Version information from the <dependencyManagement> section in the parent pom is correctly inherited to dependencies in a child project. But if you try to inherit version information from a grand-parent project, you get the following error:
Error Building POM (may not be this project's POM).
POM Location: <child pom location>
 'dependencies.dependency.version' is missing for <groupId>:<artifactId>
Reason: Failed to validate POM