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Call Replicating Portfolio

Can someone explain to me why this higher dividends would lower the number of bonds to sell short in a call replicating portfolio? 

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this is a tough one.  here’s my thinking but i’m not super confident on it: higher dividends –> larger drop in stock price on ex-dividend date –> lower delta (because numerator is smaller while denominator is unchanged) –> fewer long shares in call replicating portfolio –> fewer short bonds in call replicating portfolio