Maybe Merton Miller is right-- these things are "neutral mutations" and changes in dividend policy are meaningless.

也许莫顿·米勒是对的,这些都是"中性突变",变更股利政策是无意义的

耶鲁公开课 - 金融市场课程节选

One thing that Merton Miller distilled from it was that people on boards, who decide on dividend payout, are very focused on the price of a share and they're worried about investor reaction.

但莫顿·米勒总结出一点,决定是否分红的董事们,十分关注股价,他们很担心投资者们的反应

耶鲁公开课 - 金融市场课程节选