The dividends were down here at half the earnings and then you would gradually adjust them up to half the earnings again.

股利在下面,收入的一半,然后慢慢的调高,再到收益的一半

耶鲁公开课 - 金融市场课程节选

For example, I don't have more space to write, if this is time and this is earnings-- if your earnings were,say, flat and suddenly increased like that, they wouldn't believe this increase at first, so the board would decide to adjust only, say, half way up.

例如,没地方写了,横轴是时间,纵轴是收益,如果你的收益,一直平稳,突然间提高,他们刚开始不敢相信这种增长,董事们决定只小幅增加,如增到一半

耶鲁公开课 - 金融市场课程节选