That's an important--this really does happen, stocks really do drop in price on ex-dividend date.

这很重要,公司就是这么做的,股价通常会在除息日下跌

耶鲁公开课 - 金融市场课程节选

One thing that Merton Miller distilled from it was that people on boards, who decide on dividend payout, are very focused on the price of a share and they're worried about investor reaction.

但莫顿·米勒总结出一点,决定是否分红的董事们,十分关注股价,他们很担心投资者们的反应

耶鲁公开课 - 金融市场课程节选

As you can see, part of the reason why the dividend-earnings ratio-- especially in more recent years, since 1990-- has been declining is that corporations were trying to somewhat ease the tax burden on their shareholders by doing repurchase instead of dividend.

可以看出,股利收益比降低的部分原因,尤其是在近些年,从1990年起,有所降低的原因是,公司想通过将分红,改为股票回购的方法,多少减轻股东的税负

耶鲁公开课 - 金融市场课程节选

Some of these are still listed on The New York Stock Exchange page; on the day that a stock goes ex-dividend, they'll have a little "x" by its price.

有些还在纽约证交所的网页上,股票除息的那一天,股价前面会有个小小的"x"标记

耶鲁公开课 - 金融市场课程节选