A Study on the Investor-State Dispute(ISD): Cases of Elliott Lawsuits

Yang, Cheol Won

doi:10.23842/jif.2020.31.4.001

KJC Korea
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Journal of Insurance and Finance 2022 KCI Impact Factor : 0.37

Korean | English

pISSN : 2384-3209

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A Study on the Investor-State Dispute(ISD): Cases of Elliott Lawsuits

Journal of Insurance and Finance
2020, 31(4), pp.3-38
DOI : 10.23842/jif.2020.31.4.001

Publisher : Korea Insurance Research Institute
Research Area : Business Management

Received : April 24, 2020
Accepted : November 20, 2020
Published : November 30, 2020

Yang, Cheol Won ¹

¹단국대학교

ABSTRACT
열림/닫힘 버튼

This study deals with Investor State Dispute (ISD), which allows foreign investors to sue countries for discriminatory practices. In particular, we focus on the financial issues of the ISD lawsuit filed with the Korean government on the merger of Samsung C&T and Cheil Industries. First, the adequacy of Elliott's claim is assessed by dividing it into two cases: selling shares before the merger and holding them after the merger. First, when the price of stock purchase claim is used as the selling price of Samsung C&T before the merger, stock value exceeds the range suggested by various evaluation agencies before the merger. Second, a net present value model is proposed to calculate the profit or loss of existing shareholders if the stock is held until after the merger. In the model, shareholders' profit and loss is determined by the synergy of the merger and the appropriate merger ratio. Even if we set the consensus range suggested by the agencies at the appropriate merger ratio and assume various merger synergies, the amount of damage did not reach the amount claimed by Elliott.
KEYWORDS
열림/닫힘 버튼

Investor-State Dispute(ISD), Merger, Damages, Net Present Value, Valuation

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* 2022년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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