Essay
Schaeffer Shippers announced on May 1,2009,that it will pay a dividend of $5.00 per share on June 15 to all holders on record as of May 31st. The firm's stock price is currently at $70 per share. Assume that all investors are in the 33% tax bracket. Given that the ex-dividend date is May 29,what should happen to Schaeffer's stock price on May 29?
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