So, you would avoid paying dividends and, therefore, switch to share repurchase as your method.

你应该避免分配股利,因此改为股票回购

耶鲁公开课 - 金融市场课程节选

You see, you can keep the operations the same whether or not you pay a dividend, if choosing not to pay a dividend means substituting stock repurchase for dividend.

不管你是否支付股利,你公司的运转都不会发生变化,如果不发放股利,那就意味着,以股票回购代替股利分配

耶鲁公开课 - 金融市场课程节选

It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.

莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高

耶鲁公开课 - 金融市场课程节选