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Firm XYZ just announced its regular quarterly cash dividend of $2 per share (a) When will the stock price fall to reflect this dividend payment

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Firm XYZ just announced its regular quarterly cash dividend of $2 per share (a) When will the stock price fall to reflect this dividend payment on the record date, the ex- dividend date, or the payment date? (b) Assume there are no taxes. How much is the stock price likely to fall when it starts trading without the dividend? (c) Assume all investors pay a 35% tax on dividends and there are no taxes (tax credits) on capital gains (capital losses). How much is the stock price likely to fall when it starts trading without the dividend

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