Earticle

This paper explores a PF deletion approach to ellipsis by investigating the interaction between ellipsis and agreement. In particular, we first note that standard agreement obtains in the there existential construction even when the so-called associate DP/NP within it is included in the domain affected by the operation of VP ellipsis. We argue that this phenomenon cannot be accounted for by assuming Wasow's (1972) empty structure hypothesis and Lobeck's (1995) pro hypothesis on ellipsis. Rather the phenomenon constitutes conclusive evidence in favor of a PF deletion hypothesis on ellipsis, which allows syntactic features of lexical terms in the domain of ellipsis to come into play just like those of non-deleted ones. We also show that the left-edge Aux deletion construction recently discussed by Fitzpatrick (2006) renders additional evidence in favor of a PF deletion approach to ellipsis, but the gapping construction in English seems not to involve ellipsis, in that it behaves in a markedly different way from the two constructions just noted. In the latter part of the paper we examine the absence of subject clitic or agreement on Comp when sluicing or IP deletion applies in the dialects of Dutch, and attempt to accommodate this phenomenon into the larger picture of ellipsis.

Several macroeconomic missteps have been blamed for causing the recent global financial crisis, two of which have received particular attention: the global imbalance and the misguided monetary policy. It is argued here, however, that the primary cause of the financial crisis was the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades. Among the financial innovations, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the crisis and they were the most directly responsible for causing the recent financial crisis.

본 연구의 목적은 울산지역에서 보증지원을 받은 소상공인들을 대상으로 COVID-19 전·후 부실위험요인을 분석하고 소상공인의 지속가 능성 제고를 위한 방안을 제시하고자 하는 것이다. 분석방법은 Cox 비례위험모형을 사용하여 실증분석을 하였다. 연구결과, 첫째, 대표자 특성 중 성별이 남성인 경우가 여성인 경우보다 위험도가 높게 나타났으며, COVID-19 전·후 모두 대표자의 성별은 생존에 유의한 영향을 미치는 것으로 분석되었다. 둘째, 대표자 특성 중 동업계 경험은 많을수록 위험도가 낮아지는 것을 알 수 있었다. 또한 COVID-19 전·후 모든 기간에 걸쳐서 동업계 경험은 생존에 유의한 영향을 미치는 변수로 분석되었다. 셋째, 개인신용등급은 1등급을 기준으로 1단위 증가할수록 사고위험 이 COVID-19 이전은 1.577배, COVID-19 이후는 1.526배 증가하는 것으로 나타났으며, 개인신용등급은 부실위험에 가장 많은 영향을 미치 는 변수로 분석되었다. 넷째, 기업 특성 중 사업장소유여부는 임차일 때 보다 자가소유일때가 위험도가 훨씬 낮은 것으로 나타났다. 다섯째, 보 증상품 특성 중 보증비율은 전액보증보다 부분보증일 때가 위험도가 더 높은 것을 알 수 있었다. 여섯째, COVID-19 이전에는 사업지역, 업종, 보증상품의 상환방법이 생존에 미치는 유의한 변수로 나타났으나, COVID-19 이후에는 통계적으로 유의하지 않았다. 일곱 번째, COVID-19 이후에는 기업형태 중 법인기업이 개인기업으로 운용할 때 보다 부실위험도가 더 낮으며, 통계적으로 유의한 변수로 선정되었다.

The purpose of this study is to analyze the factors contributing to the default risk of small business owners who received guarantees in the Ulsan area before and after COVID-19 and to suggest measures to improve the sustainability of small business owners. The analysis method was an empirical analysis using the Cox proportional hazards model. The research results are as follows. First, among the characteristics of business owners, men were found to have a higher risk than women, and gender was found to be an important factor affecting survival both before and after COVID-19. Second, the business owner's experience in the same industry was associated with a lower risk of default. This variable was important in influencing survival both in the pre- and post-COVID-19 periods. Third, when the personal credit rating rises by 1 grade compared to the standard (grade 1), the risk of default increases by 1.577 times before COVID-19 and by 1.526 times after COVID-19. Personal credit rating was the variable that had the greatest influence on default risk analysis. Fourth, in terms of business characteristics, the risk of insolvency was found to be significantly lower when owning a building compared to renting. Fifth, among the characteristics of guaranteed products, partial guarantees were found to have a higher risk than full guarantees. Sixth, before COVID-19, business location, industry, guarantee product repayment method, etc. were variables that affected survival, but after COVID-19, they were not statistically significant. Seventh, after COVID-19, corporate companies had a lower risk of bankruptcy compared to individual businesses, and this difference was statistically significant.

