다년간 분식회계로 인한 손해배상액의 산정 방법에 대한 연구

The event study has been utilized in suits for damages from false disclosure or fraudulent accounting in order to estimate damage amount of claimants reasonably. Based on the financial investment services and capital markets acts, damage amounts resulting from false disclosure or fraudulent accounting are calculated basically by subtracting the disposal amounts of stocks from the acquisition ones. However, following above criterion may have a risk of including the damage caused by other factors such as investment failures of claimants. Therefore, the acts allow a claimee to deny its responsibility for compensating what is not caused by its wrong behaviors. This is related to the estimation principle of damage amounts, which should be calculated from the inflated price not from other factors but only from false disclosure or fraudulent accounting. Event study is a statistical methodology which can eliminate the effect of irrelevant factors, and estimate not only but-for stock price but also damage amounts reflecting causal relationships more exactly. If there are multiple false disclosures, using ordinary event study may overestimate damage amounts because claimants who are related only to the part of false disclosures can be paid with full amounts corresponding to the whole false disclosures. This does not reflect the proper causal relationship when some claimants bought stocks based on belief of the part of false disclosures. This paper introduces the methodology which can adjust full damage amounts when there are multiple false disclosures. The methodology, so called pro rata method, considers the difference between EPS(earning per share) from false disclosure and from corrected disclosure and calculates individual damage amounts proportional to the ratio of corresponding over-disclosed EPS to the total cumulative over-disclosed EPS. Through using this methodology, it is expected to estimate appropriate damage amounts which can reflect causal relationship more exactly.