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Recently developed theoretical models suggest a link between order aggressiveness, spreads and waiting time. We directly test these models using an experimental setting where waiting time is likely to be important for traders, namely the ex-dividend day. Consistent with theoretical predictions, we show that order placement is more aggressive before stocks begin trading ex-dividend and that spreads decline. Stocks with higher expected costs of delaying execution experience larger declines indoi:10.2139/ssrn.1769404 fatcat:resinjhjdfhdzgyz5vnwua6vfu