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Using a hollow tube, they drill into the tree and extract a 5-mm wide cylinder that shows each ring starting with the most recent, just under the bark.
VOA: standard.2010.04.05
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And to give you a size perspective, that is about the size of my pinky finger nail, 4 mm on the side.
这个芯片，有我的手指甲那么大，边长4毫米。
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00 times electrode is only 1 mm long that penetrates just the most outer layers of the outer regions of your brain called into the distributable cortex.
00个这样的电极只有1毫米长,他们插进大脑最外层的区域的最外层,这个区域被称为分布皮层。
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Before I talk, I just want to say one more thing about Modigliani-Miller and dividend--irrelevance of dividends.
在讲之前,我想再说一点,关于MM模型和股利无关性
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A company, according to Modigliani and Miller, has to weigh their tax considerations against their bankruptcy costs and get an optimum debt-equity ratio out of that.
根据MM理论,一家公司,必须在租税考量与破产成本之间进行权衡,然后得出最有利的负债权益比
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The simplest way to see Modigliani-Miller debt irrelevance is the following: a company--if you wanted to buy a company, you could buy only the shares, or equity.
理解MM负债不相关性的,最简单的方法是这样的,一家公司,如果你想买下一家公司,你可以通过股票,普通股来买
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There's another Modigliani-Miller theorem about debt, which is about debt irrelevance as well.
关于负债还有另外一个MM定律,也是讲负债不相关性的
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A lot I'm going to talk about is Modigliani-Miller but I'm not going to get too deep into it, maybe in your review sections you can get more technical.
我会重点谈论MM定理,但也不会过分深入,在复习阶段我可能会讲的更专业一些
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I want then finally to talk about Modigliani-Miller and debt.
我想最后讲讲MM模型和债务的问题
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It took decades for Modigliani-Miller to kind of sink in.
数十年后人们才理解了MM命题
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We'll be talking about the Modigliani-Miller Theorem and related issues in this lecture as well as something about the behavior of the stock market and its tendency to go through dramatic movements.
我们会讲到,MM定理,和与其相关的问题,还会讲到,股市行为和,股市戏剧性的运动趋势
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It is an insight that Modigliani and Miller are offering the corporations that I think they often don't see that the real issue in the dividend-- both the dividend and the debt policies-- are really taxes and nothing else.
这是MM法则给予公司的建议,但是他们常常看不到,股利政策中最重要的是,不管是在股利还是负债政策中,只有税负才是关键
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According to Modigliani and Miller, if you add taxes to their debt irrelevance proposition, it means that companies will want to borrow a lot and the real advice they would be giving to Bill Gates is: what's the matter with you? Why aren't you borrowing money?
根据MM理论,如果在负债不相关理论中加入税负因素,就意味着公司愿意大量负债,他们会给比尔·盖茨一个建议,你脑子有问题吗,为什么不借钱
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