We learn that dividends can be modelled continuously or discretely to decrease the spot price. But how much empirically do the forward stock prices drop by the dividends on ex-date? I mean how about dividend tax? If I am to own a stock at $100 paying $5 dividend this week, assuming no-vol and ignoring interest rate blah blah, the 1-wk forward price is $95, but I only get $3.5 after 30% withholding tax. I am thinking how to capture the dividend using options, to minimise the impact of dividend withholding tax, whilst willing to take on additional option risks.