Answer (B) is correct. The ex-dividend date is 4 days before the date of record. Unlike the other relevant dates, it is not established by the corporate board of directors but by the stock exchanges. The period between the ex-dividend date and the date of record gives the stock exchange members time to process any transactions in time for the new shareholders to receive the dividend to which they are entitled. An investor who buys a share of stock before the ex-dividend date will receive the dividend that has been previously declared. An investor who buys after the ex-dividend date (but before the date of record or payment date) will not receive the declared dividend.