How to call some action if content of the div element has changed?

I'm talking about something like this:
$("my-div").observe("change", function(e) {

Expecting behavior:
I have this
<div id="my-div">some text</div>

now I'm changing "some text" to "some other text" and "alert("hello")"
should be fired.

Thnaks for help.
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