Do investors value shareholder perks? Evidence from Japan
Do investors value shareholder perks? Evidence from Japan
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投资者重视股东福利吗？
DOI：
10.1016/j.jbankfin.2022.106575
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发表时间：
2022
期刊：
影响因子：
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通讯作者：
Yasutake Taeko
中科院分区：
文献类型：
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作者：
Huang Wei;Rhee S. Ghon;Suzuki Katsushi;Yasutake Taeko
通过关注股东福利前几天的价格和交易量变动，我们调查了投资者是否以及如何重视股东福利。利用来自日本的综合股东津贴数据，我们证明了有股东津贴的股票在前几天左右价格显著下跌，这证明股东津贴对投资者有价值。我们还表明，投资者对股东福利的异质偏好导致交易日前后交易活跃。价格下降幅度大于股东福利的估计成本，意味着送礼是在增加福利，这为长期以来关于送礼是否会带来福利收益或损失的争论提供了新的视角。本研究还提供了与心理会计行为模型一致的实证研究结果，该模型假设接受实物礼物而不是现金或礼品卡对消费者来说是效用增加的。
By focusing on the price and trading volume movements around the ex-days of shareholder perks, we investigate whether and how investors value shareholder perks. Using comprehensive shareholder perks data from Japan, we demonstrate a significant price decline for stocks with shareholder perks around ex-days, as an evidence that shareholder perks are valuable for investors. We also show that heterogeneous preference for shareholder perks among investors leads to active trading around the ex-day. A price drop larger than the estimated cost of shareholder perks implies that gift giving is welfare increasing, providing a new insight into the long-standing debate on whether gift giving creates welfare gain or loss. This study also provides empirical findings that are consistent with behavioral model of mental accounting, which posits that receiving a gift-in-kind rather than cash or gift cards is utility increasing for consumers.