They make laws but the laws are not binding on anyone, they're just suggested laws or regulations.

他们编制法规,但是却没有强制意义,他们只是对法规或者监管进行建议

耶鲁公开课 - 金融市场课程节选

When we think about the theory of dividend or debt we end up with irrelevance-- it doesn't mean anything-- but the companies' boards talk about it incessantly and it seems to matter a lot to them.

我们一讲到股利或者负债理论,最后都是不相关的,没有什么意义,但是公司的董事们不停的提起这些,看起来又对他们很重要

耶鲁公开课 - 金融市场课程节选