This paper investigates the behavior of stock prices around the ex-dividend date in Europe over the period 2018-2022. In the early months of the COVID-19 pandemic in 2020, an important fraction of firms cut, suspended or reduced their dividend payments, leading to a shortage. We find that the magnitude of abnormal returns around the ex-dividend date is significantly larger during this period compared to regular times as dividend-seeking investors searched for the remaining payers. This pattern is amplified for high-yield dividends and in countries that have imposed a short-selling ban. Our results are consistent with a price pressure explanation and contrast from standard explanations derived in an efficient market framework.