The main goal of this paper is to investigate the effect of the financial characteristics on default probability of the unlisted SMEs. The sample period covers from January 1, 1999 to December 31, 2007. The sample is divided into three branches, the manufacturing industry, the construction, and retail and wholesale sector. Also in terms of size, i.e. total asset on financial statement, we classify samples into micro firms, small firms, and medium firms. Our main results are summarized as follows. First, most of financial ratios, i.e. growth, profitability, liquidity, stability, efficiency, productivity, are statistically significant. The empirical results by the size and the industry are analogous to the results from the entire data. Growth rate of equity has a significant negative relationship with default probability in manufacturing but is not significant in the construction and wholesale and retail sector. It appears that characteristics of small and medium sized enterprises in manufacturing differ from that in the construction and wholesale and retail sector. Second, the growth rate of equity in construction and wholesale and retail sector is not significant in all of sample groups by the size and industry. The growth rate of equity in the manufacturing sector mainly has a significant effect on default probability with the unlisted SMEs. Third, the classification accuracy(area under the receiver operating characteristics : AUROC) of the default probability model for training dataset is 70.5～78.6% while that for validation dataset is 67.0～69.6%. In all dataset AUROC are near about 70%. This implies that the models used in the analysis are adequate to predict default of SMEs.

Since Hanjin filed for receivership by the Korean Court in 2016, her vessels were arrested at some ports by creditors and they could not have carried out their voyages to the destination ports in the schedule. The contract of carriage was terminated at a place other than the destination. Hanjin would liable for their breach and tort liability of carriage contract to cargo owners, but the claim against them was significantly costed due to their bankruptcy. The marine cargo insurance sometimes cover the forwarding charges and sometimes not. Two marine cargo insurances,“old policy”(ICC, 1963) and “new policy”(ICC, 1982), have mostly been using in Korea. This study analyses and compares all relevant clauses of two policies and suggest solutions for the bona-fide cargo owner.

This paper delves into some ECM properties, centering around raising of the ECM subject across languages. In this paper, I argue that the alleged ECM construction does not involve raising. Rather, the alleged ECM subject is base-generated in the object position of the matrix verb and controls the subject of the embedded infinitival predicate. It follows that these two DPs, accusative and null, are in a thematic relation separately with a different predicate; the accusative-marked DP is the internal argument of the matrix verb, and the null DP, PRO, is the external argument of the embedded verb. I also propose a default Case analysis for corresponding Korean examples. The default Case mechanism assumes that nominative Case in Korean is assigned by default and its Case feature is inserted at a later stage in the spirit of a ‘late insertion’. Tense in this mechanism is not responsible for nominative Case assignment. This analysis works well for Korean examples, in which PRO occupies the subject position of even a finite embedded clause under my non-raising analysis of the alleged Korean ECM constructions.

This paper compares secondary predication constructions such as small clause complements, resultatives, and depictives in English and Korean. It argues that these two typologically different languages employ different modes of satisfying the Case Filter with regard to the Case of the subjects of small clauses. More specifically, it is argued that the subject of a small clause in English is Accusative Case-marked by the higher governing verb, while that ul ]Korean is Nominative Case-marked by default.

Park, Myung-Kwan. 2006. The Syntax of Non-canonical Agreement: Default Case-marking and Subject-verb Disagreement in English. The Linguistic Association of Korea Journal, 14(2), 133-150. This paper examines non-canonical default agreement (=disagreement) and default Case phenomena in English, arguing that Move is a composite operation consisting of Agree, Pied-piping and Re-merge, which apply even in default agreement and Case environments. Along this line of argument, we show that Agree can be divided into two sub-operations: one for person feature and the other for Case feature, and that Case and agreement go hand in hand even in the default agreement/Case environments, as in canonical agreement/Case environments. We also argue that Agree via person feature between a Probe and a Goal is a necessary condition to satisfy the EPP requirement.

