I study how short-term dividends are priced in the cross section of US stocks. I estimate the prices of synthetic short-term dividend assets from equity option prices, which are adjusted for their early exercise premia. I find that cross-sectional variations in short-term dividend prices are substantial and driven predominantly by cross-sectional differences in short-term discount rates. Dividend assets with lower price-dividend ratios deliver higher average returns than those with higher price-dividend ratios. Firms deriving more value from short-term dividends tend to invest and hire less. I evaluate the model-implied cross-section of short-term dividend prices and returns in three leading asset pricing models.