So if earnings go up a lot, we'll raise our dividends, but only part of the way up.

所以若收益大幅提高,我们会增加分红,但增量有限

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You'd have a higher expected return with no more variance.

你的预期收益率提高了，但风险没有增加。

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