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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