The variety of dividend tax rate is one of the reasons that cause the variety of stock pricing; it also induces the arbitrage opportunities and additional trading around ex-date.

红利税率的多元化是引致投资者对股票估价差异性的原因之一，并且催生了现金股利除息前后的套利机会和增量交易。

youdao

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

这很重要——这种情况确实会发生，股价通常会在除息日下跌。

youdao

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。

youdao

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

The outperformance has historically started about 10 days before the ex-date and continues throughout the next 40 days.

FORBES: Go Behind The Old Iron Curtain For Better Stock Bargains

The ex-date is the day on or after which a security is traded without a previously declared dividend or distribution.

FORBES: Go Behind The Old Iron Curtain For Better Stock Bargains

The chart below shows the cumulative average outperformance 40 days before and 40 days after the ex-date among dividend-paying stocks in Europe, Middle East and Africa (EMEA) countries.

FORBES: Go Behind The Old Iron Curtain For Better Stock Bargains