From the list of dividend distribution events of your company in the past few years (obtained in Part 2), identify at least one dividend-increase event, one dividend-cut event, and one unchanged-dividend event. (For example, on September 17, 2013, MSFT increased the dividend from $0.23 to $0.28.)

Observe how the stock prices shift around the declaration dates (1 day before to 1 day after the declared date) for each of the 3 dividend events. Explain why such shifts are expected or unexpected.