The declaration of a dividend typically has a neutral to positive impact on the stock price leading up to the ex-dividend date due to the added value for shareholders. However, on the ex-dividend date, the stock price is adjusted downward by the amount of the dividend, which is a predictable short-term price movement. This adjustment reflects the fact that new buyers will not receive the dividend. The importance is high as dividends are a significant event for shareholders, but not at the maximum because it is a regular quarterly occurrence. The confidence level is high due to the predictable nature of ex-dividend price adjustments.