hock: The NYSE has a rule that requires companies to give them notice of a dividend at least 10 days prior to the record date (see below). I believe NASDAQ has a similar requirement, For the last several dividends IDCC's payment date has been 14 days after the record date. so it looks like a minimum of 24 days required from dividend announcement to payment.
204.12 Dividends and Stock Distributions
Prompt notice will be given to the Exchange as to any dividend action or action relating to a stock distribution in respect of a listed stock (including the omission or postponement of a dividend action at the customary time as well as the declaration of a dividend). Such notice is in addition to immediate publicity and should be given at least ten days in advance of the record date. The dividend notice should be given to the Exchange preferably by FAX (212) 656-5893; or, if by telephone, promptly confirmed by FAX, telegram or letter. Notice should be given as soon as possible after declaration and in any event, no later than simultaneously with the announcement to the news media. The notice should include:
Cash dividend—
• Declaration Date.
• Record date or dates of closing and reopening transfer books (should dates be used for any other purpose, please so describe).
• Per share amount of any tax to be withheld with respect to the dividend, description of tax and per share amount of the dividend payable after deduction of tax.
• Payment date.
• If there is a condition which must be satisfied, or governmental approval which must be secured, to enable payment of the dividend, give details. (See Para. 703.02 (B), "Conditionally Authorized Distributions".)
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