莫迪利阿尼和米勒的观点是,如果是单纯的股利政策,则与之完全不相关,它没有意义,所以公司可以任意施为,我不在乎

What Modigliani and Miller said, if it's pure dividend policy, then it is totally irrelevant; it means nothing, so companies can do whatever they please-- I don't care.

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澳大利亚软毛海豹生物学家迪恩·米勒首先发现一个巨大的白色物体漂过太平洋遥远西南角的麦夸里岛。

Dean Miller, an Australian fur seal biologist, was the first person to spot the large white object floating past Macquarie island in the far south-west corner of the Pacific Ocean.

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于是米勒和迪杰克边吃边聊起了如何在布莱顿沙滩装修房屋。

“Get off the phone and eat.”Miller and Dizik heeded her instructions, and started talking about how to decorate the house in “Brighton Beach.”

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Modigliani and Miller wrote a famous article arguing that-- what I just said--I just tried to say it in very intuitive terms.

莫迪利阿尼和米勒有一篇非常著名的文章是讲...,刚提过的,我想用直观的词汇来描述

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So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.

这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同

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When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.

莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率

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