Graham, John R.; Michaely, Roni; Roberts, Michael R. - In: Journal of Finance 58 (2003) 6, pp. 2611-2636
By the end of January 2001, all NYSE stocks had converted their price quotations from 1/8s and 1/16s to decimals. This study examines the effect of this change in price quotations on ex-dividend day activity. We find that abnormal ex-dividend day returns increase in the 1/16 and decimal pricing...