Wicc
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Yes. But for online play, it's better to do it this way:
1) Heroes who have died, been dismissed, or had their stats reset cannot be bought back on the same day.
2) When the day changes, all heroes (including those in the tavern) have their movement points set according to their army. Artifact bonuses are not taken into account, and temporary bonuses from visiting buildings (e.g., stables) are reset. Mana is set according to their base KN, without taking artifacts into account.