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If on January 3 a company declares a dividend of $1.50 per share, payable on January 31 to holders of record on January 17, then

If on January 3 a company declares a dividend of $1.50 per share, payable on January 31 to holders of record on January 17, then the price of the stock should drop by approximately $1.50 on January 15, which is the ex-dividend date. True or False

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