Enhancing the Compensatory Roles of Financial Regulatory Agencies in South Korea: Lessons from the U.S. SEC\u27s FAIR Fund

Recent financial scandals in South Korea that caused massive harms to financial consumers instigated voices that financial regulators should play a more active role in recompensing victims for losses incurred by misconduct in the financial market. In this regard, this thesis aims to suggest several considerations in developing the compensation scheme for injured financial consumers in Korea. This thesis first reviews the Federal Account for Investor Restitution (FAIR) Fund operated by the U.S. Securities and Exchange Commission. Specifically, it broadly addresses the history, overall process, operation, and major issues related to the FAIR Fund. Based on the FAIR Fund review, this thesis suggests several considerations financial regulators and legislators in Korea should take into account when developing a public compensation system. In brief, this thesis suggests that public compensation in Korea needs to be considered in conjunction with the strength of monetary sanctions in the financial regulatory arena. It also suggests that policymakers should consider other factors such as the availability of private compensation, the adequacy of procedures, and the regulatory agency’s mission and resources. This study also emphasizes that, in developing a compensation scheme, the focus should be on how the regulators can enhance their compensatory role while maintaining the deterrence effect of securities enforcement actions

Implementation of a Reuse Process for Liquid Crystal Displays Using an Eccentric-Form Tool

This study presents a new nanotechnology application involving an ITO thin-film removal reuse process using an eccentric-form negative electrode, offering a fast removal rate from the surface of liquid crystal displays (LCDs). For the precision removal process, a small amount of eccentricity of the negative electrode or a higher rotational speed of the negative electrode corresponds to a higher etching rate for the ITO. A higher flow velocity of the electrolyte and a higher working temperature also correspond to a higher removal rate. The average effect of the eccentricity is better than the effects of a pulsed current, while the current rating need not be prolonged by the off-time

TDR-based Multiple Leak Detection System using an S-parameter Transmission Line Model for Long-Distance Pipelines

Leaks in water distribution systems should be detected to avoid economic, environmental, and social problems. Existing Bayesian Inference based time-domainreflectometry (TDR) methods for leak detection have a limitation for real applications due to the lengthy time in building sample data. As the pipeline distance becomes longer and multiple leaks must be considered in long distance pipelines, the computational time for building training data gets larger. This paper proposes a scattering-parameter-based forward model to relieve computational burden of the existing TDR methods. It was shown that the proposed model outperformed the existing RLGC-based forward model in terms of computational time. The proposed model that is combined with Bayesian inference and TDR signal modeling is validated with an experimental pipeline, leak detectors, transmission line, and TDR instrument for leak detection. In summary, the proposed method is promising for leak detection in long pipelines as well as multiple leaks

In Search of Balance: A Critical Review of Private Placement Regulations of the United States and South Korea

Two main objectives of the securities offering regulation are to protect investors from frauds and to facilitate capital formation. Balancing these two objectives is a difficult task particularly for the private placement regulation. The primary focus of this study is to assess whether the current private placement regulations of the United States and South Korea are properly balancing these two objectives. First, this study broadly reviews securities offering regulations and the historical developments of the private placement regulations of the United States and South Korea, and compares the current regulations of both countries. For the U.S. private placement regulation, this study particularly focuses on Rule 506 of Regulation D under the Securities Act. Subsequently, this study gives critical assessments on the current private placement regulations of both countries, focusing on three essential factors defining the private placement, (i) investor qualifications, (ii) manner of offerings, and (iii) information requirements. This study shows that there are substantial differences between regulatory approaches of two countries in connection with these factors. It further emphasizes that neither the U.S. nor Korean private placement regulation balances regulatory objectives—posing investors at a greater risk in the private placement. Based on these discussions, this study proposes several policy considerations to achieve an enhanced balance between investor protection and capital formation in the private placement regulations in the United States and South Korea

Enhancing the Compensatory Roles of Financial Regulatory Agencies in South Korea: Lessons from the U.S. SEC\u27s FAIR Fund

Recent financial scandals in South Korea that caused massive harms to financial consumers instigated voices that financial regulators should play a more active role in recompensing victims for losses incurred by misconduct in the financial market. In this regard, this thesis aims to suggest several considerations in developing the compensation scheme for injured financial consumers in Korea. This thesis first reviews the Federal Account for Investor Restitution (FAIR) Fund operated by the U.S. Securities and Exchange Commission. Specifically, it broadly addresses the history, overall process, operation, and major issues related to the FAIR Fund. Based on the FAIR Fund review, this thesis suggests several considerations financial regulators and legislators in Korea should take into account when developing a public compensation system. In brief, this thesis suggests that public compensation in Korea needs to be considered in conjunction with the strength of monetary sanctions in the financial regulatory arena. It also suggests that policymakers should consider other factors such as the availability of private compensation, the adequacy of procedures, and the regulatory agency’s mission and resources. This study also emphasizes that, in developing a compensation scheme, the focus should be on how the regulators can enhance their compensatory role while maintaining the deterrence effect of securities enforcement actions

Industry Wage Differences and Intra-Industry Mobility of Workers

This paper develops a simple model of intra-industry mobility of workers as a function of skills and industry rents to identify the causes of Industry wage differences, rents or skills. Workers in an industry paying high rents are more likely to be mobile within their industries relative to across industries as the rents outside the Industry are lower. In contrast, workers with greater amounts of general skills do not necessarily have a stronger tendency to remain within the same industry as their skills are equally valued in all industries. although industry specific skills, have the same effect as the rents in limiting inter industry mobility. The overall combined effect of these skills on intra-industry mobility is smaller as various skills are linked with each other commonly through basic ability of workers. This identification scheme is applied to the Panel Study of Income Dynamics (PSID) and the evidence is generally consistent with the skill Interpretation of industry rents