An exchange of existing shares for a different (usually larger) number of "new shares," with proportionately different par and market values is which of the following?

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This scenario describes a stock split where existing shares are exchanged for a larger number of new shares with different par and market values. A stock dividend involves the distribution of additional shares as a dividend to existing shareholders. Payment date refers to the date on which a dividend payment is made, and ex-dividend refers to the period after which a stock no longer carries the right to receive the latest dividend payment.

An Exchange of Existing Shares for a Different (Usually Larger)