• 유통과학연구
• /
• 제15권8호
• /
• pp.47-54
• /
• 2017

Purpose - According to agency theory, managers have incentives to adjust firm revenues to meet earnings expectations or delay bad news disclosure because of performance-based compensation and their reputation in the market. When the bad news accumulates, stock prices fail to reflect all available information. Thus, market prices of stocks are higher than their intrinsic value. After all, bad news crosses the tipping point, it comes out all at once. That results in stock crashes. Auditors can decrease stock crash risk by reducing agency costs through their informational role. Especially, stock price crash risk is expected to be lower for firms adopting high-quality audits. We focus on distribution and service industry to examine the relation between audit quality and stock price crash risk. Industry specialization and auditor size are used as proxies for auditor quality. Research design, data and methodology - Our sample contains distribution and service industry firms listed in KOSPI and KOSDAQ during a period of 2004-2011. We use a logistic regression to test whether auditor quality influences crash risk. Auditor quality was measured by industry specialist auditor and Big4 / non-Big4 dichotomy. Following the approach in prior researches, we use firm-specific weekly returns to measure crash risk. Firms experiencing at least one stock price crash in a specific week during year are classified as the high risk group. Results - The result of analyzing 429 companies in distribution and service industry is summarized as follows: Above all, it is shown that higher audit quality has a significant negative(-) effect on the crash risk. Crash risk is alleviated for firms audited by industry specialist auditors and Big 4 audit firms. Therefore, our results show that hypotheses are supported. Conclusions - This study is very meaningful as the first study which investigated the effects of high audit quality on stock price crash risk. We provide evidence that high-quality auditors reduce stock price crash risk. Our finding implies that the risk of extreme losses can be reduced through screening of high-quality auditors. Therefore investors and regulators may utilize our findings in their investment and rule making decisions.

• 무역상무연구
• /
• 제44권
• /
• pp.111-180
• /
• 2009

According to English law, in a voyage policy there is an implied warranty that at the commencement of the voyage the ship shall be seaworthy for the purpose of the particular adventure to be insured. However, Unites States law affords the implied warranty of seaworthiness a great deal of latitude. In the case of voyage policies, it has been traditionally held that the assured is bound not only to have his vessel seaworthy at the commencement of the voyage but also to keep her so, insofar as this can be achieved by himself and his agents, throughout the voyage. Additionally, a defect in seaworthiness, arising after the commencement of the risk, and permitted to continue from bad faith or want of ordinary prudence or diligence on the part of the insured or his agents, discharges the insurer from liability for any loss consequent to such bad faith, or want of prudence or diligence; but does not affect the insurance contract in reference to any other risk or loss covered by the policy, and which is not caused or exacerbated by the aforementioned defect. One of the most important areas of difference in the marine insurance contract between the U.K. and U.S. is the breach of warranty. Prior to the Wilburn Boat case, the MIA was thought to hold that the effect of a breach of warranty was similar under American law -in that under the general maritime law literal compliance with all promissory warranties is required. In this case, the Court concluded that state law should apply to a marine insurance policy, and found that there was no federal rule addressing the consequences of a breach of warranty in marine polices. However, it is of the utmost importance that this case brought to a close the imperative concordance between English and American law. Meanwhile, in relation to marine insurance contracts in Korea, this insurance is subject to English law and practice;, additionally, the international trade volume between Korea and the United States has assumed a vast scale. Therefore, we believe it is important to understand the differences in marine insurance law between the two countries in terms of marine insurance contracts, and most specifically warranties.

• 한국철도학회논문집
• /
• 제17권1호
• /
• pp.1-6
• /
• 2014

국제환경규제는 제품사용단계에서 발생한 환경오염에 대한 사후처리방식에서 설계단계에서 사전환경 오염차단과 자원순환으로 전환하고 있다. 사전환경오염 차단도구로는 제품의 환경성능을 정량화하고 이러한 정보를 객관적으로 제공하는 환경성 인증제도가 활용되고 있으며 유럽에서는 이를 구매단계부터 적용하고 있다. 본 연구에서는 국내 최초로 틸팅열차를 대상으로 ISO 14025기준과 환경부 환경성적표지제도의 작성지침에 따라 전과정평가를 수행하였으며 그 결과를 제시하였다. 틸팅열차 1편성의 생애주기 온실가스 총배출량은 $3.54{\times}10^7kgCO_2eq.$로 분석되었으며 이는 유럽의 동일한 철도차량 온실가스 배출량과 비교할때 높은 수치이다. 차량별 온실가스배출량 분석결과 동력분산식임에도 Mcp차량의 배출량이 상대적으로 많았으며 차체의 배출량이 대차보다 높음을 확인하였다.

