기업의 블록체인 관련 자발적 공시와 투자자 관심도에 대한 시장반응

최아람,안미강 한국회계학회 2020 회계저널 Vol.29 No.4

This paper aims to analyze the effects of the corporate blockchain announcement on stock market. Blockchain is a decentralized technology ledger which provides various opportunities for value creation when applied to different industries. We try to measure if investors value the firms investing in blockchain based on the potential of the technology itself separate from the frenzies surrounding crytocurrencies. To analyze, we first narrow the sample of public firms announcing blockchain-related investment to the 2018 and 2019 Fortune US 500 firms based on the assumption that they have genuine interest and ability in adopting enterprise blockchain. Next, we utilize a common event study methodology setting the date of company’s voluntary disclosure as an event day. We further categorize blockchain announced company’s stock data by investor’s interest level calculated by internet search index, stock exchange market, context of the announcement and industry classification. Our study shows the overall positive investors’ reaction during the pre-event period:Pre_HIGH, NASDAQ, Significance, and non-finance firms showed higher market reaction than the firms of opposite end. Furthermore, we observed overall stock price reversal during the immediate reaction period followed by pre-event period. The study results indicate the company’s voluntary disclosure of blockchain related investment via public media may leak several days prior to the announcement day resulting the investors’ early reaction to the news. This study has significance in terms of quantifying investors’ interest and expectations on the disruptive new technology like blockchain. 본 연구는 미국의 상장 기업들이 통합 뉴스 서비스를 통해 블록체인 기술 관련 투자 및 상용화를 공식발표(press release)의 형태로 최초 공개하는 시점을 전후로 주가가 영향을 받는지 사건연구(event study)를 통해 실증적으로 검증하고자 한다. 이를 위해 미국의 뉴욕증권거래소(NYSE)와 나스닥(NASDAQ)상장 기업이 블록체인 등 혁신 기술의 부상에 관한 내용을 자발적 공시함으로써 기회주의적 태도를 보이는지 살펴보고 이러한 발표에 대한 투자자들의 반응을 종합적으로 분석한다. 표본대상은 미국의 포춘지 선정 500대 기업(Fortune US 500) 중 블록체인 관련 공식발표를 시행한 기업이며, 해당 기업들을 통합 미디어로 검색한 후 공식 발표일을 사건일(event day)로 지정하여 투자자들의 반응을 분석하였다. 한편 미디어를 통한 공시는 사전유출의 가능성이 존재하므로 투자자들의 관심도를 검색지수로 측정하여 투자자의 사전 관심도에 따른 주가의 차별적 반응을 살펴보았다. 분석결과 블록체인 관련 발표에 대한 주가반응은 전체적으로 사전반응 구간에 가장 큰 폭으로 상승하는 것을 알 수 있었다. 특히 투자자의 사전 관심도가 높은 기업과 NASDAQ, 중요공시, 비금융기업 집단에서 모두 양(+)의 사전적 반응이 나타나 투자자들이 상장시장, 공시내용 및 금융기업 여부에 차별적으로 반응하는 것이 확인되었다. 기업들의 블록체인 관련 공식발표에 대한 주가반응을 살펴본 본 연구는 가상화폐의 인기와는 별개로 4차 산업의 중요기술 중 하나로 인정받고 있는 블록체인 기술에 대한 투자자들의 관심과 기대에 대한 검증을 시도하는 데 의의가 있다. 또한 공정공시제도를 만족하는 기준과 발표일에 차이가 발생하는 증권거래위원회 제출보고서가 아닌 통합적인 뉴스 서비스를 통해 최초의 발표일을 사건일로 검증하였다. 이는 실제로 정보가 발표되는 시점을 고려한 것으로 현재의 공시환경을 적절하게 반영하여 블록체인 관련 시장반응에 대한 새로운 연구방향을 제시할 수 있을 것으로 보인다.

