You have what are called stubs, where one public company owns a significant stake . in another public company.

假如你持有所谓的票根，它是指一家上市公司在另一家上市公司中所,持有的相当比例的股份。

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So one case to think about is what if the other firm, you're Coke, what if Pepsi is pricing below cost?

一种情况是如果另一家公司,假如说你是可口可乐,如果百事可乐定价低于成本怎么办

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So, on one side is everything the company owns and the other side is everything the company owes.

一栏是公司所有资产,另一栏是公司所欠债务

耶鲁公开课 - 金融市场课程节选

I think there is another company that I've always looked towards for inspiration.

我觉得我一直在从,另一家公司汲取灵感。

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At $30 billion, that's a completely different job.

公司市值300亿，这是另一种工作。

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If the other guy is pricing below costs, you don't want to sell anything, that's the right intuition.

如果另一家公司定价低于成本,你不想卖任何产品,这是正确的经济学直觉

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Another kind of monoline insurance is health insurance company that merely insures people against health costs, and another important category is life insurance.

另一类单线保险公司是健康保险公司,它们专门为人们的医疗费用提供保险,另外一个重要的分类是人寿保险公司

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So the other guy is pricing below costs, the way which I avoid making losses is to set my price above his price.

所以另一家公司定价低于成本,我想要避免损失的方法是,将我的价格设定得比它高

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The other thing that I want to say about Modigliani and Miller is about corporate debt.

我想讲的另一个问题是,莫迪利阿尼和米勒还谈到了公司债务

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In another year, however, the stock market lost 5% and Shiller, Inc. Lost 7%.

另一年,股票市场下跌了5%,希勒公司.下跌了7%

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The other thing is moral hazard -this is that companies, once they borrow money from anybody, a bank or anyone else, they have an obligation, which is fixed in dollar terms.

另一个问题是道德风险,意思是说,一旦公司借了钱,无论是从银行还是其他渠道,他们就背负了一种义务,金钱的义务

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So here I've interpreted these terms here as transport costs, and I've interpreted what makes the products different is the fact that one of them is selling at one of the end of the town, and the other one is selling at the whitehead end of town.

我将这个条件转化成了交通成本,并且我将造成产品的不同转化为,是由于一家公司在城的一边销售,而另一家公司在城的另一边销售

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We could do a more general job if we wanted to, but for now, let's assume that one of these firms has its shop at one end of the town, and the other one has its shop at the other end of the town.

如果有需要,我们可以做更全面的分析,但现在,先假设其中一家公司的商店,在城市的一边,另一家公司的商店在城市的另外一边

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