It would just be a question as to whether the reinvestment would be expected to yield a high enough return. Theoretically, at least, if the dividend is being re

It would just be a question as to whether the reinvestment would be expected to yield a high enough return. Theoretically, at least, if the dividend is being repurposed for investment and the market believes that that reinvestment will drive enought growth, then the stock price could stay flat or even go up. Especially in the current environment where there aren't many good places to invest capital. I'd think that scenario is fairly unlikely though, and in any situation where the dividend goes away volatility will certainly go up.