Using a hollow tube, they drill into the tree and extract a 5-mm wide cylinder that shows each ring starting with the most recent, just under the bark.

VOA: standard.2010.04.05

A company, according to Modigliani and Miller, has to weigh their tax considerations against their bankruptcy costs and get an optimum debt-equity ratio out of that.

根据MM理论,一家公司,必须在租税考量与破产成本之间进行权衡,然后得出最有利的负债权益比

耶鲁公开课 - 金融市场课程节选

I want then finally to talk about Modigliani-Miller and debt.

我想最后讲讲MM模型和债务的问题

耶鲁公开课 - 金融市场课程节选

It is an insight that Modigliani and Miller are offering the corporations that I think they often don't see that the real issue in the dividend-- both the dividend and the debt policies-- are really taxes and nothing else.

这是MM法则给予公司的建议,但是他们常常看不到,股利政策中最重要的是,不管是在股利还是负债政策中,只有税负才是关键

耶鲁公开课 - 金融市场课程节选