### 배당금 포착 전략과 배당금 분배가 주가에 미치는 영향
* 💰 배당금 확보 전략은 **배당금 지급일 전에 주식을 매수**하여 배당 수익을 확보한 후 즉시 매도하는 것입니다.
* 📈 이 전략은 다른 투자자의 주가 조정으로 인해 **배당 수익과 매도 가격이 거의 동일**하기 때문에 차익 거래 상황이 아닙니다.
* 📊 AT&T의 과거 일일 주가 변동 추이를 보면 **배당금 지급일에 배당금을 반영하기 위해 주가가 하향 조정**되어 배당금 포착 전략의 잠재적 이점을 무효화하는 방법을 알 수 있습니다.
* 📉 배당금 가격 하락은 현금 배당을 지급하는 모든 증권에 대해 발생하며, **캡처 전략을 통해 얻은 배당금은 낮은 세율을 적용받는 적격 배당금**으로 간주되지 않습니다.
* ⚖ 장기 투자자는 배당일 전에 매수하거나 매도를 기다리는 것이 특별한 이점이 없으므로 **배당일이 투자 결정에 영향을 미치지 않도록 주의**하시기 바랍니다.

배당금 포착 전략은 배당일 전에 매수하고 배당일 이후에 매도하는 것을 목표로 하지만 시장 조정으로 인해 잠재적 이익이 무효화됩니다.

if you've been investing for some time, you may have heard of the dividend capture strategy. The idea behind it is relatively simple. Most investors hold stock for longer periods and collect dividends over time. The dividend capture strategy allows you to only buy the stock right before the dividend is assigned as shareholders and then sell the stock immediately afterwards. You can guarantee the dividend income from a stock by holding it less than a single day, no longer having to take the risk of holding the stock the entire quarter to receive that dividend income. However, this is saying that there's no such thing as a free lunch, and as you'll see soon, this is the same with stock dividends. By the end of this video, you will have a better understanding of how dividend distributions affect stock prices and how that can also affect your investment decisions. Behind me is a dividend Declaration announcement for AT&T. This will serve as the basis of an example of the dividend capture strategy, as well as an example of how the dividend directly affects the stock price. Now in a dividend declaration, you

usually get five pieces of information: the amount of the dividend, the Declaration date, the payable date, the record date, and the ex-dividend date. The two most important being the ex-dividend date and the actual dividend amount. To get a better understanding of what all these dates mean, you can reference the chart behind me. In layman's terms, the Declaration date is when the dividend is announced, the ex-dividend date is the day you need to own the shares in order to get the next dividend, the record date is when your ownership of those shares and assignment of the dividend is recorded, and the payment date is when you'll actually see that dividend payment in your brokerage account. Of the four, the most important is the ex-dividend date because you need to own the stock on this date in order to be eligible to receive the next dividend. Knowing this, how the dividend capture strategy would work is that you would buy the stock before the ex-dividend date, ideally the day before, and then once the ex-dividend date came around, you'd sell the stock, knowing that you've

now guaranteed that dividend income, which you'll receive on the payment date. So in short, to capture a dividend, you must buy before the ex-dividend date and then sell on the ex-dividend date. Now some new investors might mistake this strategy for an arbitrage situation. Arbitrage being the buying and selling of securities to take advantage of price differences, usually resulting in a free profit. For dividend captured to be an arbitrage situation, the amount of the dividend plus the proceeds when you sell the stock should be greater than the amount you use to purchase the stock to begin with. However, since the dividend announcement is public, other investors are aware of this as well. Given that investors in the market will adjust the price of the stock when you sell to reflect that new shareholders are not eligible for the upcoming dividend. This means the dividend income and sale price are not greater than your buying price, but they're now roughly equal, eliminating the perceived benefit of the dividend capture strategy. To see how this works in practice, we'll take a look

at an actual stock. This is the five-year stock price chart of AT&T. And from an initial examination, you can't really tell where exactly those ex-dividend dates are and what impact they're actually having, if any, on the stock price. Well, to get a better perspective, we'll take a look at the historical daily stock price movements of AT&T. Going back to our dividend announcement, the ex-dividend date was April 9th. So on that day, given that new investors no longer are eligible for the 51 cent dividend, we would expect the price to reflect that and be adjusted downward by around 51 cents. Does that actually happen? Well, let's find out. So for this daily price data, we'll take a look specifically at this second column here, the open price, the price that the stock began trading at the start of that trading day, and the closing price, or the last quoted price of that trading day. We'll be looking at the difference in price at the end of the trading day on April 8th to the

beginning of the trading day on April 9th. Since the ex-dividend date is April 9th, only investors who are holding the stock at the end of day on April 8th were eligible for the dividend. At the end of that closing day, the price of 80 was thirty-two dollars and thirty-nine cents. When the stock opened the next day, shareholders were then entitled to receive the next dividend. However, the price was adjusted downward to reflect this fact. You can see that the price opens at thirty-one dollars eighty-five cents, or fifty-four cents lower than the prior day closed. Now, note this isn't exactly the same as the 51 cent dividend, and that's due just two general day-to-day market fluctuations. Sometimes the amount of the dividend drop on the ex-dividend date will be a little bit above the amount of the declared dividend, and sometimes it'll be a little bit below. But for the more, it's going to be roughly around the amount of the dividend, which will negate the potential benefit of the dividend.

