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Promise more, leave less

Dimovski, William and Brooks, Robert 2004, Promise more, leave less, International journal of knowledge, culture and change management, vol. 3, pp. 5-9.

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Title Promise more, leave less
Author(s) Dimovski, William
Brooks, Robert
Journal name International journal of knowledge, culture and change management
Volume number 3
Start page 5
End page 9
Publisher Common Ground Publishing
Place of publication Altona, Vic.
Publication date 2004
ISSN 1447-9575
1447-9524
Summary Following Kim and Ritter (1999) who find that earnings forecasts provide more accurate valuations of IPOs, this paper analyses whether the owners of companies seeking to list will leave less money on the table if positive dividend per share (DPS) yield forecasts are made in the prospectus. Our findings indicate that DPS yield forecasts by directors of Industrial company IPOs have been an important ingredient in the amount of money left on the table. A similar result is found for Limited Liability IPOs and those that do not offer options to subscribers to buy more shares. The offer of an operational dividend reinvestment plan in the prospectus does not appear significant in reducing the amount of money left on the table.
Notes Reproduced with the specific permission of the copyright owner.
Language eng
Field of Research 150201 Finance
HERDC Research category C1 Refereed article in a scholarly journal
Persistent URL http://hdl.handle.net/10536/DRO/DU:30002438

Document type: Journal Article
Collections: School of Accounting, Economics and Finance
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