What happens to the stock price when the stock pays a dividend? What impact does a dividend

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What happens to the stock price when the stock pays a dividend? What impact does a dividend have on the prices of call and put options?

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...
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