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11. Stephens, Inc. recently declared a dividend of $2 per share, but the stock price only dropped by$1.60 cum- date/ex-date. What is the implied tax

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11. Stephens, Inc. recently declared a dividend of $2 per share, but the stock price only dropped by$1.60 cum- date/ex-date. What is the implied tax rate for Stephens, Inc. investors

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