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Ex dividend (ex div)

Company shares are referred to as either cum div or ex div. This adjective merely indicates whether or not a buyer at the stated price will receive the next dividend paid. On the stock exchange shares will tend to drop suddenly in price when they are no longer carrying dividend entitlement, i.e. when they are marked as ex div, the seller receiving the dividend.

Reference: The Penguin Business Dictionary, 3rd edt.