Beyond the blockchain announcement: Signaling credibility and market reaction |
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| Institution: | 1. Kenneth C. Griffin Department of Economics, The University of Chicago, IL, USA;2. Department of Statistics, Stanford University, CA, USA;3. School of Economics, Fudan University, Shanghai, China;1. School of Management, Xi''an Jiaotong University, No. 28 Xianning Road, Xi''an, Shaanxi 710049, China;2. School of Management, Huazhong University of Science and Technology, Luoyu Road 1037, Wuhan, Hubei 430074, China |
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| Abstract: | We study how signaling credibility of firms' announcements affects market reactions with the blockchain announcements as the research object. The blockchain announcements have led to a significantly positive increase in the value of listed firms since blockchain technology was valued in China. We find that high-tech firms with more technological attributes and reserves could be seen as more credible and trigger more significant stock returns than non-high-tech firms. In addition, state-owned high-tech firms with normal financial status and voluntary disclosure would augment such signaling credibility. In general, the results support that corporate announcements' signaling credibility is vital for market reaction. |
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