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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.

Shareholder Perks and Stock Performance: Evidence during the Global Financial Crisis