A stock exchange term meaning 'without the right to a dividend,' indicating that a stock no longer carries the right to receive upcoming dividend payments.
From Latin 'ex dies' or 'ex die,' meaning 'from' or 'out of' a particular day. Used in financial markets since the 19th century to denote dates when dividend rights expire.
If you buy a stock 'ex-die,' you're buying it at what seems like a discount, but that discount already reflects the lost dividend—it's one of the few times the market is brutally honest about value.
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