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首页> 外文期刊>Journal of property research >Dividend disclosure and post-performance of REIT IPOs
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Dividend disclosure and post-performance of REIT IPOs

机译：股息披露和REIT IPO的后期表现

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When a Real Estate Investment Trust (REIT) decides to become a publicly listed entity, they are faced with a choice with regard to providing a dividend forecast in their prospectus. To date, there have been limited studies on the relationship between post-listing performance and disclosure choice. This study finds that the choice of disclosure has an important impact on REIT post-listing performance. Theoretical research argues that not all value uncertainty is resolved prior to the initial public offering (IPO) and ambiguous information quality can have long-term negative impacts on share prices. We examine the information content in the prospectuses of 114 US Equity REITs in regard to their dividend forecast between 1996 and 2017. We observe significant post-listing underperfor-mance over the 3-, 6-, 9-and 12-month event windows for REITs that provide no dividend forecasts in their prospectus. These results suggest that the lack of distribution information has a long-term negative impact on newly listed REITs. This research has implications for both managers and investors' portfolio choices.
机译：当房地产投资信托（REIT）决定成为公开上市的实体时，他们面临着在其招股说明书中提供股息预测的选择。迄今为止，列出后职业和披露选择之间的关系有限。本研究发现，披露的选择对REIT后列出的表现产生了重要影响。理论研究认为，在首次公开发行（IPO）之前，并非所有价值不确定性都得到解决，而含糊不清的信息质量可能对股价产生长期负面影响。我们在1996年至2017年期间审查了114名美国股权的股价预测的信息内容。我们在3-，6-，9和12个月的活动Windows上观察到船尾的重要职位。在招股说明书中提供没有股息预测的重新获得。这些结果表明，缺乏分销信息对新列出的重新获得了长期负面影响。该研究对管理人员和投资者的投资组合选择有影响。

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