• 경영과정보연구
• /
• 제35권3호
• /
• pp.81-93
• /
• 2016

영국 FSMA 체계에서는 일반적 금지조항이 있음에도 불구하고, 변호사, 회계사 및 보험계리사 등 전문직 종사자들의 금융서비스 제공에 대한 면책조항을 제공하여 전문직종사자들이 적용면제규제대상업무를 수행할 수 있도록 한다. 특히 영국 재무부가 지정하는 전문직협회를 DPBs라고 칭하고 있으며, DPBs(designated professional bodies)는 반드시 규칙(rule)을 보유하여 해당 회원들의 적용면제규제대상업무를 감독하고 규제하는 역할을 수행한다. 또한 FSA는 DPBs의 역할에 대한 정보를 보지(保持)하고 있어야 하며, 다른 부류의 업자 또는 다른 종류의 규제대상업무와 형평성을 고려해서 전문직종사자의 면책조항에 대한 지침을 마련해야 할 의무도 있다. 한편, "자본시장법"에서는 국내 전문직종사자의 금융서비스 제공을 본연의 업무나 부수적 업무에 상관없이 투자자문업에서 명시적으로 적용을 제외시키고 있다. 영국 FSMA 체계에서는 전문직종사자의 금융서비스 제공이 본연의 업무로서 수행되려면 반드시 인가업자와 같이 인가를 받아야 하며, 부수적으로 행하더라도 일반적 금지에서의 적용면제 조항을 준수하도록 하고 있다. 따라서 투자자보호를 위해 입법론적으로 국내 전문직종사자의 금융서비스 제공에 관한 법적 제도를 마련할 필요성이 있다.

• 경영과정보연구
• /
• 제37권1호
• /
• pp.41-53
• /
• 2018

본 연구는 국내 주식시장을 대상으로 시장이상현상과 기술적 분석을 이용한 거래전략에 대해 검증하였다. 분석을 위하여 주식수익률의 특정경향이 분명하게 나타나는 기업특성 변수인 기업규모, 장부가/시가, 발생액 기준으로 10분위 포트폴리오를 구성하였다. 그리고 이 포트폴리오를 이용하여 이동평균 거래전략 포트폴리오를 형성하고 이에 대해 샤프지수를 사용하여 성과평가를 실시하였다. 또한 무비용 포트폴리오를 만들어 이동평균 거래전략의 수익성과 성공률을 확인하였다. 마지막으로 다양한 시차의 이동평균 거래전략 포트폴리오에 대한 소르티노지수를 계산하여 성과평가에 대한 강건성을 높이고자 하였다. 주요한 검증결과는 다음과 같다. 첫째, 기업규모가 작을수록, 장부가/시가가 높을수록, 발생액이 낮을수록 평균수익률이 높게 나타났다. 둘째, 이동평균 거래전략의 위험조정 성과는 기업규모, 장부가/시가, 발생액 포트폴리오 순으로 높게 나타났다. 셋째, 무비용 포트폴리오의 수익률은 모두 양의 값을 나타내고 성공률은 전반적으로 68.8%를 상회하여 이동평균 거래전략이 성공적이라는 것을 보여주었다. 넷째, 다양한 성과평가를 실시한 결과, 시장이상현상과 기술적 분석을 이용한 거래전략에는 경제적 유용성이 있는 것으로 나타났다.

