Maybe Merton Miller is right — these things are "neutral mutations" and changes in dividend policy are meaningless.
也许莫顿·米勒是对的，这些都是“中性突变”，变更股利政策是无意义的。
Those returns have three components: the current level of dividend yield, real dividend growth and changes in valuation (moves in dividend-price ratios).
这些收益有三部分组成，当前股息生息率，实际股息增长和估价的变化(以股息股价比的方式变化)。
But the changes in cash-dividend can play certain role on investors' anticipation about the future earnings.
但仍然表明股利变动本身对修正投资者未来盈余预期能够起到一定作用。
But the changes in cash-dividend can play certain role on investors' anticipation about the future earnings.
但仍然表明股利变动本身对修正投资者未来盈余预期能够起到一定作用。
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