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 t

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? ;)