请问

问题如下：

In dividend payment chronology, the ex-dividend date most likely comes after the:

选项：

A.record date.

B.payment date.

C.declaration date.

解释：

Solution

1. Incorrect because ex-dividend date is followed closely (one or two business days later) by the holder-of-record date (also called the owner-of-record date, shareholder-of-record date, record date, date of record, or date of book closure), the date that a shareholder listed on the company’s books will be deemed to have ownership of the shares for purposes of receiving the upcoming dividend.

2. Incorrect because the final milestone [in the dividend payment chronology] is the payment date (or payable date), which is the day that the company actually mails out (or electronically transfers) a dividend payment to shareholders.

3. Correct because first is the declaration date, the day that the company issues a statement declaring a specific dividend. Next comes the ex-dividend date (or ex- date), the first date that a share trades without (i.e., “ex”) the dividend.

Equity Valuation: Concepts and Basic Tools

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