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      • 실존 인물의 모델화와 인격권 보호

        박훤일 영산대학교법률교육연구원 2006 영산법률논총 Vol.3 No.2

        These days we can see a considerable number of movies based upon real life stories. Take an example of foreign-made movies, there are "Malcom X"(1992), "Shindler's List"(1993), "Nixon"(1995) and "Ray"(2004), among others. In Korea, we can count "Mr. Gam's Victory"(2004), "Rikidozan: A Hero Extraordinary"(2004), "Mal-a-thon"(2005) about an autistic young man, "Barefoot Gi Bong"(2006), and "Blue Swallow"(2006) regarding the first female pilot in Korea, Park Kyungwon. This phenomenon gives rise to a series of questions: - How to deal with some discrepancies between the historical facts and the movie-maker's story line or description of characters in the movie; - How much to ensure the freedom of expression in the movie-making against the appropriation or commercial use of the names and likenesses of real people; and - How to provide remedies to the affected people on account of alleged defamation or merchandising. Remedies include criminal actions in defamation, civil damages in tort such as threatening the right of personality. The United States courts have developed the concept of the right of publicity, which protects the names, images, voices, other likenesses of the celebrity like an intellectual property right. It would be unfair to allow unauthorized people gain economic benefits by means of commercial use of names and likenesses or deceptive appropriation of the identities of celebrities, Therefore, the affected people should be provided with the right to control the use of their names and images for commercial purposes, including movie-making. While the right of personality is protected on the ethical ground, the derivative right of publicity is usually invoked like an intellectual property right of celebrity because their fame could be treated as property. The concept of the "right of publicity" was first introduced into the Korean courts when a Korean manufacturer's trademark of "James Dean" was disputed by the American movie star's survivors. As Professors Dogan and Lemley asserted in their article, "What the Right of Publicity Can Learn from Trademark Law"(58 Stan. L. Rev. 1162), copyright is the wrong analogy because there is no utilitarian cause in promoting and marketing celebrity images. Though copyright's fair use doctrine involves trade-offs between the interests of original creators and the users of their creative works, the right of publicity has no similar trade-offs. On the contrary, the right of publicity protects a celebrity's interest in her name and likeness, much as trademark law protects a business's name and other trademarks. Movie stars, talents, pop singers and professional sportsmen need to prevent commercial use of their names and likenesses that are likely to confuse the public, to dilute or merchandise their reputation rather than monetary incentives. On the other hand, what types of remedies could be provided to non-celebrity? They may resort to causes of action such as privacy infringement, or libel or defamation. It is noteworthy that, in November 2006, some lawmakers in the Korean National Assembly initiated to amend the Copyright Law in order to include the property-like right of images of celebrities. As mentioned before, the celebrity identity or images are quite different from their commercialized character. It's because the celebrities have done little to create or improve their own identity or images. Once such a right is protected like a property right, it might discourage cultural and creative activities using celebrity names, images and so forth. In conclusion, it would be better to treat the right of publicity like trademark rather than copyright. Thus any confusion, dilution or merchandising of celebrity identity in the context of business transactions will be controlled. Then it could lead to a win-win resolution in this diversified borderless world which is connected by the Internet or satellite broadcasting service. The more the citizens around the world can enjoy the Korean media content on celebrities, the longer the current Korean Waves will last.

      • 구조화금융과 특수목적기구

        박훤일 동의대학교 경제경영전략연구소 2003 經濟經營硏究 Vol.1 No.1

        Structured finance means any transaction that makes use of a special purpose vehicle (SPV). "SPV" is a term widely used in corporate restructuring in the aftermath of the foreign exchange crisis in 1997. Take an example of asset-backed securitization (ABS). An originator selects a pool of assets and conveys it to an SPV, Then the SPV floats the securities in the capital market, whose debt service will be secured by the cash flows from the underlying assets. In this transaction, the SPV is a paper company for the purpose of "bankruptcy remoteness". In the United States, a trust, partnership or corporation is used as the vehicle. In Korea, this kind of paper company was usually regarded as illegal. But the situation has dramatically changed after the so-called IMF crisis. We witnessed the mushrooming of a variety of SPVs in the process of corporate restructuring. Mutual funds, corporate restructuring company (CRC), corporate restructuring vehicle (CRV), real estate investment trusts (REITs) are examples among others. However, the discovery that Enron Corporation created many special purpose entities (SPEs) to hide assets and debt form the general investing public gave rise to a distorted view of the uses and legitimacy of structured finance, The general perception was that structured finance and SPEs serve no real economic purpose but were used to mislead the investors. But structured finance has been a sound risk management tool, dating back to the early 1970s. Mortgage-backed securities (MBS), asset-backed securities (ABS), a project company in the non- or limited recourse financing and a special purpose subsidiary for the purpose of risk management are products of structured finance. The Sarbanes-Oxley Act instructed the Securities and Exchange Commission (SEC) to tighten the disclosure requirements of off-balance-sheet transactions and to produce a report on the activities and regulations of SPEs. Structured finance has unparalleled merits as a financial scheme like transparent transactions and inherent checks and balances protecting the interest of all parties involved, from seller to investor.

