Here we study the optimal proportional reinsurance and dividend pay out of an insurance company.

本文将讨论保险公司的最优再保险和分红策略。

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High dividend payments have been a ray of light for shareholders: On average, the big Banks pay out almost a third of their earnings, for an average dividend yield of about 4.7%.

对于股东来说，高股息支付已成为一道曙光：平均来看，四大国有银行将收入的近三分之一用于派发股息，平均股息收益率约为4.7%。

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But if the deal closes, the firm plans to pay a special dividend that will cover the cost of buying out those who did not participate.

但是如果交易完成，电讯盈科计划支付特别股息来收购那些未有参与的股东手中的股份。

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Annaly Capital Management ( NYSE:NLY) Another one with the big dividend pay-out: 11.70%.

FORBES: Cheap REITS Paying Rich Dividends (For Now)

Morgan, an investment bank, estimates that the dividend pay-out of America's 500 largest companies has fallen from over half of profits in 1990 to about a third now.

ECONOMIST: Corporate finance

The main reason why investors are worried is that dividends are a guide to managers' views of when earnings might reach their trough: they do not want to pay the dividend out of borrowing, or worse, cut it again.

ECONOMIST: Stockmarkets and dividends