Shareholder perks are in-kind gifts or purchase discounts that disproportionately reward small shareholders. Data from Japanese firms indicate that firms initiating perk programs attract individual retail shareholders and experience increases in share values. We find support for three channels...

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...

Under short-sales restrictions, we document a phenomenon where the market reacts again to publicly available adverse information, to which it has already responded before. We employ a Japanese dataset endowed with distinctive regulatory features pertaining to trading restrictions for a specific...

Japanese markets have unique institutional attributes, which provide an ideal laboratory for investigating potential supply effects. These regulatory factors permit an examination of issue-day price effects, at the influx of additional shares from equity offerings, free of simultaneous release...

This paper examines whether issue discounts and stock return around seasoned equity offerings (SEOs) differ according to the type of short selling, manipulative or informative, in Japan where a special short selling regulation around SEOs, such as Rule 105 in the United States, does not exist....