• Korea Trade Review
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• v.42 no.2
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• pp.391-410
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• 2017

This study examines Romalpa clause as an extended or enlarged retention of title clause under SGA. Under a simple retention of title clause, the seller retains title to goods supplied until the goods have been paid. A simple retention of title gives the seller super-priority interest in other creditors of the buyer without registering a charge. Aluminium Industrie Vaassen BV v. Romalpa Aluminium Ltd introduced the concept of 'extended reservation of title(so called 'Romalpa clause') in English law. It is because the Court of Appeal held that under an extended reservation about title clause the seller can trace his title into money which constitutes the proceed of sale by the buyer of goods supplied by the seller. However, since Romalpa case, the courts are reluctant to uphold the seller's extended title. Under Romalpa clause, the seller attempts to extend his protection by laying claims to new products manufactured from his goods or to proceeds of sale by the buyer. Where the seller's goods are lawfully used by the buyer to create new goods, the property in the new goods will generally vest in the buyer. It is because there has been discomfort if the seller gains the windfall profit of the new goods. Moreover, regarding tracing proceeds of sale by the buyer, the courts held that the seller must establish fiduciary relationship with the buyer. If the fiduciary requirement cannot be established, the extended retention of title clause is seen as a charge over the proceeds, and void if not registered. For these reasons, it is difficult that the claims based on the extended retention of title clause would be upheld.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.33-68
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• 2008

The purpose of this paper is to test the market timing hypothesis and impact of macro economic variables on capital structure choice as well as the traditional static trade-off and pecking order theories of capital structure in a integrated framework. Through a two stage test of target capital structure and capital structure choice, none of theories was consistently supported, but most of them were partly supported. In the first stage analysis of target ratio, coefficients of firm-specific variables generally supported the predictions of pecking order theory rather than those of the static trade-off theory. However, the result of the second stage test on capital structure choice supported the hypothesis of the static trade-off theory, which claims that firms usually set and pursue the target leverage ratio. Further, the result of the seconde stage shows that a simple pecking oder theory does not hold because firms with deficit of internal fund tend to issue bonds rather than stocks to raise outside fund. Also, the result indicates that the market timing hypothesis holds because firms with over-valued stocks tend to issue stocks rather than bonds. However, contrary to Korajczyk and Levy(2003), the impact of macro economic variables such as term or credit spreads on capital structure choice was negligible, and the impact of macro economic and market timing hypothesis variables were not greater in financially unconstrained firms as Korajczyk and Levy(2003) suggested.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.36
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• pp.3-26
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• 2007

This article attempts to describe and analyze discussions on the matter of ex tunc effect or a ex nunc effect of rescission under Korean law in comparison with those under the CISG). In addition, it tries to scrutinize the various rules on the right to damages as an effect of rescission in a comparative way. Furthermore, it compares the various rules of Korean law with the CISG as to the right to damages and evaluates them in light of the discipline of comparative law. It maintains that the liquidation theory in Korean law is more close to the CISG in that there is no ex tunc effect in rescission and in other aspects. It also argues that the construction of the effects of rescission in accordance with the liquidation theory is more plausible when one considers Korea is one of the contracting states of the CISG. In addition, the theoretical analysis and the comparative study with the CISG shows that the insistence of ex nunc effect and its interpretation on the scope of damages extends to damages for expectation interest. It is also submitted that the position under the CISG on the assumption of ex nnuc effect, is regretted in that the restitution in value of the goods in the event of impossibility of the physical restitution is not allowed in some cases which the damage claims can not be awarded for the seller due to the application of the CISG Art. 79.

• International Commerce and Information Review
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• v.13 no.2
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• pp.151-176
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• 2011

The main objective of this study is twofold. The first is to investigate the main currents of Korean commercial arbitration. The second is to investigate the research methodology of Korean commercial arbitration in the perspective of disciplinary fusion perspective. The main findings of Korean commercial arbitration are as follows: first, the incidence of commercial arbitration increased in the Korean Commercial Arbitration Board during the period of 2006-2010, second, the primary causes of trade claims are disputes related with payment and those related with sales contracts, third and finally, the number of countries seeking to resolve disputes through arbitration has increased, including European countries. In this setting, it is necessary to investigate commercial arbitration through the inter-disciplinary perspectives. This study suggests that there are five research methodologies of commercial arbitration. They are legal theory related methodology, institutional methodology, cultural methodology, causal methodology and empirical methodology. Traditionally, the legal profession leads the field of commercial arbitration. However, it is necessary to introduce other elements to the field of commercial arbitration. This study highlights the disciplinary fusion approach among five research methodologies of commercial arbitration.

• International Commerce and Information Review
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• v.16 no.5
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• pp.67-86
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• 2014

The commercial arbitration is considered an effective and rapid means in solving problems and finding solutions for disputes between the business partners. For the development of commercial arbitration, there is a need to study arbitration in practice as well as in theory. This paper analyse the situation of commercial arbitration system in Pakistan both with respect to domestic laws and international laws applicable in Pakistan. The Arbitration Bill 2009 aims to consolidate law relating domestic arbitration, international commercial arbitration, recognition and enforcement of foreign arbitral awards as well as settlement of international investment disputes. Pakistan while defending investment claims and in order to restore investor's confidence, in 2011, Pakistan introduced a law to secure foreign investments. This study explains the relationship of old and new Pakistani arbitration laws and elaborates the changes brought about by the new enactments and gives a comprehensive analysis of Pakistani arbitration laws, rules and procedures dealing with arbitration agreements and awards. In the absence of relevant trade information in Pakistan, this paper is designed to meet the needs of a Korean international trade scholars to obtain an understanding of Pakistani commercial arbitration system quickly.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.25
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• pp.99-119
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• 2005

