1. What do record date, ex-dividend date, and payment date mean, related to dividends? Why would you expect the price of a stock to drop by the amount of the dividend on the ex-dividend date? What rationale has been offered for why this does not actually occur?
2. What has happened to the total volume of share repurchases announced by U.S. public companies since 1982? Why did that year mark such an important milestone in the history of share repurchase programs in the United State.