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Analysis of IPO dividend forecasts for Australian LPTs

Dimovski, William 2008, Analysis of IPO dividend forecasts for Australian LPTs, Pacific rim property research journal, vol. 14, no. 2, pp. 150-160.

Document type: Journal Article
Collections: School of Accounting, Economics and Finance
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Title Analysis of IPO dividend forecasts for Australian LPTs
Author(s) Dimovski, William
Journal name Pacific rim property research journal
Volume number 14
Issue number 2
Start page 150
End page 160
Publisher Pacific Rim Real Estate Society
Place of publication Sydney, N.S.W.
Publication date 2008-06
ISSN 1444-5921
Keyword(s) listed property trusts (LPTs)
initial public offerings (IPOs)
dividends
dividend forecasts
Summary While dividend forecasts in the prospectuses of initial public offerings (IPOs) are common, Brown et al. (2000) have found them to be optimistically biased. This study investigates the dividend/distribution forecasts in the prospectuses of Australian LPT IPOs during the period 1994 to 2004 and finds on average that they are not optimistically biased. Because dividends have important cash flow implications for investors, this study also examines factors that might influence the magnitude of the errors between the forecast and the actual distributions. It finds that LPT IPOs that offer stapled securities have overestimated their distribution paying ability.
Notes Reproduced with the kind 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:30017215
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