Add training workflow, datasets, and runbook

training_data/curated/text/0f0e0fc93a738a706a23423baef137c5a8445b909ed9eb202d46ea9f4acb7a04.txt

@@ -0,0 +1,21 @@
+Dividend Size
+It’s not just the date but also the size of the dividend that matters. When
+companies change the amount of the dividend, options prices follow in step.
+In 2004, when Microsoft (MSFT) paid a special dividend of $3 per share,
+there were unexpected winners and losers in the Microsoft options. Traders
+who were long calls or short puts were adversely affected by this change in
+dividend policy. Traders with short calls or long puts benefited. With long-
+term options, even less anomalous changes in the size of the dividend can
+have dramatic effects on options values.
+Let’s study an example of how an unexpected rise in the quarterly
+dividend of a stock affects a long call position. Extremely Yellow Zebra
+Corp. (XYZ) has been paying a quarterly dividend of $0.10. After a steady
+rise in stock price to $61 per share, XYZ declares a dividend payment of
+$0.50. It is expected that the company will continue to pay $0.50 per
+quarter. A trader, James, owns the 528-day 60-strike calls, which were
+trading at 9.80 before the dividend increase was announced.
+Exhibit 8.2 compares the values of the long-term call using a $0.10
+quarterly dividend and using a $0.50 quarterly dividend.
+EXHIBIT 8.2 Effect of change in quarterly dividend on call value.
+This $0.40 dividend increase will have a big effect on James’s calls. With
+528 days until expiration, there will be six dividends involved. Because