Recently, the export claims related to the compliance of the commercial invoice are increasing. This paper aims to review the basic requirements of the invoice, and two theories on the document compliance, i.e., the strict compliance and the substantial compliance, and to analyse the substantial compliance of the invoice through some recent cases under the UCP 500, ICC's opinions and the International Standard Banking Practice (ISBP). As regards the compliance of the invoice, a majority of the cases has held that it must comply strictly with the credit terms ("strict compliance rule"). However, a minority of courts and credit industry standards such as the UCP and ISBP published by ICC take a different approach, infusing the credit law notions such as equity, "substantial compliance rule", etc. The extent of the substantial compliance of the invoice is particularly explained in the above-mentioned invoice paragraphs of the ISBP and supported by a large number of ICC's official opinions. Especially, the parties and descriptions in the invoice must correspond with those in the credit, being not inconsistent with the other documents. Other issues related to invoices such as a tolerance of the quantity, the amount, and the number of originals or copies, etc. must comply with the credit terms substantially.

• Acta Via Serica
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• v.1 no.1
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• pp.105-117
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• 2016

The Silk Road named by Ferdinand von Richthofen was not designated as a specific route. A lot of East-West trade routes had already existed across the continent and the geographical scope and definition of the Silk Road is still expanding. In particular, the claim that the Eastern end of the Silk Road reaches Gyeongju is an example of this expansion. Burial treasures from tombs on the Korean Peninsula have already been identified as products from the Sassanian Dynasty of Persia, and various archaeological and epical evidences support this finding. However, the specific route where these exchanges were made, around the 6th-8th centuries, has yet to be identified. Maritime as well as inland routes can easily be hypothesized. The Silk Road was largely activated by the Yam postal system with the expansion of the Mongol Empire. It not only served as an effective pathway for the Yuan to rule over the Goryeo, but also connected the Eastern end of the Silk Road to Gyeongju. This can explain the situation since the 13th century. Therefore, this paper claims that the Yeokcham system had been operating on the Korean Peninsula since the Unified Silla Kingdom, the previous period of Goryeo, or perhaps even before then. The Yeokcham should thus be regarded as a prototype of the Mongolian Yam, and the Korean peninsula should be recognized as another route which contributed specifically to the development of the Silk Road, not just as a user or a beneficiary.

• Journal of Arbitration Studies
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• v.30 no.1
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• pp.67-86
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• 2020

In the case of multiple commerce contracts in commerce, as well as multiple contracts related to it, a solution for the merging of arbitration proceedings is necessary in order to ensure uniformity of dispute resolution. Since the arbitration proceedings are based on the parties' agreement, no merging of two or more arbitration proceedings may transpire unless all parties agree. Claims of merging in arbitration proceedings lead to problems such as lack of party autonomy, resulting from lack of consent of the parties to merging, and how to appoint an arbitrator in a multilateral arbitration proceeding. Many of the major arbitration bodies have recognized the significant benefits of the terms of consolidation, and have recently revised the Arbitration Rules to include or extend existing clauses to reflect the needs of the parties. This study introduces the merging provisions of several selected major arbitration rules, such as the ICC, Switzerland, SCC, LCIA, SIAC, HKIAC, ACICA, and UNCITRAL rules, and looks at the main similarities and differences among the rules.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.343-348
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• 2020

So far, research into multinational bank' overseas expansion has focused on foreign direct investment in the financial services industry. However, this study focused its existing theories on multinational banks on decision-making related to the type of overseas advancement of local financial institutions. For research, four environmental factors were considered: the scale of foreign direct investment, the scope of financial services that can be provided according to the rules of the host country, the corporate tax rate of the host country, and the level of development of the host country's banking industry. Through Kotra, data on the total amount of claims from 2010 to 2014 and the regulatory status for the country's financial industries were obtained. Hypothesis are built around theories and survey factors and has been demonstrated through regression analysis. Results show that Korean financial institutions tend to expand as legally independent subsidiaries where the corporate tax rate of the host country is relatively low. Contrary to the previous studies based on the U.S. banking corporates, results show that Korean banks tend to expand in forms of branches to the host countries with high level of banking system development.

• Journal of Research and Publication Ethics
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• v.2 no.2
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• pp.5-10
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• 2021

Purpose: Ethical behaviors become more salient when researchers utilize face-to-face interviews and observation with vulnerable groups or communities, which may be unable to express their emotions during the sessions. The present research aims to investigate ethical behaviors while conducting research have resonance due to the deep nature of observation and interview data collection methods. Research design, data and methodology: The present research obtained non-numeric (Textual) data based on prior literature review to investigate Ethical Conducts in Qualitative Research. Non-numeric data differs from numeric data in how the data is collected, analyzed and presented. It is important to formulate written questions and adopt them what the method claims for the researcher to understand the studied phenomenon. Results: Our findings show that while conducting qualitative research, researchers must adhere to the following ethical conducts; upholding informed consent, confidentiality and privacy, adhering to beneficence's principle, practicing honesty and integrity. Each ethical conduct is discoursed in detail to realize more information on how it impacts the researcher and research participants. Conclusions: The current authors concludes that five ethical conducts are important for realizing extensive and rich information during qualitative research and may be exploited in implementing research policies for researchers utilizing observation and interviews methods of data collection.