of loss to the protection buyer if credit events promised in advance occur before the expiration while the protection buyer trying to transfer the credit risk periodically pays for the premium, which is the cost for the risk, until the end of the contract. Since the credit events which become the criteria of the compensation are difficult to be standardized other than other derivatives, the contr
“How can any auditor be independent when his client is paying this kind of money?”
Sarbanes-Oxley Act , 2002
Setting up the PCAOB(Public Company Accounting Oversight Board)
Define Accounting & Auditing principles
Oversee, Regulate, Inspect, Discipline
Ensuring Auditor Independence, Corporate Governance, Financial Disclosure
Enhancing severity of White Collar Crime Penalty
(1) What is Franchise
The Franchise system is a form that headquarters control markets tightly by contract of franchises. Franchise is getting effect of management such as enterprise under direct management by doing mutual cooperation and sharing functions by contract among independent operators having individual capital.
The contract of franchise includes rights associa
of ownership and control)’ 혹은 ‘소유와 경영의 분리(separation of ownership and management)’ 현상
미국은 S&P500 기업의 1/3이 가족소유기업
전문 CEO를 외부에서 영입한 것보다 가족중 누군가가 CEO인 경우가 성과가 더 좋음
미국외 아시아, 라틴아메리카, 유럽 등에서는 Family-owned 기업이 기업지배구조의 대부
customers was in chaos from its constant mergers.
WorldCom had fifty-five different billing systems.
There was a great deal of delay between bill payment and acknowledgment of customer corrections.
Cherry Communications filed suit against WorldCom for $100million in “false and questionable” bills.
2-3 of commercial customers filed for bankruptcy during a quarter on average.