Back in the late nineteenth century the dividend price ratio was typically 5%.

回溯19世纪，股利价格比一般为5%。

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That looks improbable. The return from equities comprises the dividend yield, plus dividend growth, plus or minus any change in the rating (the price-dividend ratio).

股票收益包含股息生息率，加上现金股利成长率，加上或减去评定等级的变化(价格股利比率)。

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And shares that look cheap on conventional measures (asset value, dividend yield, price-earnings ratio) also tend to deliver above-average returns, but belong to firms that are likelier to go bust.

那些在传统衡量下(资产价值，股息收益率，市盈率)看似便宜的股票也可能获得高于平均水平的收益，但此现象似乎更适用于那些快倒闭的公司。

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Back in the late nineteenth century the dividend price ratio was typically 5%.

回溯19世纪,股利价格比一般为5%

耶鲁公开课 - 金融市场课程节选

This is the dividend-price ratio back to 1871.

这是1871年的股利价格比

耶鲁公开课 - 金融市场课程节选

Similarly, with WaMu, Buckingham notes the 4% dividend yield and price to earnings ratio of 9.3.

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The dividend yield for the market is a function of its price-earnings ratio more than the dividend payout ratio on earnings.

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Shares of Anheuser-Busch InBev trade at 14.6 times 2012 earnings, sport a 1.5% dividend yield, and have a price to earnings growth ratio of 1.18, according to Yahoo Finance.

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