      • 비용기저 규제제도의 경제적 효율성

        이상호,이훈현 全南大學校 企業經營硏究所 1998 産業經濟硏究 Vol.22 No.1

        본 논문은 독점산업에 대한 비용기저규제제도(Cost-based Regulation)의 경제적 효율성을 비교 분석하고자 수익률(ROR) 규제, 산출량(ROO) 규제, 판매수입(ROS) 규제, 그리고 생산비용(ROC) 규제 등을 살펴보고 있다. 규제효과의 평가기준으로는 자원배분의 효율성과 생산의 효율성을 준거하고 있다. 먼저, 자원배분의 효율성 측면에서 규제제도의 시행에 따른 독점기업의 산출량 증가효과를 살펴본다. 또한, 규제기업의 균형산출량수준에서 음(-)의 한계수입 가능성이 존재하는지도 점검한다. 다음으로 생산의 효율성 측면에서는 첫째, 생산요소(노동과 자본)의 최적투입량 조건이 규제이전의 경우와 비교해 변화하는 지를 살펴보고, 다음으로 규제하에서 발생할 수 있는 독점기업의 도덕적 해이(moral hazard) 문제 즉, 균형산출수준에서 기업의 낭비적 지출 여부를 분석한다. 본 연구의 결과로부터 얻을 수 있는 몇 가지 경제적 시사점은 다음과 같다. 먼저, ROR 규제에 있어서는 자원배분의 효율성을 증진시킬 수 있으나, 생산의 비효율성을 유인하는 문제점을 일으킨다. 특히, 노동투입량 대비 자본투입량을 과다하게 책정하는 문제를 유발시키며, 낭비적 지출의 가능성도 존재한다. 둘째, ROO 규제에 있어서는 자원배분의 효율성을 최대로 증진시킬 수 있으며 최적투입요소조건을 만족한다. 그러나, 낭비적 지출의 가능성은 완전히 배제하지 못한단. 셋째, ROS 규제에 있어서는 투입요소의 최적결합을 통해 일정부분 자원배분의 효율성을 증진시킬 수 있다. 그러나, 낭비적 지출의 가능성은 역시 완전히 배제하지 못한다. 마지막으로, ROC 규제에 있어서도 투입요소의 최적배분을 통해 일정부분 자원배분의 효율성을 증진시킬 수 있으나, 과도한 허용율의 규제는 생산량 증가에 아무런 영항을 미치지 못한 채, 낭비적 지출의 가능성을 극대화할 가능성이 존재한다. 따라서, 비용기저규제제도하에서는 자원배분의 효율성과 생산의 효율성간의 상반관계가 존재함을 확인할 수 있었고, 이러한 시사점은 제반 독점산업에 대한 규제제도의 효율성을 분석하고 시행하는 데 있어서 중요한 정책적 고려사항으로 평가된다. This paper examines the cost-based regulations, of which spirit is average cost pricing in that prices chosen are determined by equating total revenue and total cost, including Rate-Of-Return (ROR), Rate-Of-Output (ROO), Rate-Of-Sale (ROS), and Rate-Of-Cost (ROC) regulations. As the assessment criteria, we consider allocation efficiency and production efficiency The former consists of two observations: First, whether market output under regulation increases rather than no regulation and second, whether marginal revenue becomes negative within the relevant range of output, that is, whether the optimal output is in inelastic portion of demand. The latter does also consist of two observations: First, whether the regulated firm produces output on the expansion path or uses the efficient input mix for its level of output and second, whether the regulated firm engages in wasteful expenditures, which represent strategic behaviors of moral hazard under regulation. The results are as follows: First, a firm under ROR uses more capital than the unregulated firm and the capital/labor ratio of the regulated firm is inefficiently high for its level of output(A-J effect). However, the regulated firm produces more output than no regulation but necessarily operates in the elastic portion of demand, where marginal revenue is positive. And the regulated firm does not waste but may engage in abusive expenditures. Second, a firm under ROO produces more output than if unregulated and uses the efficient input combination for its level of output. Furthermore, ROO might induce the firm to increase output sufficiently such that it produces in the inelastic region of demand where marginal revenue is negative. The regulated firm does not waste but abuse the expenditures. Third, a firm under ROS produces more output than no regulation and uses the efficient input combination for its level of output. However, under ROS the firm will not expand output into the inelastic region. And the regulated firm does not waste but abuse the expenditures. Finally, a firm under ROC produces on the expansion path, supplies more output than the unregulated firm, and does not waste but abuses expenditures when marginal revenue is positive. However, the firm facing negative marginal revenue, any attempt to induce the firm to increase output further simply induces the firm to waste and abuse expenditures.