Purpose: This research seeks to examine the cross-default and cross-collateral clauses in loan agreement that meet the principles of justice and the principle of balance, especially in developing countries such as Indonesia. Design/methodology/approach: A legal normative review method is used in this study. The cross-default clause and cross-collateral clauses are discussed in relation to existing legal practices in this paper, and a new framework is proposed. The topic in the research centers on the principles of justice and equality for creditors and borrowers. Findings: It concludes that the cross-default and cross-collateral clauses do not fulfill the principles of justice and balance. Cross-default clause shows injustice when associated with subsidiaries’ performance. Cross-collateral clause does not fulfill the principle of equality because it has a higher collateral execution position than other non-bank creditors or non-cash management services bank. This study suggests that debtors reconsider the provision of cross-default and cross-collateral clauses. Cross-default can be limited to a minimum default value. Cross-collateral must be abolished to deliver justice to all creditors. Research limitations/implications: The pre-lamination of this research is that it does not address the issue of negotiations between creditors and debtors. Finally, existing creditors are unlikely to change the rights they have already obtained. Further research can be developed by researching the types of businesses that provide a fixed asset guarantee value. Originality/value: This study provides a novelty by rethinking principle of fairness and equality in cross-collateral and cross-default clauses in loan agreement, under insolvency.

This paper examines non-default/default case environments in English and explores the nature of default case and its realization mechanism in this language. We advance four claims about the default case licensing mechanism: (i) The default case mechanism is capitalized on to spell out nominal expressions whose Case feature fails to be valued because of the deficiency of the Case value-licensing head, (ii) Nominal expressions without Case valuation have case form through default case licensing at the morphological/phonological component, (iii) Both Nominative and Accusative case can be default case in English, (iv) The selection of the particular Case value through the default case mechanism depends on several factors such as relative positions of nominal expressions and the invariant strong form constraint (Quinn 2002).

Hong, Yong-Tcheol. ECM Constructions and Default Nominative Case in Korean. This paper deals with case phenomena shown by Korean ECM constructions. In particular, we try to answer the following questions: Why is nominative-accusative alternation allowed on the subject of an embedded clause? Why is it not allowed when the predicate of an embedded clause is a stage-level predicate? Why is it not allowed on the second subject of multiple subject constructions? Our answers are essentially based on the claim that the nominative case in Korean is a default case. So, through our analysis we offer not only an explanation of case phenomena in Korean ECM constructions but also an argument in favor of default nominative case analysis.

최근(2008년) 국제금융위기를 초래한 여러 변수들 중, 사회적인 소득불균형와 금융위기에 대한 대응책의 미흡 등의 문제들을 포함한 거시경제변수들 중, 특히 2가지 요인들에 주목할 필요가 있다. 즉, 2000년 이후부터 지속되어 온, 국제적 무역 불균형과 통화정책 상의 오류라는 요인들이다. 특히 후자의 경우, 2000년대 초반부터 지속된 경제의 불확실성 확대가 연방중앙은행이 저금리정책을 유지하게 된 주된 요인이 되었으며, 이로 인한 자본시장의 과도한 유동성이 시장참여자들로 하여금 시중 금리이상의 수익률을 추구하는 금융상품을 찾기에 비정상적 노력을 기울이도록 유도하였다. 본 논문에서는 상기 거시경제적인 변수와 관련하여, 국제금융위기의 직접적이고 미시적인 원인으로 간주되고 있는 장외파생상품에 대한 분석과 실증적 연구를 수행하였다. 금융위기 상황 이전의 장외파생상품들에 대한 과도한 투자열기, 특히, 신용부도스왑(Credit Default Swap, CDS)의 국제 자본시장에서의 과열된 매매가 최근의 국제금융위기를 초래한 직접적인 원인이 되었다고 판단되기 때문이다. 본 논문의 기여점으로는 자본선진국들에서는 CDS의 스프레드(프리미엄)에 대한 결정요인들에 대한 연구가 지속적으로 이루어 졌으나, 국내 기업들에 대한 결정요인에 대한 연구는 상대적으로 미약하였다는 점이라 할 수 있다. 본 연구의 방법론으로서 산업효과를 고려한 다중회귀식을 이용한 결정요인들에 대한 유의성 검정이며, 설명변수들 중에서, 국고채(만기 3년) 수익률, 시가-장부가 비율, 그리고 기업규모가 국내 기업들의 CDS 스프레드 의 유의한 결정요인이었다. 첫 장에서는 최근의 국제금융위기관련, 그에 대한 원인분석을 서술하였으며, 둘째 장에서 부채담보부증권과 신용부도스왑에 대한 구체적 개념을 설명하였다. 다음으로 국내 기업들 중, 국제적으로 CDS 스프레드가 거래되는 표본기업들을 대상으로 결정요인 분석을 실증적으로 수행하였다. 마지막 장의 결론 부분에서는 요약과 향후 연구에 대한 내용을 서술, 제시하였다.

