Shareholder Perks in Japan: Price Movement and Trading Volume Around Ex-Benefit Days
38 Pages Posted: 9 May 2016
Date Written: May 9, 2016
Abstract
This study examines the valuation of shareholder perks in Japan known as kabunushi yutai, which are noncash gifts and services that shareholders receive. This article reveals that the prices of stocks with shareholder perks drop on ex-benefit days, after controlling for cash dividends and other underlying factors, and excessive trade volume is observed around ex-dividend days. Price and volume movements for stocks with shareholder perks suggest the existence of a clientele of investors who value noncash forms of payout.
Suggested Citation: Suggested Citation
Huang, Wei and Rhee, S. Ghon and Suzuki, Katsushi and Yasutake, Taeko, Shareholder Perks in Japan: Price Movement and Trading Volume Around Ex-Benefit Days (May 9, 2016). Asian Finance Association (AsianFA) 2016 Conference, Available at SSRN: https://ssrn.com/abstract=2777549 or http://dx.doi.org/10.2139/ssrn.2777549
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