      • KCI등재

        금융자유화 및 금융발전이 기업의 신용제약에 미치는 영향 : Evidence from Korean Firm Data

        申先玗,曺三用,李勳鉉 한국국제경제학회 2004 국제경제연구 Vol.10 No.2

        본 연구는 1981~2000년 기간동안 계속 상장된 323개의 제조기업의 불균형 패널자료를 이용하여 신용제약의 완화정도를 분석하였다. 이를 위해 투자의 동태적 모형을 구축하고 이를 추정하기 위해 Dynamic GMM 기법을 사용하였다. 6개 부문의 개별 자유화조치를 주성분분석을 통해 선정한 금융자유화 지수와 금융발전(은행부문과 주식시장의 활동)이 기업투자에 미친 영향을 분석하였다. 추정결과 금융자유화로 인해 신용제약이 전체기업은 16.89%, 재벌기업은 14.45%, 비재벌기업은 12.86% 정도 완화되었음을 알 수 있다. 또한 은행부문의 활동증가로 인한 신용제약완화는 재벌기업이 48%정도, 비재벌기업이 46.95% 정도를 나타내었다 주식시장의 발전의 영향으로는 재벌기업이 76.42%, 비재벌기업이 44.32%정도 신용제약이 완화되었음을 알 수 있다. 이러한 결과는 금융자유화의 영향이 기업투자의 현금흐름 민감성을 완화시켜 기업들의 신용시장 접근성이 제고되어 투자환경이 크게 개선되었음을 시사한다. 특히 이러한 자유화의영향이 특정기업군에 국한되지 않고 모든 기업군에서 나타난다는 사실은 정부의 금융억압정책의 완화 내지 폐지가 현금흐름에 대한 투자의 민감도를 감소시키고 있음을 시사한다. This paper examines the lessons of credit constraints by analyzing a continually listed KSE manufacturing company's unbalanced panel data from 1981-2000. We constructed a dynamic investment model and generate estimates using the Dynamic GMM estimation technique. Furthermore, we study the effects of the Financial liberalization index, which is selected by principal components analysis using six sector liberalization, financial development, the banking sector, and stock market activities on investment. The results show that Financial liberalization mitigates financial constraints, up to 16.89% for a whole company, 14.45% for a chaebol company, and 12.86% for a non-chaebol company. Also, increases in banking sector activities alleviate financial constraints for a chaebol company to 48% and up to 46.95% for a non-chaebol company. Stock market developments reduce financial constraint to 76.42% for chaebol companies and 44.32% for non-chaebol companies. The results further suggest that financial liberalization can lower the sensitivity of a company's cash flow, and also increase a company's accessibility to the credit market. The fact that the effects of financial liberalization is not limited to a single company or chaebol suggests that the degree of a government's financial restrictions also has an effect on the sensitivity of cash flow intended for investment.

      • SCISCIESCOPUS
      • KCI등재

        스마트그리드 사업과 개인정보보호

        박훤일(Whon-il Park),윤덕찬(Duk-Chan Yoon) 한국기업법학회 2012 企業法硏究 Vol.26 No.2

        Smart grids, which combine conventional electrical grids with information and communications technologies, gather, distribute and supply electricity on two-way information about the behavior of participants in order to improve the efficiency, reliability and sustainability of electricity services being connected with renewable energy sources and electric cars. Korea has seen its own smart grid act and test bed implemented for years, but there is no industrial spearhead nor clear-cut picture for the future even though no one is doubtful of a brilliant prospect for smart grid projects. One of the biggest huddle is the privacy issue protected by law. The Smart Grid Act provides for data protection because smart meters gather and transmit electricity usage information of consumers periodically to the meter data management system for both grid control and billing purposes. So do the electricity charging stands located across the country for electric vehicles. However, this kind of personal information may expose customer’s habits, behaviors, home appliances’ category, and even the life pattern information. That’s why the United Kingdom has revised its ambitious plan to install smart meters at all households, to selective households at their choice. In this connection, reliable solutions should be provided lest privacy issues should outweigh the importance of smart grids. First of all, such data protection provisions on notice and consent should be observed by smart grid participants. And the customers’ information on the electricity usage is required to be processed to be anonymous or even encrypted. It is advisable to put the installation of smart meters at ordinary households to the lowest priority until any privacy protection technology is fully developed. Further, a smart grid governance, very similar to IT governance, should be implemented in a proper manner. At first, smart grid governance is to enhance the effectiveness and transparency of electric power supply, distribution and consumption. Then who is accountable for the operation of smart grid including the afore-mentioned privacy protection? The co-authors think the electric power exchange, KPX, is the most appropriate candidate for smart grid governance. The reason why KPX is accountable for smart grids in Korea is as follows: - Smart grid governance could be well managed by a legal entity in a neutral position. - Smart grid governance is usually linked to price-dependent supply, distribution and consumption (collectively trading) of electric power. - Any violator of smart grid governance should be expelled from the on-line marketplace for trading of electric power. - When any smart grid participant without a license (e.g., a wind generation operator) wishes to sell electricity, it may do so via the smart governance operator. For instance, KPX may nominate the applicant so that it may trade electricity to the extent that the relevant act allows to do so. It may save the red-tapes and lots of paper works at the initial stage of smart grid projects.

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