Among several macroeconomic missteps blamed for the recent global financial crisis including the social problems of income distribution and the lack of proper financial remedies, two of them have received particular attention: the global BOP(Balance of Payment) imbalance and the misguided monetary policy. Such BOP imbalance was blamed for massive foreign exchange investment flows from Asia into the U.S., triggering the financial and real estate bubble in America. The latter refers to the excessively loose monetary policy of the U.S. Federal Reserve, which pushed financial institutions and households into reckless investment behavior in search of higher returns. Given the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the financial crisis This paper is organized as follows: The first section analyzes the real causes of the recent financial crisis. The second details the role of CDOs and CDS. Then, to identify key determinants of the CDS spreads in an emerging capital market, the sample data of major Korean firms' CDS spreads are used to estimate the risk premium by utilizing the multiple regression analysis. The empirical test result indicates that Korean 3-year treasury bond rate(TYIELD), market to book value ratio(MV/BV), and assets size(INASSETS) are shown to demonstrate statistically significant influences on the changes of the CDS premium for sample firms.

대상판결은 체납처분에 의한 채권압류 후 피압류채권의 소멸시효가 완성되어 소멸하면 압류대상이 존재하지 않게 되어 압류가 실효되므로, 시효중단사유가 종료되어 그때부터 집행채권의 소멸시효가 새로이 진행한다고 판시하였다. 체납처분에 의한 채권압류로 집행채권의 소멸시효가 중단된 경우 피압류채권 추심 등으로 집행절차가 종료되거나 압류가 해제된 때 시효중단사유가 종료되는 것이 일반적이다. 대상판결은 이에 더 나아가 피압류채권이 소멸시효 완성 등으로 소멸하여 압류가 실효된 경우에도 시효중단사유가 종료된다고 한 것이다. 압류 후 피압류채권이 소멸한 경우는 물론 피압류채권의 법률상 집행가능성이 압류 당시부터 부존재하거나 압류 후 없게 된 경우에는 시효중단사유가 종료되어 집행채권의 소멸시효가 새로 진행한다고 보아야 한다. 또한 현행 민법의 해석으로는 소멸시효가 완성되면 의무자의 원용 없이도 권리가 당연히 절대적․대세적으로 소멸한다고 새기는 것이 타당하다(절대적 소멸설). 그리고 피압류채권이 소급적으로 소멸하더라도 시효중단사유까지 소급하여 종료되지는 않는다. 그 결과 채권압류 후 피압류채권의 소멸시효가 완성되면 제3채무자의 원용 없이도 피압류채권이 소멸하고, 이로 인하여 피압류채권의 집행가능성이 없게 되어 피압류채권의 소멸시효 완성시점에 채권압류에 의한 시효중단사유가 종료된다. 따라서 피압류채권의 소멸시효 완성시점을 기산점으로 집행채권의 소멸시효가 새로이 진행하게 된다. 대상판결은 이와 결론을 같이하여 타당하다.

