions are critical to meeting our missions to support learning and research, promote the flow of information, provide equitable access to information to the public, preserve intellectual and cultural heritage. Based on these reasons, this study analysed the limitation of copyright law of Korea for library, suggested improvement of reproduction for the library preservation and distribution including rental and lending, printout and transmission of internet information resources, copy of library materials which are rarely available through normal trade channel and government publications, reproduction and electronic transmission for persons with disabilities, and proposed fair use model(limitations on exclusive rights) for libraries.

• Communications for Statistical Applications and Methods
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• v.18 no.5
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• pp.559-570
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• 2011

The role of jurisprudence is examined in the early history of probability and statistics. From the mid-17th to the early 18th century, Christiaan Huygens and Jacob Bernoulli used mathematical expectation to solve the problems that originated from games of chance. We demonstrate that their concept of expectation as a fair price for participating in a game came from the legal concept of 'fair trade'. In addition, we consider that the probability that Bernoulli defined in his Ars Conjectandi originated from the legal concept of 'degree of certainty'. After considering some contributions of Laplace and Poisson, we examined the history of census and statistical survey in the early 19th century. Contrary to the history of the 17th and 18th century, statistics influenced society and law in the 19th century.

• Ocean and Polar Research
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• v.29 no.1
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• pp.43-53
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• 2007

Recently, controversy over intellectual property rights for protecting genetic resources and traditional knowledge has been emerging. Very active debates and global discussions are being carried out in various international organizations for possible approaches to be taken for these properties, and for the fair and equal sharing of the benefits from these intellectual properties. There is a need to evaluate adopting a sui generis system which is being pushed by developing nations, or adopting a policy which will guaranteee benefit sharing such as sharing royalties from marketing final products, technical transfers, capacity building, and participating in research activities. Also, it is very important to examine the legal issues concerning genetic resources based on Convention on Biological Diversity for the fair and equal sharing of the benefits with developing nations, at the same time assuring developed nations of access to genetic resources.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.3
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• pp.270-276
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• 2017

Previous studies of the effects of comparative advertising did not consider that comparative advertising should satisfy its legal conditions otherwise it would be unfairly comparative advertising. In this context, this study reviewed the current legal definition of 'unfairly comparative advertising' to clarify it by the definition of unfairly comparative advertising of the Guideline of Judgement of Comparative Labeling or Advertising based on the Act on Fair Labeling and Advertising. In addition, this study confirmed that comparative advertising was banned by the Monopoly Regulation and Fair Trade Act, which was the previous act on unfair labeling or advertising, and identified differences between the two Acts in regulating unfairly comparative advertising. This study analyzed 354 adjudication cases of unfairly comparative advertising based on the regulation of Monopoly Regulation and Fair Trade Act. As a result, the definitions of the two Acts of unfairly comparative advertising were found to correspond to each other. These results suggest empirically that comparative advertising was not banned legally in the past and the definition and judgement standards of unfairly comparative advertising have not been changed.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.62
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• pp.135-178
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• 2014

The Uniform Commercial Code (UCC) sets the standards of good faith in a commercial transaction for the sale of goods. With every sales contract, there is an implied obligation for both the seller and the buyer to negotiate the contract and perform under the terms of the contract in good faith. The agreement between both parties and the customs in the industry determine how the good faith standard should be applied to a particular transaction. Generally, the meaning of good faith, though always based on honesty, may vary depending on the specific context in which it is used. A person is said to buy in good faith when he or she holds an honest belief in his or her right or title to the property and has no knowledge or reason to know of any defect in the title. In section 1-201 of the UCC good faith is defined generally as "honesty in fact in the conduct or transaction concerned." Article 2 of the UCC says "good faith in the case of a merchant means honesty in fact and the observance of reasonable commercial standards of fair dealing in the trade." The sales contract will generally determine which party is required to perform first. This provision helps to determine if the buyer or the seller is in breach of the agreement due to failing to perform as stated by the contract. Either the seller must deliver the items before the buyer is required to accept and pay or the buyer must pay for the items before the seller has the duty to act in good faith and deliver the items in a reasonable manner. If the contract does not specifically define who is required to perform, industry customs and fair trade may determine what is acceptable for the transaction. Under the UCC, the buyer is required to pay for the goods when they are delivered, unless the contract states otherwise. Therefore, the UCC imposes an obligation of good faith on the performance of every contract or duty under its purview. The law also generally requires good faith of fiduciaries and agents acting on behalf of their principals. This article discusses problems of the principles of good faith under the UCC. Specifically, this paper focuses on the interpretation of UCC sections and analysis of various cases. By comparing, also, UCC and Korean law, the paper proposes some implications of good faith issues for Korean law.