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As long as we never start paying a dividend, then we're just a young company and nobody asks any questions.
如果我们一次都不分红,我们只是家新公司,没人会有疑问
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Then we start paying a dividend and then if we ever have to cut it, we're in big trouble.
然后我们开始分红,如果暂停分红,大麻烦就来了
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Whole life" is more complicated because it builds a cash value according to a schedule and there is both non-participating and participating.
终身人寿保险则更为复杂,因为它会按照购买计划产生现金价值,其中又分为非参与式分红保险和,参与式分红保险两种
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So if earnings go up a lot, we'll raise our dividends, but only part of the way up.
所以若收益大幅提高,我们会增加分红,但增量有限
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If you wait until the next day, you pay a lower price but you don't get the dividend.
如果你第二天再买,买入价低,但没有分红
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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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They say things like this: if we pay a dividend, then they're going to start expecting that.
他们会这么说,如果分红,他们就会开始期待分红
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But if you start paying regular dividends, then you better keep doing them or people are going to conclude that something is really wrong.
但你一旦开始定期分红,就最好一直继续下去,不然人们就会得出运转不善的结论
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Immediately after the payout dividend, the share-- the price of the share should go down, right?
在刚分红之后,股票,股价会下跌,是吗
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With non-participating--with participating, you are participating in the portfolio outcome that the insurance company is experiencing, so you have some uncertainty about your cash value.
所谓参与式分红保险,是指你的收益来自某个投资组合收益,而这个投资组合是由保险公司来管理的,所以保单的现金价值是不确定的
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Suppose you get a letter from your company saying, congratulations here's a $5 dividend and here's a check for $5 if you owned one share.
假设你收到了公司寄来的一封信,写着,恭喜您,这是5美元的分红,如果你有一股的话,就会收到5美元
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In terms of just general investing culture-- and we're behavioral in our attitude-- it was clearer that you bought a stock to get a dividend.
在一个投资性文化中,我们更偏向于行动派,人们为了得到分红而购买股票的意图愈加明显
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So, you don't care what the letter says-- whether it says dividend or stock repurchase.
所以你不必在意信上怎么写,不管它说是分红还是股票回购
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How do boards and their committees decide how much to pay out in dividends?
董事和委员们如何决定,分红的多少呢
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You said, you didn't call us up when we weren't paying any dividend and now we're still paying more than we used to, why all this alarm?
过去不分红的时候,你们什么都没说,而现在我们的分红比过去还多,你们紧张什么
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They said--one of the lessons they were told is, never cut a dividend unless you do it as a-- you could do a one time only dividend.
他们说,他们学到了一点,永远不要停止分红,除非你,除非你只是一次性分红
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The last thing, I just wanted to say-- I wanted to mention the theory of dividend payout given by John Lintner; it's called the Lintner Model of Dividends.
最后一点,我想讲,我想讲讲约翰·林特纳的分红理论,叫做林特纳股利模型
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The newspaper reporters will start calling, why did you cut the dividend?
新闻记者就开始叫嚣,为什么停止分红
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If you buy it today--if you wait, you won't get the dividend.
今天就买,再等的话就拿不到分红了
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People who decide on dividends are facing a complicated issue.
决定分红的人们面临的是个复杂的问题
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Ultimately, they're a reason why you own a stock.
说到底,持股也是为了拿分红
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One thing that Merton Miller distilled from it was that people on boards, who decide on dividend payout, are very focused on the price of a share and they're worried about investor reaction.
但莫顿·米勒总结出一点,决定是否分红的董事们,十分关注股价,他们很担心投资者们的反应
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As you can see, part of the reason why the dividend-earnings ratio-- especially in more recent years, since 1990-- has been declining is that corporations were trying to somewhat ease the tax burden on their shareholders by doing repurchase instead of dividend.
可以看出,股利收益比降低的部分原因,尤其是在近些年,从1990年起,有所降低的原因是,公司想通过将分红,改为股票回购的方法,多少减轻股东的税负
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John Lintner was a professor at the harvard Business School, who, decades ago, did a survey of people who decide on dividends and asked them, what goes on in your mind and what do you think about when you decide on dividends?
约翰·林特纳是哈佛商学院的教授,数十年前,他调查了有权决定分红的人们,问他们考虑些什么,在决定分红时会考虑哪些因素
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