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。

耶鲁公开课 - 金融市场课程节选

In a stock repurchase, if they repurchase everybody's shares-- the same proportion--it doesn't affect that ratio.

股票回购中,若他们购回所有人的股份,相同份额比,那就不会影响比例

耶鲁公开课 - 金融市场课程节选

You see, if they give the-- if they merely give shares to the CEO without increasing your shares, then you are being diluted because it's raising the total and it's reducing the ratio.

如果他们仅仅给首席执行官股份,而不给你们增发股份的话,那么你们的股份会因总数增加而被摊薄,比例有所降低

耶鲁公开课 - 金融市场课程节选