Suppose a company's share price is $50/share just moments before the ex-dividend date, and the dividend in question is $1/share. Assuming no other events occur that would affect share price in those few moments, and also assuming that there are no tax consequences of a dividend payment, what will happen to share price as the ex-dividend date starts?

• it will rise by more than $1

• it will fall by $1

• it will rise by $1

• it will fall by more than $1

• it will remain constant