When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.

莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率

耶鲁公开课 - 金融市场课程节选

Dividend income or capital gains income in the stock market is taxed differently.

股息收入或者资本利得收入,适用的税率是完全不同的

耶鲁公开课 - 金融市场课程节选