Extinctive prescription shall be interrupted by an attachment, and the prescription which was interrupted begins to run anew from the time when the cause of such interruption has ceased to exist, based on article 168, article 178 of the Civil Act of Korea. The Supreme Court of Korea ruling shows that extinctive prescription shall begin to run anew from the time when extinctive prescription of claims being seized by disposition on default have become complete thereby the claims have lapsed after an attachment; the seizure turns invalid because of non-existing property subject to it. In matters of the interruption of prescription during the procedure of disposition on default, it is commonly said that the interruption has ceased to exist and the statute of limitations starts to run anew in case of the procedure has finished or has been discharged. The decision adds a case where an attachment becomes invalid caused by running out of extinctive prescription of the seized claims thereafter. For the reasons below, I agree with the decision of the subject case. Firstly, I argue that extinctive prescription which was interrupted by an attachment shall begin to run anew from the moment when it had been impossible to collect the seized claims from the first or when it became inexecutable to do so afterward, by issues of law not fact. Secondly, it is also necessary to understand that claims be extinguished by completion of the prescription, regardless of debtors' intent, following the Absolute Extinction Theory not the Relative Extinction Theory. Thirdly, seized claims dissipate retroactively notwithstanding, extinctive prescription is considered not to have begun and lapsed from the past retrospectively. Consequently, extinctive prescription starts to run anew from the time when claims being seized by disposition on default have become inexecutable for the prescription period expired.

Purpose: While the amount of reserve in retirement pension in Korea has been increasing rapidly, the rate of return is low due to fact that most of the corporate pension reserve is invested in financial products that guarantee the principal and interest. This study focuses on deriving implications for the introduction of domestic default options after investigating the default option system in Japan, which operates mainly under the contract-based governance structure. Research design, data, and methodology: We begin with examining the outline of the Japanese default option system, and the selection criteria and selection process for default option products. Next, after conducting the case studies on Aeon Group and Gunje, we investigate the supervision and participation protection aspects of the Japanese default option system. Results: We suggest that the principle and interest guarantee type is included in the default product requirements through labor-management consultation, and the number of products presented is limited to below an appropriate level to help participations' selection. The principle and interest guarantee type is included in the default product requirements through labor-management consultation, and the number of products presented to help subscribers' selection is limited to below an appropriate level. Implications: We draw the implication from the perspective of providing information on default option product selection requirements, setting the period and grace period, imposting a fiduciary duty to employers, and providing information on principal and interest guaranteed products.

본 연구의 목적은 미국 일본 및 유럽 등 선진국 예금보험기관이 파산한 보험회사에 대하여 예금보험금을 지급한 사례를 분석하고 정리함으로써 국내 예금보험의 합리적인 운영에 도움을 줄 수 있는 시사점을 도출하는데 있다. 선진국의 파산정리 방법을 검토해 보면 청산방식은 손해보험사에 그리고 계약이전 방식은 생명보험사 사용하는 것이 일반적인 사례이다. 그러나 국내에서는 손해보험사도 생명보험사처럼 장기보험을 많이 판매하므로 계약이전 방식에 의한 소비자 권익보호가 우선해야한다는 결론을 내렸다. 그러나 계약이전 방식에서 오는 보험계약자의 도덕적 해이를 줄이기 위해서는 일본이나 영국과 같이 보험회사 파산시 계약자준비금 삭감, 예정이율 인하 등을 통하여 손실 분담을 하도록 하는 것이 타당하다는 판단이다. 아울러 선진국의 경우에도 보험사의 파산과 예금보험금 지급이 대형화되는 이유가 보험사의 무분별한 외형성장추구, 리스크관리 소홀 등에 있으므로 독일의 경우처럼 보험권역 내에서도 회사별 리스크 기준 차등요율제의 실시를 제안하였다. 그러나 보험권역에 대한 이러한 제도개선이 은행 등 타 금융권역과 비교하여 규제차손이 발생할 수 있으므로 영역간 균형있는 개선이 전제되어야 한다. 다른 한편 미국의 파산정리과정에서 보듯이 기발생미보고준비금(IBNR), 재보험 및 책임보험과 관련하여 복잡한 소송이 많이 발생하고 그로 인한 자금소모가 크므로 국내에서도 관련 규정의 사전정비가 요구된다.

