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1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
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Quantitative Finance · المسرد

ما معنى Dividend, record date and ex-dividend date؟

يُعرف أيضًا باسم: dividend · record date · ex-dividend date

Definition 8.3 Markets I: The Ecosystem and Exchange-Traded Markets · الفصل 8 — Shares, Corporate Actions and Indices

A dividend is a distribution of cash (or shares) by a company to its shareholders, of a declared amount per share. It is paid to whoever is on the register at the close of the record date. The ex-dividend date is the first day on which a buyer of the share is no longer entitled to the dividend: trades made on or after it settle too late to reach the register in time.

The dates of a dividend. With one-day settlement the ex-date coincides with the record date. Between the ex-date and the payment the holder’s wealth is the share plus the dividend owed: a P&L system that forgets the second part shows a loss that did not happen ().
Figure 8.1. The dates of a dividend. With one-day settlement the ex-date coincides with the record date. Between the ex-date and the payment the holder’s wealth is the share plus the dividend owed: a P&L system that forgets the second part shows a loss that did not happen (Method 7.14).

أمثلة

Example 8.13 (Two basis points)

P=102P = 102, D=2D = 2, and the stock closes ex at 99, a 1% fall net of the dividend. The standard factor gives −1.000%-1.000\%; the holder earned 101/102−1=−0.980%101/102 - 1 = -0.980\%. The error, two basis points, is εD/P\varepsilon D/P. Vendors differ in which factor they publish: two “adjusted close” series for the same stock need not agree, and a research database must state its convention.

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