5.8.7.2.3. 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 t