• Journal of Korea Port Economic Association
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• v.21 no.4
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• pp.121-139
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• 2005

The case, Papera Traders Co. Ltd. and Others v. Hyundai Merchant Marine Co. Ltd and Another(The Eurasian Dream), was occurred on July, 1998 when the ISM Code became mandatory under SOLAS and from that date it applied to oil tankers, chemical tankers, gas carriers, bulk carriers and cargo high-speed craft of 500 gross tonnage and above. On July 23, 1998, a fire started on the deck of pure car carrier Eurasian Dream while in port at Sharjah. The source of fuel was the stevedores action of pouring petrol or transferring fuel in some way - refueling or pouring into a carburettor. The fire eventually destroyed or damaged the vessels cargo of new and second-hand vehicles and rendered the vessel itself a constructive total loss. Justice Cresswell held that the fire that destroyed or damaged the cargo was due to the unseaworthiness of the vessel they have the burden of proving that the vessel was unseaworthy before and at the beginning of the voyage and that the loss or damage was caused by that unseaworthiness. This case was a dispute between dependent and claimant alleging that the carrier should provide "properly man, equip and supply the ship and keep the ship so manned" under Hague-Visby Rules. Although ISM code was not officially applied to the carriage by car carriers until July 2002, a rule based on the code had customarily been employed as a mean for international dispute resolution. Examining the above case closely, the purpose of this study is to explore the relation of ship management and obligation to exercise due diligence in making the vessel seaworthy.

• International Commerce and Information Review
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• v.14 no.3
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• pp.49-73
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• 2012

India is a gigantic market with a population of 1.2 billion and an economy that is growing at the second-fastest pace in the world. The volume of trade between India and Korea has been sharply increased with the increase of dispute since 2000. Although avoidance of disputes is always a priority, it is also important to prepare methods of dispute resolution which are efficient and economical. So, understanding of Indian dispute resolution system is a necessary requirement for successful business operation with Indian companies. This article analyzed and compared with the various ways of Indian ADR such as negotiation, mediation, conciliation, Lok Adalat and arbitration in order to help the Korean traders who enter into business with the Indian companies to settle their disputes efficiently. In conclusion, this article suggests the following ways to overcome problems of dispute with Indian companies: First, the Korean companies should recognize the characteristics of Indian ADR Ways respectively. Second, the Korean companies should utilize the conciliation or the mediation in small claim but arbitration in large claim. Third, Write a contract and insert the KCAB's standard arbitration clause in their contract.

• The Korean Journal of Financial Management
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• v.8 no.1
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• pp.139-153
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• 1991

This paper examines the pecuniary effects stemming from insider trading in the equities of firms targeted for acquisition. Illegal exchanges by those having advantageous information are found to result in excessive returns to stockholders of the sought firms. However, unusual market activities are not typical immediately subsequent to the illegal trading date, suggesting that nonpublic information is synthesized by market mechanisms with sufficient speed so that others cannot profit by imitating the better informed traders. The obtained evidence does not support the contention that insider trading on nonpublic information harms the outsider stockholders of involved firms.

• The Korean Journal of Financial Management
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• v.25 no.2
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• pp.69-101
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• 2008

We empirically investigate the option leverage property that should be priced under much more general conditions than the Black-Scholes assumptions and the option redundancy property that is based on the assumption that the underlying asset price follows a one-dimensional diffusion process and examine the systematic risk factors implied in the return dynamics of KOSPI 200 index options. We find that the option leverage pattern is similar to the theoretical result but the options are not redundant securities and in the nonlinear structure of option payoffs, the traders of KOSPI 200 index options price the systematic higher-moments and the negative volatility risk premium significantly affects delta-hedged gains, even after accounting for jump fears. But the empirical evidence on jump risk preference is less conclusive.

• Journal of the Korean Data and Information Science Society
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• v.27 no.6
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• pp.1443-1452
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• 2016

In this paper, we study a sample design for survey on goodwill in retail properties to provide a protecting policy for small traders and tenants, to use basic data for a dispute case related to goodwill. Since goodwill in retail properties is occurred by individual rent company, we use the census on establishments from the Statistics Korea as population. First of all, we consider preferentially seven metropolitan cities in which there are more than half of population. Total sample size is decided as 8,000. We allocate the sample size for markets as stratum in each city using proportional formula and the sample size for industrial classifications in each market using root proportional formula. Also we compute survey weights and calculate estimators, standard errors and interval of estimators for each characteristic such as type of establishments and market in seven metropolitan cities.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.21
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• pp.73-97
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• 2003

