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Do stock prices really go down by the amount of the dividend?
Ex-Dividend Price Behavior of Common Stocks would be a study from the Federal Reserve Bank of Minneapolis and University of Minnesota if you want a source for some data. Abstract This study examines common stock prices around ex-dividend dates. Such   price data usually contain a mixture of observations - some with and   some without arbitrageurs and/or dividend capturers active. Our theory   predicts such mixing will result in a nonlinear relation between   percentage price drop and dividend yield - not the commonly assumed   linear relation. This prediction and another important prediction of   theory are supported empirically. In a variety of tests, marginal   price drop is not significantly different from the dividend amount.   Thus, over the last several decades, one-for-one marginal price drop   have been an excellent (average) rule of thumb.