just happened to be sitting here contemplating my well-offness.
As I understand it (and as seemed to happen on March 19), PZN will open lower on the day after the dividend record date by the amount of the dividend. Thus if PZN closes at $17.40 on December 19, and if that is the record date for a $2.40 dividend (special or otherwise), it will open on Dec 20 at $15.00.
I guess in theory the dividends are priced into the value of the stock, so the price shouldn't go up much as the dividend approaches. Don't wait to buy just before the dividend - it won't work.
Now, should the stock appreciate without regard to all this? Seems to me it should (I'm not selling, and am reinvesting the dividends as Flipper advised). When will it? I said a year ago that it could take a year to recover. It's just gone lower. But I truly believe it is undervalued. Just my opinion.