ABSTRACT

This study examines the effects of shareholder perks on stock returns of publicly listed firms in Japan during the 2008 global financial crisis. We find that stocks of firms that offered shareholder perks had higher cumulative abnormal returns (CARs) than those of firms that did not pay perks. The higher CARs of perk-offering firms appeared to be short-term, up to the perk day. Additionally, we find that a higher unit value of perks contributed to better stock performance. This positive relationship between perk value and stock return existed in both the short and long estimation windows.

中文翻译：

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股东福利和股票表现：全球金融危机期间的证据

摘要

本研究考察了 2008 年全球金融危机期间股东福利对日本上市公司股票回报的影响。我们发现，提供股东津贴的公司股票比不支付津贴的公司股票具有更高的累积异常回报 (CAR)。提供津贴的公司较高的 CAR 似乎是短期的，直到津贴日为止。此外，我们发现更高的单位价值有助于更好的股票表现。perk 值和股票回报之间的这种正相关关系存在于短期和长期估计窗口中。