The ex-dividend date is the day after which all shares bought
and sold no longer come attached with the right to be paid the most
recently declared dividend. This is an important date for any
company that has many stockholders, including those that trade on
exchanges, as it makes reconciliation of who is to be paid the
dividend easier. Prior to this date, the stock is said to be cum
dividend ('with dividend'): existing holders of the stock and
anyone who buys it will receive the dividend, whereas any holders
selling the stock lose their right to the dividend. On and after
this date the stock becomes ex dividend: existing holders of the
stock will receive the dividend even if they now sell the stock,
whereas anyone who now buys the stock now will not receive the
dividend.
It is relatively common for a stock's price to decrease on the
ex-dividend date by an amount roughly equal to the dividend paid.
This reflects the decrease in the company's assets resulting from
the declaration of the dividend. However it must be emphasised that
there is no direct link between the price and the dividend, this
price movement is simply a result of market action.
To sum up the date a dividend is paid is not the date a stock
usually goes down but rather the date that the stock purchase no
longer includes the dividend. This in no way is a guarentee a stock
could be up considerably that day based on market conditions and a
number of other things even with the downward pressure of no longer
being able to receive that dividend.