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

耶鲁公开课 - 金融市场课程节选

We're going to send a letter to all our shareholders and say, we have decided to pay a $5 dividend and so you're about to approve this at the meeting.

我们将给所有的股东寄出一封信,写着,公司决定发放每股5美元的股利,所以你们在股东大会上要通过这个提议

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选