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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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And if you're going to work for a big company,
如果你要去一家大公司工作，
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You're absolutely right, I don't want to be involved in this market if the other guy is selling below cost.
你完全正确,我不想参与这市场竞争,如果另外一家公司售价低于成本
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If you set up a company, you don't want to pay a dividend for a while because you need the money and you're reinvesting it in the company and people will understand.
如果开办一家公司的话,短期内你不会想发放股利,因为你需要将收益用来投资,人们会理解这一点
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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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Let's just make sure we understand this, if the other guy is selling below cost, the only way I can make any sales is to price below his price.
来确认下大家都明白这点,如果另外一家公司定价低于成本,我想卖出产品的唯一方法就是定价比它低
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And to make this more concrete, if a firm is competing against a competitor it can be pretty sure, that competitor is a pretty sophisticated game player and knows that the firm is itself.
再具体点说,如果一家公司在和它的竞争对手竞争,可以肯定其竞争对手一定很老练,这家公司当然也很老练啦
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If a firm is competing against a customer let's say for a non-prime loan perhaps that assumption is not quite so safe.
如果一家公司在和客户博弈,比如发放说次级贷款,可能假设不是那么完备
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If a company--if its stock sells for less than its assets are worth then the company maybe should be broken up and the assets taken and given somewhere else because the low stock price indicates a problem.
如果一家公司---如果它的股票卖的,比它的资产价值低,那么这家公司也许就应该破产，并且,它的资产就应该被占用或分配到其他地方,因为低的股票价格预示着一个危机。
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The simplest way to see Modigliani-Miller debt irrelevance is the following: a company--if you wanted to buy a company, you could buy only the shares, or equity.
理解MM负债不相关性的,最简单的方法是这样的,一家公司,如果你想买下一家公司,你可以通过股票,普通股来买
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In other words, if you had an account at a brokerage and you thought you had a hundred shares of IBM and now the broker is going bankrupt -the broker won't answer your email anymore and he's just gone you go to SIPC and say, I had these hundred shares.
换句话说,如果你在一家经纪公司,设有账户,其中有IBM的100股股份,现在经纪行破产了,经纪行不再回复你的邮件,消失了,你告诉证券投资者保护公司,我有100股IBM的股票
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