검색어 입력폼

키코 KIKO

저작시기 2011.03 |등록일 2012.01.04 파일확장자기타파일 (dot) | 9페이지 | 가격 2,500원

소개글

MBA 기업윤리 시간에 발표한 키코사태 관련 분석 리포트입니다. 모두 영문입니다.

목차

1. Abstract

2. Background & Structure on the KIKO contract

3. Issues surrounding the disputes over the KIKO
1) Unfair form Contract
2) Fraud; Unconscionable; Mistake
3) Fiduciary Duty
4) Investor Myopia

4. Ruling from Court

5. Sympathy, Confusion distort KIKO debate

6. Conclusion

본문내용

1. Abstract
Between 2006 and 2007, hundreds of export-oriented South Korean companies entered into what are called KIKO(Knock-in, Knock-out) target forward contracts to hedge against the threat of an appreciating Korean currency, the Won. Buyers of these contracts were assured a pre-determined foreign exchange rate as long as the range of exchange rate fluctuation stayed within a narrow band. In 2008, however, the Korean currency depreciated considerably following the global financial crisis, forcing buyers of the KIKO contracts to incur enormous losses. Why were there both supply and demand for these contracts, and why did they become suddenly popular? Psychological biases and cognitive limitations were perhaps at play, including herd behavior, investor myopia, information cascades, and optimism bias. Recognizing that these psychological factors could induce sub-optimal decisions of the contracting parties, we argue that de-biasing should be considered an important policy goal in financial contracting. While the scope of this paper is limited to the KIKO contracts, the principles used to examine this case can be broadly applied.

참고 자료

없음
다운로드 맨위로