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Declaration date
Declaration date is the date when board of directors officially declare
dividend.
Payment date
It is the date when each recorded investors receive notifications regarding their
dividend payment.
Date of record
It is the closing date of stock transfer books for determining the following
dividend payment receipts of investors
Ex- dividend date
Theoretically, the ex-dividend date is the following date of record. In practice,
securities exchanges normally advance the ex-dividend date two to four-days
in order to allow time for transfer of shares. Therefore, the dividends are
distributed to the shareholders on the day prior to the expressed ex-dividend
date. In contrast, the party who purchases the shares on and after the ex-
dividend date does not obtain the dividend.
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