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So, the more enlightened view is, corporations only pay a stock dividend when they have some good news to announce.
所以更有说服力的观点是,公司发放股票股利的唯一原因是,他们有利好消息要公布了
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For example, maybe you are a partner at your firm and you're working with an associate on a project.
例如，你是公司的合伙人，你和一位同事正在共同跟进一个项目。
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Or the insurance company could be a mutual insurance company, in which case the insurance company is owned by the insured.
保险公司也可以是互助保险公司,也就是保险公司的股东就是被保险人
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So this will be the monopoly quantity for Firm 2 and this is the competitive quantity of Firm 1.
这里表示公司2的垄断产出,这里是公司1的完全竞争产出
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We had some products, we were a tiny company.
我们有一些产品，是小型公司。
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This is not just small businesses.
不单是小的公司。
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if they can find a way to let the employee go at a certain age.
如果公司能有办法让员工在适当年龄退休是最符合公司利益的。
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And they were infused with this culture of listening and action, and whatever-it-takes sort of attitude that was sort of the roots of the company.
并受到了我们公司,倾听和行动的文化熏陶，而且抱有一种不惜任何代价完成任务的心态,这是我们公司的基础。
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We didn't have a feasible business model, let's put it this way, because when we started, the business model is to provide the backend search technology to the portal companies in China.
或者说没有一个，可行的商业模式，因为公司成立初期的商业模式，是给门户网站公司,提供后台搜索技术。
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The newspaper article just told the story of a home owner who had subscribed to this company in the past but failed to renew his subscription.
这则新闻对一个房主进行了报道,他曾经是这家公司的会员,但没有去续费。
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I'm now the CEO of Google.
现在，我是谷歌公司的首席执行官。
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I think it may be just the function of the way those agencies are run.
可能是这些公司运营方式的作用。
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We don't have to have an "interest" in it in the sense of owning part of a company.
我们也不必对其有兴趣,不必弄得就好像我们是公司股东一样。
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Again, how much quantity would Firm 2 have to produce in order to induce Firm 1's best response to be 0?
重复一遍,公司2的产量是多少时,公司1的最佳对策是产量为0呢
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I want to talk about certain kinds of monoline insurance companies that-- the biggest--one category is property and casualty.
下面我想分类介绍一下,单线保险公司,最大的一类是财产保险公司
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Moreover, your market is bigger, so public companies have an advantage; so companies don't like to be public, generally.
此外,你的市场更大了,因此上市公司是有一定优势的,但一般来说,很多公司不希望上市
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What quantity, if produced by Firm 2, would cause Firm 1 to shut down on this picture?
公司2的产量是多少的情况下,公司1才能被迫停产呢
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When I set up a company--Case Shiller Weiss, Inc.-- typical of young start up companies,we didn't pay a dividend.
当我开公司时,卡魏施有限公司,并没发放股利,这是年轻公司的通常做法
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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 then the American government said, "No, here is a company that invested research and created this drug.
然后美国政府又说了，不行，这些都是美国公司花巨资研制出的药品。
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Well, if you go all the way back to 1986, it was some fairly big decisions the company had to make at that stage.
回头看1986年，有几个重大的决定,是公司在那个阶段要做的。
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I'll give you four food companies, and tell me which one you think is the world's largest.
我将列出四家食品公司,请大家告诉我你认为,哪一家公司是世界最大的食品公司
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He has a new name for it -I think it's called Home Equity Protection Corporation -but almost the same idea.
他已经想出了一个新名字,我想应该是叫做住房资产保护公司,但是这几乎跟房主贷款公司是一样的
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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
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So the players are going to be the two agents and they own this firm let's call it.
这两个参与人都是公司的股东,他们都持有公司的股份
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They wouldn't be dealing with that They wouldn't--they deal--their customers are companies and they wouldn't do that either.
投行不会卖给你的,他们的客户是公司,他们不会卖给你的。
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So if I'm Firm 1, if I produce any more quantity, what's going to happen to the price?
如果我是公司1,我要是再生产,价格会怎么变动呢
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The earnings is a measure of the value of the company and typically they've been valued at something like fifteen times earnings.
收益是对公司价值的衡量,一般是以,15乘以收益的形式体现的
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Earnings and dividends are different; earnings is the money that the company made in a given year.
收益和股利是不同的,收益是公司在某年赚到的钱
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