• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.5
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• pp.163-169
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• 2019

This study examined whether industry-level competition affects excess stock returns because of changes in cash holdings. Competitive inter-company threats increase the possibility of the manager's replacement, and function to induce management to make their best efforts, resulting in the amount and quality of the information provided by the enterprise increasing. Therefore, as competition intensifies, agency problems are reduced and stock returns increase because the company's cash holdings are expected to increase. However, there is a view that firms in industries with severe competition tend to have high information asymmetry because competitors may compete in more favorable positions by using detailed information disclosed by the competing firms. Accordingly, as market competition intensifies, the excess stock returns resulting from increased cash holdings are expected to decline. These results show that excess stock returns because of increases in cash holdings increase as the degree of competition in the industry intensifies, thus supporting the positive effect of market competition. Overall, the results of this study provide an understanding that market competition plays an effective external governance mechanism and that investors positively evaluate the cash held by companies with severe industry competition.

• The Korean Journal of Air & Space Law and Policy
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• v.33 no.1
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• pp.45-79
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• 2018

An increase of airplanes and military aircraft operation lead to significant demanding of residential claims by people who live in nearby airports and military bases due to noise, vibration and residential damages caused by aircraft operations. In recent years, a plaintiff has filed a lawsuit against the defendant, claiming the prohibition of using claimant's possessed land as a helicopter landing route, and the Daejeon High Court was in favour of the plaintiff. Although the Supreme Court later dismissed the Appeal Court decision, it is necessary to discuss the case of setting flight prohibited zone. In Japan, the airport noise lawsuits have been filed for a long time, mainly by environmental groups. Unlike the case that admitted residential damages caused by noise, the Yokohama District Court for the first time sentenced a judgment of the prohibition of the flight. This ruling was partially changed in the appellate court and some of the plaintiffs' claims were adopted. However, the Supreme Court of Japan finally rejected such decision from appeal and district courts. Atsugi Base is an army camp jointly used by the United States and Japan, and residents, live nearby, claim that they are suffering from mental damage such as physical abnormal, insomnia, and life disturbance because of the noise from airplane taking off and landing in the base. An administrative lawsuit was therefore preceded in the Yokohama District Court. The plaintiff requested the Japan Self-Defense Forces(hereinafter 'JSDF') and US military aircraft to be prohibited operating. The court firstly held the limitation of the flight operation from 10pm to 6am, except unavoidable circumstance. The case was appealed. The Supreme Court of Japan dismissed the original judgment on the flight claim of the JSDF aircraft, canceled the first judgment, and rejected the claims of the plaintiffs. The Supreme Court ruled that the exercise of the authority of the Minister of Defense is reasonable since the JSDF aircraft is operating public flight high zone. The court agreed that noise pollution is such an issue for the residents but there are countermeasures which can be taken by concerned parties. In Korea, the residents can sue against the United States or the Republic of Korea or the Ministry of National Defense for the prohibition of the aircraft operation. However, if they claim against US government regarding to the US military flight operation, the Korean court must issue a dismissal order as its jurisdiction exemption. According to the current case law, the Korean courts do not allow a claimant to appeal for the performance of obligation or an anonymous appeal against the Minister of National Defense for prohibiting flight of military aircraft. However, if the Administrative Appeals Act is amended and obligatory performance litigation is introduced, the claim to the Minister of National Defense can be permitted. In order to judge administrative case of the military aircraft operation, trade-off between interests of the residents and difficulties of the third parties should be measured in the court, if the Act is changed and such claims are granted. In this connection, the Minister of National Defense ought to prove and illuminate the profit from the military aircraft operation and it should be significantly greater than the benefits which neighboring residents will get from the prohibiting flight of military aircraft.

• The Korean Journal of Air & Space Law and Policy
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• v.21 no.1
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• pp.215-236
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• 2006

This article focused on the meaning of the 1979 Moon Treaty and its future. Although the Moon Treaty is one of the major 5 space related treaties, it was accepted by only 11 member states which are non-space powers, thus having the least enfluences on the field of space law. And this article analysed the relationship between the 1979 Moon Treay and 1967 Space Treaty which was the first principle treaty, and searched the meaning of the "Common Heritage of Mankind(hereinafter CHM)" stipulated in the Moon treaty in terms of international law. This article also dealt with the present and future problems arising from the Moon Treaty. As far as the 1967 Space Treaty is concerned the main standpoint is that outer space including the moon and the other celestial bodies is res extra commercium, areas not subject to national appropriation like high seas. It proclaims the principle non-appropriation concerning the celestial bodies in outer space. But the concept of CHM stipulated in the Moon Treaty created an entirely new category of territory in international law. This concept basically conveys the idea that the management, exploitation and distribution of natural resources of the area in question are matters to be decided by the international community and are not to be left to the initiative and discretion of individual states or their nationals. Similar provision is found in the 1982 Law of the Sea Convention that operates the International Sea-bed Authority created by the concept of CHM. According to the Moon Treaty international regime will be established as the exploitation of the natural resources of the celestial bodies other than the Earth is about to become feasible. Before the establishment of an international regime we could imagine moratorium upon the expoitation of the natural resources on the celestial bodies. But the drafting history of the Moon Treaty indicates that no moratorium on the exploitation of natural resources was intended prior to the setting up of the international regime. So each State Party could exploit the natural resources bearing in mind that those resouces are CHM. In this respect it would be better for Korea, now not a party to the Moon Treaty, to be a member state in the near future. According to the Moon Treaty the efforts of those countries which have contributed either directly or indirectly the exploitation of the moon shall be given special consideration. The Moon Treaty, which although is criticised by some space law experts represents a solid basis upon which further space exploration can continue, shows the expression of the common collective wisdom of all member States of the United Nations and responds the needs and possibilities of those that have already their technologies into outer space.