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On April 23, 2004, Valor Line announced a special dividend of $17.50 per share with the ex dividend day on May 20, 2004 that was

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On April 23, 2004, Valor Line announced a special dividend of $17.50 per share with the ex dividend day on May 20, 2004 that was Thursday Valve Line stock price and daily trading volume are shown on the graph below by the blue line and by the red vertical bare respectively 900 2 140 Soncin Dinisend of $1750 und 70 120 End Date 100 We shares in thousands Stad Price 40 20 10 Date 070041 d. How would you explain the sharp decline of Value Line's stock price at the ex-dividend date? Be brief but precise. Te. How would you explain surge in trading volume between the announcement and the ex- dividend date? Be brief but precise

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