• 무역상무연구
• /
• 제77권
• /
• pp.1-22
• /
• 2018

Under CISG the places of delivery by the seller of the goods are: If the seller is not bound to deliver the goods at any other particular place and the contract of sale involves carriage of the goods, the seller has to hand the goods over to the first carrier for transmission to the buyer. However, if the contract does not involve carriage of the goods, he has to place them at the buyer's disposal at the place where, at the time of the conclusion of the contract, both the seller and the buyer knew that the goods were at, or were to be manufactured or produced. This rule applies when the contract relates to specific goods, or unidentified goods to be drawn from a specific stock or to be manufactured or produced. Finally, in ant other cases the seller has to place the goods at the buyer's disposal at the place where the seller had his place of business at the time of the conclusion of the contract. As to time of delivery, if a date is fixed by or determinable from the contract, the seller has to deliver the goods on that date. If a period for delivery is fixed by or determinable from the contract, he has to deliver the goods on any date within that period. In this way the seller chooses the specific date of delivery within that period, while circumstances indicate otherwise that the choice is to be made by the buyer. There no such date or period, the seller has to deliver the goods within a reasonable time after the conclusion of the contract. If the seller delivers the goods before such the date or period, the buyer is entitled to take delivery or refuse to take delivery. Under these backgrounds of provisions of CISG, this study first suggests the concepts of the handing over of the goods by the seller to the carrier and the placing them at the buyer's disposal. Then it goes further to looks into exactly where and when the delivery has to occur. In these context, this study more examines what happens if there is a breach of contract by the seller in connection with the delivery. That is, if the seller delivers non-conforming goods or at wrong place; what if there is a partial delivery or a premature delivery.

• 시큐리티연구
• /
• 제58호
• /
• pp.195-213
• /
• 2019

경비업의 육성 및 발전과 그 체계적 관리에 관하여 필요한 사항을 정해 경비업의 건전한 운영에 이바지함을 목적으로 1976년에 만들어진 「경비업법」은 법의 제정 이후 「경비업법」이 26차례의 제·개정을 거치면서 현재에 이르고 있다. 「경비업법」의 제·개정을 통한 민간 경비의 시대적 구분은 크게 3가지 시기로 나눠볼 수 있다. 첫 번째 정착기이다. 1976년~2001년까지 지금의 5가지 업무영역이 완성되는 시기이다. 1976년에 시설경비와 호송경비를 시작으로 1996년 신변보호, 2001년에 기계경비와 특수경비업무가 추가되면서 지금의 5가지 업무형태로 갖추게 되었다. 두 번째 성장기(양적)이다. 2002년~2013년까지 제도적인 기반 위에 양적인 발전을 이루는 시기이다. 국민의 안전의식 증가로 안전서비스의 수요를 바탕으로 각종 문화·체육·예술 행사가 증가하면서 양적인 발전이 일어났고, 더불어 개정을 통한 자본금 하양과 겸업의 가능이 영향을 미쳤다. 세 번째 성장기(질적)이다. 2013년~현재까지 양적인 성장이 둔해지고 질적인 성장을 이루는 시기이다. 양적인 성장기 이후에 성장세는 둔화하였지만, 집단민원현장에 대한 규정을 두고, 자본금의 상향으로 경비업 허가기준을 높이고, 각종 처벌규정의 제도적인 보완, 경비원 신임교육시간의 현실화와 개인 교육 허용 등으로 경비원 직업의 신뢰와 전문성을 회복하려고 하였다.

• 한국중재학회지:중재연구
• /
• 제22권3호
• /
• pp.141-163
• /
• 2012

In Korea, although nearly all maritime arbitration cases are dealt with by the Korean Commercial Arbitration Board (KCAB), the total number of cases that are referred to the KCAB is relatively small compared with the total number of maritime cases that occur in Korea. There may be reasons why maritime arbitration is not utilized more in Korea. However, of the above reasons, the superseding one may be that there is still a lack of confidence in the credibility and foreseeability of maritime arbitration in Korea. To expand the use of maritime arbitration in Korea, it is essential that the base surrounding maritime arbitration be expanded. In addition, it is also necessary that specialists receivetraining in maritime law. In this context, it is strongly recommended that maritime and admiralty law be taught in law schools and be included as a regular subject on the Korean bar exam. Additionally, to promote maritime arbitration, a rule should be introduced allowing for shortened arbitration proceedings in Korea. Although Chapter 8 of the KCAB Arbitration Rules provide for "Expedited Procedure," this process alone is not because the rules for Expedited Procedure generally apply in arbitration cases where both parties have agreed in a separate agreement to follow the procedures provided or in any domestic arbitration valued atless than 100,000,000 Korean won. Therefore, the KCAB Arbitration Rules for Expedited Procedure must be reformed to encompass international arbitrations. Additionally, experts who are experienced in the maritime sector should be elected as arbitrators. Given the factthat a fair number of arbitration cases can be characterized as international, it is important that businesspersons who are very fluent in English be appointed as arbitrators in order to increase the reliability of maritime arbitration in Korea and save costs. Meanwhile, because lawyers and scholars constitute a considerable portion of KCAB arbitrators, commercial persons from relevant industries should be enlisted as arbitrators. Even though there are arguments for the establishment of an independent maritime arbitration board in Korea, establishment of a separate maritime arbitration board will not directly guarantee the prosperity of maritime arbitration in Korea. Instead of instituting a new maritime arbitration board, it is better that a reorganized KCAB modify existing arbitration proceedings to make them faster and more economical if maritime arbitration is to prosper. In this regard, ad-hoc arbitration would be an option for speedy and thrifty maritime arbitration. Finally, to gain the confidence of domestic and foreign parties, we cannot ignore the importance of advertising the specialties and qualifications of the KCAB and its personnel among business entities.

