A company is planning to distribute 2$ per share for each share where as they were paying 1 dollar last year.(the extra one dollar is given only once and the company will continue to pay 1 $ afterwards). This information is fully leaked to the public on 23^rd of April but the official announcement is made on April 25^th. What happens to the share price, increase, decrease or remain similar) under the following theories of dividend on announcement day? Assume ex-date is June 15^th. What happens to share price on ex-date. How much the price will decrease or increase on ex-date ?

	23-Apr	25-Apr	15-June
Modigliani and Miller Irrelevance	0	0	-2
Signaling	+	0	-2
Agency	+	0	-2
Clientele Effect ( Assuming majority of investors dislike dividend)	-	0	-2