A Study on stock option plan

학위논문(박사)--서울대학교 대학원 :법학과 상사법 전공,2001.Docto

자료 : 최근 독일의 주식법 개정동향

독일은 지난 1994년 주식법 개정 이후, 다시 한번 주식법 전반에 걸쳐 개정을 시도하고 있다. 급속히 변화하는 경제환경에 법적으로 신속히 대응하기 위한 것이다. 비단 주식법 뿐 아니라 이와 관련한 상법, 경제법, 공동결정법 등등 다수 영역에 걸쳐 종합적으로 손길을 가하고 있다. 독일 여당연합과 정부는 기업 및 은행에서의 통제강화 및 투명성 확보(Kontrolleund Transparenz im Unternehmensbereich/Banken)"라는 전문위원회를 발족하였고, 이 위원회는 주식법 전 분야에 걸친 안을 제출하였다. 이들이 제출한 안에서 표명하고 있는 기본원칙은 회사법의 규제완화, 기업의 다양한 수요와 입장 반영, 상장회사와 비상장회사의 차별화, 기업의 국제금융시장 진출 지원 등이었다. 이후 이 안을 모태로 법무부는 1996년 11월 22일, 연방하원의 법제위원회에 주식법 및 관련법개정안을 제출하였다. 이 법안의 정식 명칭은 기업분야에 있어서 통제 강화 및 투명성 확보를 위한 법(Entwurf eines Gesetzes zur Kontrolle und Transparenz im Umternehmensbereich)"이다. 야당인 사회민주당(SPD)은 이보다 앞서 경제법개정안인 독일 경제에 있어서 투명성 제고 및 경제력집중제한법(Entwurf cines Gesetzes zur Verbesserung von Transparenz und Beschrznkung von Machtkonzentration in der deutschen Wirtschaft(Bt-Drucks. 13/367))"을 법률위원회에 제출한 바 있다. 이 글에서는 연방하원의 법제위원회에 제출된 이들 개정안을 개괄적으로 소개하고자 한다. 정부가 제출한 개정안을 중심으로 하되 사민당이 제출한 개정안도 아울러 설명하기로 한다. 이 개정안들은 자국 내에 있는 기업들의 민감한 반응을 불러 일으켰을 뿐 아니라 국외에서도 많은 관심을 받고 있다. 특히 입법이유와 그 지도이념은 현재 우리나라의 회사법에 시사하는 바가 매우 크다. 개정안의 통과 여부는 차치하고서라도 이번 독일 주식법개정안은 기업부문의 국제적인 입법추세를 여실히 보여주고 있는 점에서 그 자세한 내용을 파악할 필요가 있다

Supervisor Liability in the US Securities Law

There exist diverse differences between the US and Korean securities regulation even though the latter modelled after the former. One of the differences is the supervisory responsibility, which is strictly claimed in the US securities law compared to other countries. As a result, the supervisors in a corporation exert themselves to prevent their employees from violating laws and regulations. In particular, the supervisory responsibility in the federal securities takes the largest part of the legal environment to control the business activities of the securities firms and their directors/employees. The supervisory responsibility depends on the supervisors' prior measures to prevent the recurrence of illegal activities The responsibility applies to the CEOs as well as the corporations. However, as the supervisory responsibility is a strict liability, the supervisors are allowed to exempt themselves from the supervisory responsibility by proving that they performed their duty. In the US, the supervisory responsibility is used by the regulators and the courts as a method to encourage the corporations and CEOs to prevent activities in breach of the securities law. In this way, the supervisory responsibility can be an essential component to cultivate and support internal compliance system and compliance culture. By using the supervisory responsibility as a regulatory measure, the SEC can concentrate its limited regulatory resources on the corporations and CEOs to make changes in their behaviour, and in turn, encourage them to precent illegal activities in their corporations. From the standpoint of the securities regulatory policy, the supervisory responsibility can provide various important insights for us when adjusting the securities regulatory system in Korea. In spite of various efforts of securities regulators, securities crimes are still very popular in Korean securities markets. The CEOs of most Korean securities firms have less interest in finding and preventing illegal activities of their directors and/or employees. They often overlook such activities for their corporate profits. These practices in aggregate jeopardize the efficiency and effectiveness of the securities markets by either inflicting losses to the customers or reducing investors' confidence on market integrity. This Article examines the role of the supervisory responsibility as a core regulatory measure to back up the industry's voluntary efforts for fair and transparent business in the US. This Article also shows that the supervisory responsibility can be of assistance for us to renew the securities regulatory system in Korea

경험적 베이즈 방법을 이용한 타이트한 군집화

학위논문 (석사)-- 서울대학교 대학원 : 통계학과, 2011.8. 임요한.Maste

RSS 구조화된 무작위 군집 설계에서의 불균형성

학위논문 (박사)-- 서울대학교 대학원 : 통계학과, 2016. 2. Xinlei Wang.In this thesis, we consider unbalancedness under cluster randomized designs (CRDs) using ranked set sampling (RSS), and extend nonparametric inference procedures, previously developed by Wang et al. (2016) for the use of balanced RSS (BRSS) with CRDs, to account for the unbalanced structures. The unbalanced structures are from (i) the use of unbalanced ranked set sampling (URSS) with CRDs or (ii) the use of BRSS with CRDs having unbalancedly sized groups. First, we consider URSS-structured CRDs. We theoretically study the URSS estimators of the treatment effect and numerically compare the relative effciency of the URSS vs. BRSS estimators. We also study and compare the power of the URSS tests vs. their BRSS counterparts via simulation. Second, we consider BRSS-structured CRDs having unbalancedly sized groups. We modify and improve the BRSS tests in Wang et al. (2016) and compare power of the modified BRSS tests vs. their original BRSS counterparts via simulation. Further, we illustrate each inference procedure with a data example using an educational data. Finally, we offer flexibility of incorporating RSS in CRDs in practice.Chapter 1 Introduction 1 Chapter 2 Cluster Randomized Designs with URSS Data Structures 4 2.1 Introduction 4 2.2 Notation for data from URSS-structured CRDs 9 2.3 Estimating Treatment Effect 11 2.3.1 URSS estimators 11 2.3.2 Optimality, unbiasedness and variance 13 2.3.3 Relative eciency 18 2.4 Testing Treatment Effect 27 2.4.1 Asymptotic properties 27 2.4.2 Asymptotic pivotal method 36 2.4.3 Power comparison 40 2.5 Missing Data 46 2.6 Data Example 49 2.7 Conclusion 54 Chapter 3 Unbalancedly Sized Groups in Ranked Set Sampling for Cluster Randomized Design 56 3.1 Introduction 56 3.2 Review the BRSS-structured CRDs 59 3.3 Pooled Variance Estimator 62 3.4 Power Comparison 66 3.5 Data Example 72 3.6 Conclusion 74 Chapter 4 Conclusion 76 Bibliography 78 Appendix 80 Abstract (in Korean) 83Docto