; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Ex-Dividend Price Behavior of Common Stocks"; ; "batchuser@example.com"; "Jagannathan, Ravi", "Boyd, John H."; "Federal Reserve Bank of Minneapolis"; "This study examines common stock prices around ex-dividend dates. Such price data usually contain a mixture of observations—some with and some without arbitrageurs and/or dividend capturers active. Our theory predicts that such mixing will result in a nonlinear relation between percentage price drop and dividend yield—not the commonly assumed linear relation. This prediction and another important prediction of theory are supported empirically. In a variety of tests, marginal price drop is not significantly different from the dividend amount. Thus, over the last several decades, one-for-one marginal price drop has been an excellent (average) rule of thumb. "^^; "1994-03"; "2019-07-30T17:59:43.219516694+00:00"^^; "https://doi.org/10.21034/wp.500"; ; "2020-05-13T18:39:39.503013872+00:00"^^; "Research Paper"; "365", "96"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "500"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; """Published in: _Review of Financial Studies_ (Vol. 7, No. 4, Winter 1974, pp. 711-741), https://doi.org/10.1093/rfs/7.4.711. An updated version was published as: [Staff Report 173](https://doi.org/10.21034/sr.173)."""^^; ; "Publication" . ; .