흰쥐 음경해면체신경 손상 모델에서 제대혈 유래 인간 중간엽 줄기세포 치료의 효과

최아람,김성대,손동완,김두배,김현우,조수연,조용현,김세웅 대한남성과학회 2008 The World Journal of Men's Health Vol.26 No.3

Purpose: To find out the effect of transplanted umbilical cord blood derived human mesenchymal stem cells (hUCB- MSCs) in the rat model of bilateral cavernosal nerve injury (BCNX) Materials and methods: Male Sprague Dawley rats were divided into three groups: Group I (7 rats, Control, Sham operation) had only bilateral cavernosal nerve crushing injury. PKH-26 fluorescent cell linker was labeled to hUCB- MSCs Group II (7 rats) had transplantation of hUCB- MSCs (3×105cells/50μl PBS) into MPG after BCNX. Group III (7 rats) had transplantation of hUCB- MSCs (3×105cells/50μl PBS) into the CC after BCNX. We detected the PKH-26 labeled MSCs in Group II, and III at four weeks after transplantation. Peak intracavernosal pressure (ICP) and ICP/mean arterial pressure (MAP) were recorded after pelvic nerve stimulation at 12 weeks after transplantation. Results: PKH-26 labeled hUCB-MSCs were detected in MPG and CC of group II and III at four weeks after transplantation. The peak ICP was significantly higher in the Group II (69.6±5.9mmHg) and Group III (59.7±7.6mmHg) compared to Group I40.6±10.5mmHg) at 12 weeks after transplantation. The rates of ICP/MAP were significantly higher in Group II (32.2±6.4%) and Group III (57.8±4.9%) compared to Group I (49.5±2.9%) at 12 weeks after transplantation. Conclusions: The intracavernosal and major pelvic ganglion transplantation of hUCB- MSCs improve erectile function in a rat model of neurogenic impotence.

The Effect of Blockchain Related Disclosure on Accounting Transparency

최아람,안미강,이기세 한국국제회계학회 2021 국제회계연구 Vol.- No.96

[Purpose] Currently, in the era of the fourth industrial revolution, public interest in blockchain is high as a way to compensate for the transparency issues of the existing accounting system. In this study, we analyze the accounting transparency of the firms that have voluntarily disclosed the adoption of blockchain technology. In addition, we verify if the blockchain technology in fact improves the accounting transparency of companies. [Methodology] Three different discretionary accruals were used as proxies for measuring accounting transparency. The subj ect of the study i s a group of 764 f irms selected from the Fortune 500 firms in the United States. The analyses performed in this study were difference analysis and regression analysis. [Findings] The results of our analyses showed that blockchain disclosure firms had lower discretionary accruals than the firms with no disclosure. These results confirm that blockchain related voluntary disclosures increase the accounting transparency of the firms. [Implications] This study verified that blockchain technology has a positive effect on decreasing the earnings management behavior of the firms. It is also confirmed that the blockchain-based accounting system and accounting transparency are positively correlated as it has a monitoring effect on corporate managers.

상사 특성이 인상관리에 미치는 영향과 조직 내 정치지각의 조절효과

최아람,유태용 한국산업및조직심리학회 2018 한국심리학회지 산업 및 조직 Vol.31 No.2

The purpose of this study was to investigate the effect of supervisor’s characteristics on impression management and the moderation effect of perception of organizational politics. Using the survey research method, data were collected from 296 employees who were working in a variety of organizations in Korea. As results, supervisor’s power distance orientation, social face sensitivity, and agreeableness had positive relationships with supervisor’s impression management, and supervisor’s neuroticism had negative relationship with supervisor’s impression management. However, supervisor’s extraversion did not have significant relationship with supervisor’s impression management. The perception of organizational politics had moderation effect on the relationship between supervisor’s agreeableness and impression management. That is, the positive relationship between supervisor’s agreeableness and impression management was stronger when the perception of organizational politics was high rather than low. On the other hand, moderation effects of the perception of organizational politics on the relationship between supervisor’s power distance orientation, social face sensitivity, extraversion, neuroticism and impression management were not significant. Based on these results, we discussed the implications and limitations of the study, and the suggestions for the future research.

