One trading strategy employed by investors around the ex-dividend date is dividend capture where some investors purchase the stock right before the ex-dividend date to obtain the stock ownership and dividend payment rights and sell the stock afterwards to keep only the dividend. Suppose that an investor in a 35% income tax bracket owns Walmart stock which is expected to pay a $10 dividend on December 23rd, 2022. This dividend payment is worth to this investor while an investor in a 20% income tax bracket would value this dividend payment at Because of these differences in valuation, we would expect for investors in tax brackets to purchase Walmart stock before the ex-dividend date. If Walmart stock fell fell by close to $10 on the ex-dividend date, we can conclude that investors in a tax bracket held this stock. $6.50;$8.00; low; low $6.50;$8.00; high; low $3.50 : \$2.00; low: low $6.50;$8.00; low; high