In this paper, I examined the trends of standardization and electronization of trade documents and SWIFT network. Also, I reviewed on emerging electronic documentary credit for electronic payment and electronic presentation of documents. New international trade customs and practices are being established and changed as a result of the growth of the Internet and other on-line networks. At the same time there is increasing pressure to move from existing paper-based documentary credit to electronic documentary credit. Several projects devoted to development of an electronic letter of credit infrastructure have recently been proposed such as Bolero, SWIFTNet, UNeDocs and eUCP, etc. Yet, little can be done until the presentation process is electrified between traders and banks. Also, interbank communication of letters of credit has long been electronic, mainly through the SWIFT. However, it is not functioned between applicant and beneficiary, although the solution of SWIFTNet has recently been developed. The Banking Commission of International Chamber of Commerce established a working group consisting of experts in the related fields to prepare the appropriate rules as a Supplement to UCP 500 for Electronic Presentation: eUCP. The eUCP will provide the necessary rules for the presentation of the electronic equivalents of paper documents under letters of credit. Some problems of electronic presentation under the eUCP, exist such as format, presentation of electronic records and the way of beneficiary's notice for completeness under the Article e5 if more than one record is to be presented electronically by third parties. Therefore, it is encouraged to provide more detailed guide for eUCP Article e5.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.67
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• pp.23-47
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• 2015

European Commission drafted and proposed the Common European Sales Law(CESL) to the European Parliament for the realization of a uniform set of international private law rules within the EU internal market. Since its purpose is for free international commercial activities for the sale of goods, for the supply of digital content and for related services, it was proposed to enable EU Member States to adopt or supplement as their substantive law according to their options. This study is relate to the legal bases on termination of a contract under CESL, they are composed of three parts: damages and interest, restitution and prescription. Damages and interest are divided into damages, general provisions on interest on late payments, and late payment by traders. Damages are explained by dividing into right to damages, general measure of damages, foreseeability of loss, loss attributable to creditor, reduction of loss, substitute transaction, and current price. Restitution is described by dividing into restitution on revocation, payment for monetary value, payment for use and interest on money received, compensation for expenditure and equitable modification. Prescription is explained by dividing into general provisions, periods of prescription and their commencement and extension of periods of prescription. General provisions explain right subject to prescription into a right to enforce performance of an obligation and any right ancillary to such a right. Regarding period of prescription, the short one is two years and the long one is ten years. However, in the case of a right to damages for personal injuries, period of prescription for such right is thirty years. Regarding commencement, the short one begins to run from the time when the creditor has become, or could be expected to have become, aware of the facts as a result of which the right can be exercised, while the long one begins to run from the time when the debtor has to perform. However, in the case of a right to damages, the CESL clarifies that it begins to run from the time of the act which gives rise the right.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.10
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• pp.5192-5198
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• 2013

The purpose of this study is to investigate the differences of opinion among the user groups in revitalizing the old urban center. To this end, the old downtown commercial street users in Gimhae traders, local and foreign visitors were surveyed. To examine the statistical significance, the chi-square test was performed. There were differences of opinion among three groups about the present condition and improvement of the street. Therefore, in activating the old commercial street we should reflect not only the opinions of merchants but also those of visitors. The results of this study are intended to be used as a reference to the revitalization of old commercial street.

• Korean Journal of Veterinary Service
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• v.31 no.3
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• pp.331-338
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• 2008

The study was carried out to evaluate the diagnostic efficacy of the tube agglutination test (TAT), enzyme-linked immunosorbent assay (ELISA) and the 2-Mercaptoethanol agglutination test (2-MAT) to detect human brucellosis patients in Korea. We examined 87 serum samples of people in the rural farm areas where bovine brucellosis had been reported. People in this study were divided into seven groups- farmers and their families, veterinarians, veterinary quarantine workers, livestock health control officers, artificial inseminators, livestock traders and healthy control individuals. Among 87 people, 65 were males and 22 were females ranging in age from 13 to 72 years. Of 87 serum samples, ELISA detected 21.84%, TAT detected 11.50% and 2-MAT detected 8.05% Brucella positive sera. Brucella specific IgG ELISA antibody titer was recorder higher in the individuals between the ages of 50 and 65 years. The highest prevalence rate of brucellosis(29.4%) was recorded in the cattle farmers and their family members followed by quarantine veterinary office workers (25%) and practicing veterinarians 01.1%). The majority of the Brucella sero-positive individuals in this study had a history of direct contact with animals.

• Korean Business Review
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• v.19 no.1
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• pp.81-92
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• 2006

This study investigates the relation between institutional investor's net purchase and the volatility of KOSPI. Some portion of volatility in stock prices comes from noise trading of irrational traders. Observed volatility may be defined as the sum of the portion caused by information arrival, fundamental volatility, and the portion caused by noise trading, transitory volatility. This study decomposes the observed volatility into fundamental volatility and transitory volatility using Kalman filtering method. Most studies investigates the effect on the observed volatility. In contrast to other studies, this study investigates the effect on the fundamental volatility and transitory volatility individually. Estimation results show that institutional investor's net purchase was not significantly related to all kinds of volatility(observed volatility, fundamental volatility and transitory volatility). This means that institutional investor's net purchase did not increase noise trading.