당뇨병성 방광병증 환자들의 임상소견에 따른 요역동학적 고찰 및 당화혈색소의 임상적 중요성

최아람,이승주,이지열 대한비뇨의학회 2002 Investigative and Clinical Urology Vol.43 No.12

Bottom 컬렉터와 단일 금속층 구조로 설계된 SiGe HBT의 전기적 특성

최아람,최상식,김준식,윤석남,김상훈,심규환,Choi, A-Ram,Choi, Sang-Sik,Kim, Jun-Sik,Yoon, Seok-Nam,Kim, Sang-Hoon,Shim, Kyu-Hwan 한국전기전자재료학회 2007 전기전자재료학회논문지 Vol.20 No.8

This paper presents the electrical properties of SiGe HBTs designed with bottom collector and single metal layer structure for RF power amplifier. Base layer was formed with graded-SiGe/Si structures and the collector place to the bottom of the device. Bottom collector and single metal layer structures could significantly simplify the fabrication process. We studied about the influence of SiGe base thickness, number of emitter fingers and temperature dependence $(<200^{\circ}C)$ on electrical properties. The feasible application in $1{\sim}2GHz$ frequency from measured data $BV_{CEO}{\sim}10V,\;f_T{\sim}14GHz,\;{\beta}{\simeq}110,\;NF{\sim}1dB$ using packaged SiGe HBTs. We will discuss the temperature dependent current flow through the e-b, b-c junctions to understand stability and performance of the device.

Successful hemostasis for airway bleeding using two flexible bronchoscopes under conscious sedation

최아람,채강희,박취용,김진형,나승원,이태훈 대한내과학회 2021 대한내과학회 추계학술대회 Vol.2021 No.1

예방-교수-강화(PTR)의 긍정적 행동지원이 ADHD의심 학생의 수업참여행동과 수업방해 행동에 미치는 영향

최아람,김은경 한국행동분석학회 2018 행동분석․지원연구 Vol.5 No.1

이 연구에서는 예방-교수-강화(PTR)를 적용한 긍정적 행동지원이 ADHD의심 학생의 수업참여행동과 수업방해행동에 미치는 영향을 알아보았다. 연구대상은 ADHD의심 초등학생 1명으로, 상황간 중다 간헐 기초선 설계를 적용하였다. 대상 학생에 대한 기능 평가(FBA)에 근거하여 예방-교수-강화(PTR)을 적용한 긍정적 행동지원계획을 개발하여 초등학교 통합학급 교실과 특수학급 교실의 자연적인 상황에서 행동지원 중재를 실시하였다. 연구 결과 예방-교수-강화를 적용한 긍정적 행동지원은 ADHD의심 학생의 수업참여행동의 발생률 증가와 수업방행행동의 발생률 감소에 효과적인 것으로 나타났다. 또한 이러한 중재의 효과는 중재 종료 후에도 유지되었고 중재를 시행하지 않은 다른 교과시간으로 일반화되었다. 이 연구의 결과는 학생의 문제행동에 초점을 두지 않고 바람직한 행동의 발생 가능성을 증진시킬 수 있도록 예방적인 선행사건 중재, 바람직한 행동을 지도하는 대체행동 교수, 바람직한 행동을 강화하는 후속사건 중재를 체계적으로 적용하는 것이 ADHD의심 학생의 수업참여행동의 향상에 효과적이며 초등 저학년 시기의 적절한 조기개입이 중요함을 시사한다. The purpose of this study was to investigate the effects of prevent-teach-reinforce positive behavior support on class participation behaviors and class disruption behaviors of the elementary school student at risk for ADHD. The subject was a elementary school male student at risk for ADHD. To demonstrate the effect of this study, multiple probe baseline design across settings was conducted. Based on Functional Behavior Assessment for the subject, prevent-teach-reinforce positive behavior support(intervention of antecedents and setting events, alternative behavior instruction, consequences and system change) were developed and implemented in a regular classroom and special education classroom. The results of this study were as follows: First, the prevent-teach-reinforce positive behavior support was effective in increasing the class participation behaviors of the student ar risk for ADHD. Second, the intervention was effective in decreasing the class disruption behaviors of the student ar risk for ADHD. The effects of the intervention were maintained after the completion of the intervention and generalized. These results imply that the prevent-teach-reinforce positive behavior support is helpful to improve class participation behaviors of the elementary school student at risk for ADHD and that early intervention is important for the student at risk for ADHD.

엔터프라이즈 블록체인, 어디까지 왔나 - 포춘500대 기업을 중심으로 -

최아람,송부용 한국지역경제학회 2020 韓國地域經濟硏究 Vol.18 No.2

자립과 자율

최아람 한국지역사회연구소 2012 지역사회 Vol.66 No.-