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
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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.
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