If a firm announces a dividend decrease, would you expect the stock price to go down more

Question:

If a firm announces a decrease, would you expect the stock price to go down more or less than the present value of that decrease? Why?

Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...