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A firm announces a quarterly dividend of $1.20 to be paid on Thursday, December 15. The market was expecting $1 dividend. Assume the dividend income

"A firm announces a quarterly dividend of $1.20 to be paid on Thursday, December 15. The market was expecting $1 dividend. Assume the dividend income is not taxed. What will happen to the share price on the ex-dividend date? Choose the best answer. "

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