Series 24: 5.11.7.2.3. Adjustments To Open Quotes On The Ex-Date

5.11.7.2.3. Adjustments to Open Quotes on the Ex-Date

In the case of either cash or stock dividends at market opening on the ex-date, the market reduces the previous day’s stock price by the per-share value of the dividend. This adjustment occurs on the ex-date because the ex-date is the first day a stock trades without the right to the dividend (“ex-dividend”). Investors purchasing shares on or after the ex-date do not have