We investigate the effect of a lack of an automated limit order adjustment mechanism on ex-dividend day stock price … price. In addition, we find that average price drops are smaller than the dividend amount for all dividend sizes. We also … find no evidence of a sawtooth-shaped relationship between the dividend amount and the ex-dividend day price drop. These …

We investigate the effect of a lack of an automated limit order adjustment mechanism on ex-dividend day stock price … than the dividend amount for all dividend sizes. We also find no evidence of a sawtooth-shaped relationship between the … dividend amount and the ex-day price drop. These results are generally consistent with a lack of an automated limit order …