There's no price per share that you can observe and the banks can't do anything except passively receive the dividend.

这里没有可以观察到的每股价格,这些银行也不能做任何事,除了被动地接受股利。

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So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.

这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同

耶鲁公开课 - 金融市场课程节选

Yes, he's asking after a firm pays a dividend that should lower the--you were asking whether it should lower the price of a share.

他问的是如果一个公司分了红,就会降低...你问的是,股价会不会下跌

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Immediately after the payout dividend, the share-- the price of the share should go down, right?

在刚分红之后,股票,股价会下跌,是吗

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Suppose you get a letter from your company saying, congratulations here's a $5 dividend and here's a check for $5 if you owned one share.

假设你收到了公司寄来的一封信,写着,恭喜您,这是5美元的分红,如果你有一股的话,就会收到5美元

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I think the simplest way to understand Modigliani-Miller proposition is the following: imagine that we, as a board, decided to pay a dividend of $5 a share.

理解莫迪利阿尼和米勒命题,最简单的方式是,假设我们构成了一个董事会,决定以每股5美元的比例发放股利

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So, we paid one dividend and I don't know how much excitement it generated, but that's the Does this mean that share price will drop by $2 after a $2 dividend?

所以我们分了一次红,我不知道这引起了多大的兴奋,但这是,分了两美元股利后,是不是每股价格就会下降两美元

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One thing that Merton Miller distilled from it was that people on boards, who decide on dividend payout, are very focused on the price of a share and they're worried about investor reaction.

但莫顿·米勒总结出一点,决定是否分红的董事们,十分关注股价,他们很担心投资者们的反应

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