Part of--this is the--it's not loan-to-value ratio-- this is the ratio of mortgage debt to personal consumption expenditure.

这并非贷款价值比率的问题,一定程度上,是抵押率的问题,即负债对个人消费支出的比率

耶鲁公开课 - 金融市场课程节选

As you can see, part of the reason why the dividend-earnings ratio-- especially in more recent years, since 1990-- has been declining is that corporations were trying to somewhat ease the tax burden on their shareholders by doing repurchase instead of dividend.

可以看出,股利收益比降低的部分原因,尤其是在近些年,从1990年起,有所降低的原因是,公司想通过将分红,改为股票回购的方法,多少减轻股东的税负

耶鲁公开课 - 金融市场课程节选