It is May 14 and you are a current shareholder of Cowbell Corp. The board has just declared a dividend of $5 per share. The ex-date is September 9 and the payable date is September 29. Which of the following statements is true?

	I.	To receive the dividend you should keep your shares at least until September 9.
	II.	To receive the dividend you must keep your shares until September 29.
	III.	You will receive the dividend even if you sell your shares on May 15 because you were the shareholder of record when the board declared the dividend.
	IV.	If you sell your shares before September 9 you will still receive the dividend.

Question 2

ABC Corp. currently has $12 million in excess cash that it plans on returning to its shareholders through a dividend payment. ABC's current share price is $24.4 and it has 34.8 million shares outstanding. In addition, the market value of the company's debt is $7 million. Assuming perfect markets, what is the dividend per share that ABC will be able to pay with the excess cash? Round your answer to two decimals (do not include the $-symbol in your answer)

Question 3

ABC Corp. currently has $32 million in excess cash that it plans on returning to its shareholders through a dividend payment. ABC's current share price is $18 and it has 28.5 million shares outstanding. In addition, the market value of the company's debt is $14 million. Assuming perfect markets, what will the share price of ABC be after it pays the dividend? Round your answer to two decimals (do not include the $-symbol in your answer)

Question 4

XYZ Corp. currently has $10 million in excess cash that it plans on returning to its shareholders through a share repurchase. XYZ's current share price is $22.2 and it currently has 33.8 million shares outstanding. In addition, the market value of the company's debt is $19 million. Assuming perfect markets, how many shares will XYZ be able to repurchase with the excess cash? Express your answer in millions and round your answer to two decimals.