Question: How does the ex - dividend date affect an investor's decision to purchase stock? Stocks must be sold before this date to receive a dividend

How does the ex-dividend date affect an investor's decision to purchase stock?
Stocks must be sold before this date to receive a dividend
It has no impact
Stocks purchased on or after this date will not receive the declared dividend
The investor will receive an extra, "bonus" dividend if earnings are sufficient.

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