The Buffer or the Squeezer? High-Frequency Analysis on Individual Investor Trading in Shareholder Perks-Associated Market Fluctuations

Research Project

Project/Area Number	25K16690
Research Category	Grant-in-Aid for Early-Career Scientists
Allocation Type	Multi-year Fund
Review Section	Basic Section 07060:Money and finance-related
Research Institution	Ritsumeikan Asia Pacific University
Principal Investigator	QU Chengcheng 立命館アジア太平洋大学, 国際経営学部, 助教 (11000802)
Project Period (FY)	2025-04-01 – 2030-03-31
Project Status	Granted (Fiscal Year 2025)
Budget Amount *help	¥4,550,000 (Direct Cost: ¥3,500,000、Indirect Cost: ¥1,050,000) Fiscal Year 2029: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2028: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2027: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2026: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000) Fiscal Year 2025: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
Keywords	Individual investors / Liquidity fluctuation / Shareholder perks
Outline of Research at the Start	The project utilizes intraday trading and quoting data to identify whether individual investors intensify or ease liquidity fluctuations in the Japanese equity market around shareholder perks distribution.