The Japanese equity market (Nikkei 225) closed up 2.4% for May. Key drivers were indications of sustained us economic growth and higher dividends without higher inflation.
日股(日经225指数)在5月份报升2.4%,主要由于有迹象显示美国的经济持续增长,以及企业增发股息,但并无触发通胀上升。
Plans on the table will hit higher-income families with tax increases on capital gains and dividends, for example.
例如,正在讨论的方案就是对高收入家庭增收资本收益和红利税。
Companies only pay out a fraction of their earnings as dividends, so the earnings yield was then much higher than the government-bond yield.
公司仅付出盈利的一部分作为股息,盈利收益当然远高于国债收益率。
It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.
莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高
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