capture strategy as your expected gain is approximately zero. Now, this dividend drop in price isn't exclusive to stocks and occurs for all securities that pay cash distributions. One example which makes this clear is the SPYDER one to three-month T-bill ETF. Now, Treasury bills are an extremely low-risk investment and as such, the value of their principal doesn't really fluctuate that much. Almost all of the return that you'll be getting from this investment comes in the form of cash interest dividend payments. So, when you look at the stock price chart over the last year for this ETF, you get this very unusual sawtooth pattern. This might seem a bit strange, but if you think about it, it is actually exactly what we would expect given our knowledge of the price movement around dividends. Since all the return from this investment is expected to come from dividends, as the fund gets closer and closer to an ex-dividend date, investors realize that a dividend payment is coming up soon and gradually the price of the fund is bid up to the expected dividend amount. Once the

ex-dividend comes around, and that dividend is assigned. We get the expected dividend drop that brings us back to our baseline. The more volatile the price of the asset, the harder it becomes to spot these dividend drops in a daily price chart. And there's another disadvantage with a dividend capture strategy, which is that dividends earned in this manner do not count as qualified dividends, which benefit from the lower long-term capital gains tax rates in the United States. Understand that you will need to pay your highest marginal tax rate on those captured dividends. We can take some of the lessons learned from the dividend capture strategy and also apply them to long-term investors. Because of the dividend drop, we now know there isn't any particular benefit to buying a stock specifically before the ex-dividend date to get the new dividend. On the other hand, if you are planning to sell a stock that you own that pays dividends, there's not an advantage to waiting until the next ex-dividend date to sell because although you will capture that dividend, it will be

reflected in the upcoming dividend price drop. So, for long-term investors, I would advise not to let the dividend dates affect your long-term investment decisions. Overall, I hope this video helps give you a better understanding of how dividends affect the stock price and why the dividend capture strategy is not really a good strategy. Anyway, thank you for watching. My name is Michael. I will see you in the next video. [Music]

Does It Work? - Dividend Capture Strategy Explained

Hi, I’m Michael. I have over a decade of experience in value investing and built a long term stock portfolio that provides me financial freedom. On this channel I share the knowledge I have learned through investing so you can learn the skills to build wealth and live the life you want.

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Michael Jay - Value Investing

배당금 포착 전략은 배당금 지급 직전에 주식을 매수하고 그 직후에 매도하여 주식을 오래 보유하지 않고 배당 수익을 확보하는 것입니다.

고려해야 할 주요 날짜는 배당 자격을 결정하는 배당 기산일과 향후 배당 금액을 발표하는 배당 선언일입니다.

이러한 날짜를 이해하는 것은 배당금 확보 전략을 성공적으로 실행하는 데 매우 중요합니다.

이 전략은 배당금 지급일 전에 주식을 매수하고 배당금 지급일에 매도하여 배당 수익을 확보하는 것입니다.

하지만 배당금 지급일에 주가가 조정되어 잠재적 수익이 상쇄되기 때문에 완벽한 차익 거래 기회는 아닙니다.

이 전략의 효과는 AT&T와 같은 회사의 과거 일일 주가 변동에서 확인할 수 있습니다.

배당일 전후 주가 움직임 분석하기

4월 9일 개장 시 주가는 배당락일을 반영하여 54센트 하락했습니다.

배당일 전후의 이러한 가격 하락은 일반적으로 배당금과 거의 동일하기 때문에 배당금 포착 전략의 잠재적 이점을 무효화하는 경우가 많습니다.

이러한 배당금 지급 전후의 가격 조정 현상은 주식에만 국한된 것이 아니며 SPDR 1-3개월 T-Bill ETF와 같은 다른 증권에서도 관찰됩니다.

투자자들은 배당금 지급일이 가까워질수록 펀드 가격을 올리기 때문에 배당금 지급 후 가격이 하락하게 됩니다.

배당금 포착 전략은 낮은 세율에 대한 배당금 비적격성으로 인해 이득이 되지 않을 수 있습니다.

장기 투자자의 경우 배당일이 투자 결정에 영향을 미치지 않도록 하는 것이 좋습니다.