For instance, Volkswagen announced a special dividend payment of €19 in December per share. The share price dropped the next day by €19 as well. So as an investor, I didn’t gain anything (at least in the short term)? I received the dividend but my equity share is worth less that amount.
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Well of course, if this weren’t so then you would only ever buy stock immediately before ex-dividend date and sell immediately after. Alas, payout just moves value around, it doesn’t create anything extra.
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