증권사기사건의 규제와 소송절차에서 효율적시장가설에 의한 비정상 주가변동의 측정방법으로서 금융경제학의 역할 = Role of Financial Economics in Securities Fraud Cases based upon ECMH as a Measurement Method of Disgorgement and Abnormal Returns

다국어 초록 (Multilingual Abstract)

Even though economic analysis tools are introduced in the legal sectors
for decision making, no cases are applied directly in the arguments and
case decision in Korea because financial economics are more recently
appeared in the law area. However the financial economic analysis tools
may establish objectivity, if only, in the calculation of interest which
obtained by fraudulent in the transaction.
Event study is the method that analyzes with the help of statistics of the
impact of stock price by the announcement of news that concerned
corporation launches mergers and acquisition or revenues of the enterprise
increased. The event study separate the factors between the cause that
affects the entire market such as change of interest and the specific cause
that gives impact only specific corporation such as an announcement of
dividends.
According to efficient capital markets hypothesis, the stock prices reflect
all available information obtained in the open market. The change of stock
price in the point of release of the news is related to the enterprise that is
attributed to the new information.
This article treats the case that is applies to the ECMH in the securities
litigation and analyze the case which utilize the financial economic tools when S EC m easure t he a bnorm al s tock r eturns i n the regulatory p roceedings.
Especially, the piece focuses on the produce of the damages and profits
from the fraudulent transactions under the help of important information or
news and the work argue whether the information is material or not.

참고문헌 (Reference)

1 SEC v. Stevens, 1991

2 SEC v. Spillman, 1989

3 SEC v. Slattery, 1988

4 윤광균, "증권거래법원론" 육법사 2006

5 송상엽, "중급회계" 웅지경영아카데미 1998

6 임재연, "수정판 증권거래법" 박영사 2000

7 서울지방법원 남부지원, "선고 99가합17440, 21364(병합) 판결"

8 서울지방법원, "선고 98가합52839 판결"

9 서울고등법원, "선고 2007노653 판결 [엘지카드 내부자거래사건]"

10 서울고등법원, "선고 2007나107783,107790 판결: 확정[대우전자 분식회계사건]"

11 대법원, "선고 2006다58578 판결 [엘아이지화재보험 시세조정사건]"

12 대법원, "선고 2006다16758,16765 판결"

13 서울중앙지방법원, "선고 2006고합332 판결"

14 대법원, "선고 2005다60246 판결 [대우전자 분식회계사건]"

15 대법원, "선고 2005다44565, 2005다44572(병합) [현대증권 시세조종사건]"

16 서울고등법원, "선고 2005나22673, 22680 판결"

17 서울고등법원, "선고 2004나74400 판결"

18 서울고등법원, "선고 2004나46436 판결"

19 서울고등법원, "선고 2004나39667, 2004나39674(병합)"

20 대법원, "선고 2003다69607, 2003다69614(병합)"

21 서울고등법원, "선고 2002나65020 판결"

22 서울고등법원, "선고 2002나3343,2002나3350(병합) 판결"

23 대법원, "선고 2000다72916 판결"

24 서울고등법원, "선고 2000나22456 판결"

25 서울중앙지방법원, "선고 2000가합78896 판결"

26 서울중앙지방법원, "선고 2000가합78858, 85856 판결"

27 서울중앙지방법원, "선고 2000가합78841 판결"

28 정형찬, "사건연구방법론에서 소표본 문제와 모형의 검정력" 한국증권학회 35 (35): 107-140, 2006

29 김병연, "미국 판례법상 시장사기이론(The fraund on-the-market theory)과 증권거래법상 損害賠償責任에 있어서 因果關係의 문제" 한국비교사법학회 11 (11): 277-306, 2004

30 Basic Inc, "v. Levinson, 485 U.S. 224"

31 Stephen J. Brown, "Using daily Stock Returns in the Case of Event Studies" 14 : 3-31, 1985

32 Daniel R. Fischel, "Use of Modern Finance Theory in Securities Fraud Cases Involving Actively Traded Securities" 38 : 13-, 1982

33 Mark L. Mitchell, "The Role of Financial Economics in Securities Fraud Cases : Applications at the Securities and Exchange Commission" 49 : 557-558, 1994

34 Jeffry M. Netter, "Stock-Repurchase Announcements and Insider Transactions After the October 1987 Stock Market Crash" 18 : 84-, 1989

35 "SEC v. Shapiro, 494 F.2d 1301"

36 "SEC v. MacDonald, 699 F.2d 47"

37 "SEC v. Ingoldsby, Litigation Release No. 12,461, [1990 Transfer Binder] Fed. Sec. L. Rep. (CCH) §95,351"

38 "SEC v. First City Financial Corp., 890 F.2d 1215"

39 SEC v. Mesa Ltd, "Partnership and T. Boone Pickens" 1990

40 Arnold S. Jacobs, "Littigation and Practice under Rule 10b-5 §61.02[b][ii]"

41 Jonathan R. Macey, "Lessons from Financial Economics : Materiality, Reliance, and Extending the Reach of Basic v. Levinson" 77 : 1027-, 1991

42 Eugene F. Fama, "Efficient Capital Market : II" University of Chicago 37-38,

43 Mark L. Mitchell, "Do Bad Bidders Become Good Targets?" 98 : 372-, 1990

44 SEC v. Kan King Wong, "Charlotte Ka On Wong Leung, Michael Leung Kai Hung, and David Li Kwok Po" 2008

45 Lawrence A Cunningham, "Capital Market Theory, Mandatory Disclosure, and Price Discovery" 51 : 853-, 1994

46 SEC v. Tome, "833 F.2d 1086, 1096"

47 Randall v. Loftsgaarden, "478 U.S. 647, 664"

48 SEC v. Texas Gulf Sulphur Co, "312 F. Supp. 77 (S.D.N.Y. 1970), 446 F.2d 1301 (2d Cir.), 404 U.S. 1005"

49 대법원, "11. 27. 선고 2008다31751 판결 [대우중공업 분식회계사건]"