The Hipparcos mission discovered a few dozen M giant stars with periods P shorter than 10 d. Similar stars may be found in other large data bases of new variables (e.g., OGLE). The three possible sources of the magnitude variations – pulsation, starspots and ellipsoidal deformation – are discussed in general terms. The parallaxes and V−I colour indices are used to calculate radii and temperatures for all M giant variables with P<100 d. Masses are estimated from the positions of the stars in a Hertzsprung–Russell (HR) diagram, using evolutionary tracks. Using these data, it is shown that starspots can be ruled out as a variability mechanism in almost all cases, and ellipsoidal variations in about half of the stars. Pulsation in very high‐overtone modes appears to be the only viable explanation for the stars with P<10 d. Many of the stars may be multiperiodic. IRAS data are used to deduce information about reddening and circumstellar dust. The apparently low level of mass‐loss, as well as the kinematics and the spatial distribution of the stars, indicates that they are from a relatively young (i.e., thin disc) giant star population.