Testing market efficiency in an ex-dividend setting - Could the market be efficient in the presence of inefficiency?
Market efficiency in an ex-dividend context is still a disputed matter in the world of finance. Even though numerous articles have been published in the area, with several different approaches, this anomaly is still contested. Overall, the consensus is that the stock price falls less than the dividend amount on ex-dividend day, meaning that there is an excess return to be made at this period. In t