• 무역상무연구
• /
• 제12권
• /
• pp.461-494
• /
• 1999

This study is to analyse the applicability of governing law in multi-party contractual relationship of letter of credit. And this study is also to suggest the limits of the possibility of applicable law in multi-party contract. The contract of letter of credit constitutes complex relationship, i.e., applicant -beneficiary, applicant-issuing bank, issuing bank-intermediary bank ect. The law applicable to letter of credit should not use a singular governing law in all credit transaction as sales contract. To solve these problems, the author analysed the law applicable to the credit under multi-party contractual relationship as follow : (1) the principle of party autonomy (2) In the absence of express agreement with regard to the law applicable to the contract, lex loci contractus, lex loci solutionis, the law intended by the parties, the law with which contract is most closely connected. Accordingly, when attempting to ascertain the law governing the credit, it should be borne in mind that the credit involves several contractual relationships. I would like to conclude as follows: 1. The contract between the applicant and the Issuing bank is to be governed by the law of the country where the contract is made, and in which the bank carries on business and has issued the credit. 2. When it comes to the beneficiary-Intermediary bank relationship the following rule is given : The liability of an intermediary bank to the seller is governed by the law the country where the intermediary bank is operating if it is acting as principal. If, however, it is acting as agent(advising bank), it will be the law of the country where his principal is situate. 3. The contract between the beneficiary and the Issuing bank is governed by the law of the country where the payment is to be performed. 4. The contract between the Issuing bank and Intermediary bank is governed by 1) the law of the issuing bank is applicable if the intermediary bank only advises the credit, 2) the law of the issuing bank is applicable but if the intermediary bank makes payment, accepts or negotiates drafts against the tender of the documents, i.e., act as the bank dffecting the payment., 3) the law of the confirming bank is applicable if the irrevocable letter of credit is confirmed by the intermediary bank

• 한국IT서비스학회지
• /
• 제13권3호
• /
• pp.149-164
• /
• 2014

The laws and policies governing Korea's game regulations are becoming more and more topics for debate as we enter the Age of Internet. The nature of the basis for Internet regulations and policies are not rooted in freedom of speech or fundamental values of democracy, but rather focused on solving real-world problems such as protection of the youth. Furthermore, the reality is that regulatory devices for keeping the social order such as regulating gambling are being applied directly to games without consideration on the characteristics of Internet gaming, raising concerns that the expansion of constitutional values and innovative empowerment inherent to the Internet are being weakened. The Geun-Hye Park Administration which succeeded Myung-Bak Lee's Administration, even went so far as to implement the so-called "Shutdown Policy", which prohibits access to Internet games during pre-defined time zones and also instigated a time zone selection rule. In order to curb the gambling nature of Internet games, government-led policies such as the mandatory personal identification and prohibition of player selection or in other words mandatory random player selection are being implemented. These institutions can inhibit freedom of speech, which is the basis of democracy, violate the right of equality through unreasonable discrimination between domestic and foreign service providers, and infringe upon the principles of administrative law, such as laws, due process in policies, and balance in among policies and governmental bodies. Going forward, if Korea's Internet game regulations and polices is to develop in a rational manner, regulatory frameworks will need to be designed to protect the nature of the Internet and its innovative values that enable the realization of constitutional values; for example, the Internet acting as the "catalytic media for freedom of expression as a fundamental human right ", which has already been acknowledged by the Korea's Constitutional Court. At the same time, transparent procedures should be put into place that will allow diverse participation of stakeholders including game service providers, game users, the youth and parents in the legislation and enforcement process of regulatory institutions; policies will also need to be transformed to enable not only regulatory laws but also self-regulation system to be established. And in this process, scientific and empirical analysis on the expected effects before introducing regulations and the results of enforcing regulations after being introduced will need to be strengthened.