[JDDunn9]

The net present value takes into account the difference between payment today and payment tomorrow.

The ex-dividend rate is an implementation flaw that makes the stock price discontinuous at the dividend date. If dividends were pro-rata it would not be.

I never said markets were perfectly efficient.

You didn't think through your answer very hard did you? ;)

[phyalow]

I think we are going to continue disagreeing. You seem to enjoy Finance so I would encourage you to learn more about it for your own benefit.