It cut its dividend earlier this year.
它在今年早些降低了它的股息。
So, you don't care what the letter says-- whether it says dividend or stock repurchase.
所以你不必在意信上怎么写,不管它说是分红还是股票回购
The company also said it would cut its quarterly dividend to 5 cents from 35 cents.
这家公司表示它将削减其季度股息,从35美分削减至5美分。
Redleaf went in and said, you should really do it and he convinced them, apparently, and they cut their dividend.
莱德利夫提出,你们必须要这样做,而且他说服了管理层,最终经营者决定降低红利
Then we start paying a dividend and then if we ever have to cut it, we're in big trouble.
然后我们开始分红,如果暂停分红,大麻烦就来了
So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.
这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同
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