ABSTRACT 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 underperformance 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.

中文翻译：

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房地产投资信托首次公开募股的股利披露和业绩

摘要当房地产投资信托（REIT）决定成为一家公开上市实体时，他们将面临在招股说明书中提供股息预测的选择。迄今为止，关于上市后业绩与披露选择之间关系的研究很少。这项研究发现，披露的选择对房地产投资信托上市后的表现有重要影响。理论研究认为，并不是所有的价值不确定性都可以在首次公开募股（IPO）之前解决，信息质量不明确可能会对股价产生长期的负面影响。我们检查了114家美国股票REIT招股说明书中有关1996年至2017年股息预测的信息内容。我们观察到上市后3、6，在招股说明书中不提供股息预测的REIT的9个月和12个月活动窗口。这些结果表明，缺乏分销信息会对新上市的房地产投资信托产生长期负面影响。这项研究对经理和投资者的投资组合选择都有影响。