The study examines cases of payment for the insured of the insolvent insurers by the Insurance Guarantee Schemes in advanced countries including the U.S., Japan, and some EU member countries to see what valuable implications they may have for the efficient operation of the Korea Deposit Insurance Corporation (KDIC). The first finding is that defaulted non-life insurers are generally liquidated by discontinuing insurance contracts and paying insurance benefits or refunding unearned premiums to the insured whereas life insurer failures are usually handled by transferring insurance policies to another insurer. Nevertheless, since non-life insurers in Korea also sell long-term insurance products as life insurers do, it would be desirable if insolvent domestic non-life insurers would be cleaned out by transfer of all the policies to another sound insurer because the nation's non-life insurers also sell mainly long-term insurance products as life insurers do. However, this paper recommends that some measures should be put in place to reduce moral hazard which will increase with the adoption of contract transfer. By emulating Japanese and UK cases, a plan might need to be developed to reduce policy reserves and/or assumed interest rate to distribute losses incurred by an insurer's default between KDIC and policy holders. Such a co-sharing plan should be applied to all the financial sectors including insurance and banking to remove a regulatory arbitrage gain or loss. In addition, this paper recommends introducing a risk-based deposit insurance premiums system, similar to that of Germany, to reduce moral hazard of insurers who would otherwise attempt to pursue external growth imprudently and take too much risk in their business. In advanced countries, most insolvencies of insurers were found to have resulted from their reckless management without managing risk properly which, in turn, led to hugh losses. On the other hand, this paper suggests KDIC should check and streamline insurance-related regulations in advance to avoid unnecessary legal conflicts with various stakeholders of insolvent insurers in handling IBNR reserve, reinsurance payment, and long-term development of losses in liability insurance. The more legal conflicts there are, the higher expenses will be, which will cause more serious erosion to the net worth of the insolvent insurer.

This thesis is in need of verification whether many preceding researches passing over something. Also, It will be access to nature of the liability of warranty. When the buyer has the right to by reason of seller’s breach of warranty by article 580ㆍ581 of the civll law. It is discussed whether besides this right the buyer has another right to damages by reason of default on an obligation which arise from the contact by article 390 of the civil law. This judgment is significant as the first judgment of the Korean Supreme Court that clarify its attitude approving the concurrence of the liabilities to damages for breach of warranty with default on an obligation of the seller. The meaning of integration of warranty and default on an obligation is that conform the condition and the effect of warranty to the default on an obligation if possible. This thesis examined the possibility and the necessity of the conformity of the provision of Korean Civil Law article 580ㆍ581 about Warranty as a special provision to the provision of Korean Civil Law article 390 about default on an obligation, especially laying emphasis on condition of Warranty of a seller. More reasonable solution is newly establishment of general clause about liability of default on obligation or defective performance than revision of the provision of provisory of korean civil law article 390.

본 연구는 일본의 주식시장에 있어서 정보의 비대칭성과 CDS 프리미엄의 상관관계를 고려하여 정보의 비대칭성의 대리변수를 통해 CDS프리미엄을 설명가능한지에 대한 목적이 있다. 검증결과에 의하면 주식시장에 존재하는 정보의 비대칭성은 CDS프리미엄에 강한 양(+)의영향을 주고 더욱이 대리변수인 기업재무정보 공개 및 기업의 신용, 기업의 규모의 차이에 관계없이 주식시장에 존재하는 정보의 비대칭성은 CDS프리미엄에 강한 설명력을 가질 수 있다. 따라서 주식시장의 정보의 비대칭성은 CDS프리미엄을 추정하는데 추가변수로서 매우 유효한 변수라는 것을 분석을 통해 알 수 있다.

The purpose of this study is to look into whether it is possible to explain CDS premium through the proxy variables of the information asymmetry in the light of the correlation between information asymmetry and CDS premium in the stock market. According to the verification result, the information asymmetry existing in the stock market has a strong positive(+)influence on CDS premium, and further, the asymmetry of information existing in the stock market could have strong explanation power on CDS premium regardless of proxy variables, i.e. disclosure of corporate finance information, corporate credit, and difference in corporate scale. Accordingly, it is possible to understand that the information asymmetry in the stock market is very effective variable as an additional variable in estimating CDS premium through the analysis.