Schaeffer Shippers announced on May 1, 2004 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 share 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 share price on May 29?

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The Answer of Schaeffer Shippers announced on May 1, 2004 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 share 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 share price on May 29?

Schaeffer Shippers Announced on May 1, 2004 That It Will