问题如下：
Matt has invested 50,000 shares in Company M`s stock, which is sold for $25 per share. The company declares to pay a cash dividend of $2, accordingly Matt is going to use all dividends received to purchase additional shares. Suppose Matt is a tax-exempt investor, how many shares will he own after reinvesting dividends at the ex-dividend price?
选项：
A. 53,704.
B. 54,000.
C. 54,348.
解释：
C is correct.
考点：Theories in Dividend Policy 1
解析：派发股息后，M公司的股价下降为每股$25-$2 = $23，Matt将得到股息$2*50,000 = $100,000，将所得再投资可买入$100,000/$23 = 4348 股。再投资后共持有54,348股。
Matt本人是tax exempt投资者，但该公司其他股东并不一定是（当然题目没说）。如果大多数股东并不是tax exempt的，那除息后股票下跌的价格并不是等于每股分红，而是应该服从SD*（1-Tcg）=D*（1-Td）。所以我认为本题出的是有问题的，对么？