Shareholder perks are packages of benefits offered to shareholders who own a threshold number of firm shares. We test and confirm the hypothesis that shareholder perks programs in Japan provide mechanisms to increase firm visibility for individual investors through stock-price run-ups and increased trading volume just before the ex-perks date. First, firms having perks programs experience a significant price run-up toward the ex-perks date. Second, the observed price run-ups are significantly higher for stocks having tighter short-selling restrictions. Third, trading volumes and balances of short interests rise significantly just before the ex-perks date. The latter suggests active cross trades, wherein investors hedge price risk. Fourth, the results from the multivariate regression are also consistent with the hypothesis.

股东福利是提供给拥有一定数量公司股份的股东的一揽子福利。我们测试并证实了这样一个假设，即日本的股东福利计划提供了一种机制，通过股票价格上涨和在除息日之前增加交易量来提高个人投资者的公司知名度。首先，拥有福利计划的公司在前福利日期前经历了显着的价格上涨。其次，对于卖空限制更严格的股票，观察到的价格上涨要高得多。三是在除息日前夕，空头交易量和余额显着上升。后者表明活跃的交叉交易，其中投资者对冲价格风险。第四，多元回归的结果也与假设一致。