Shareholder Perks and Firm Value
研究日本企业股东福利计划（如实物礼品或折扣）如何通过提高股票流动性、降低股权资本成本和向投资者传递信号来提升企业价值，但对产品营销渠道的支持不一。
Abstract 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 by which perks increase firm value: an increase in share liquidity, a decrease in the equity cost of capital, and signaling to investors. A fourth channel, by which perks help to market the firm’s products to consumers, receives mixed support. We do not find evidence that perk programs work to entrench managers.