Question: Dimmick Skate Boarding Enterprises has declared a $3 dividend for its common stock. On the day before the ex-dividend date, the firm's shares are trading

Dimmick Skate Boarding Enterprises has declared a $3 for its common stock. On the day before the ex-dividend date, the firm's shares are trading for $40 a share. What do you expect the price of Dimmick's shares to be on the day following the ex-dividend date? Why do you expect the stock price to change?

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