BP will also suspend dividend payments to shareholders temporarily.
VOA: special.2010.06.19
There's no price per share that you can observe and the banks can't do anything except passively receive the dividend.
这里没有可以观察到的每股价格,这些银行也不能做任何事,除了被动地接受股利。
So, the more enlightened view is, corporations only pay a stock dividend when they have some good news to announce.
所以更有说服力的观点是,公司发放股票股利的唯一原因是,他们有利好消息要公布了
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
Now incidentally, that's an interesting question that you bring up, because--should I pay any attention to dividend dates as an investor?
你提出了一个很有趣的问题,投资者应该注意除息日吗
When I set up a company--Case Shiller Weiss, Inc.-- typical of young start up companies,we didn't pay a dividend.
当我开公司时,卡魏施有限公司,并没发放股利,这是年轻公司的通常做法
Some people don't even know what a dividend is, they just think of stock as something whose price goes up.
有些人甚至都不知道股利是什么,他们仅仅把股票想象为一种会升值的玩意
The earnings, you understand, are kind of a theoretical concept but dividend is the money that we send out.
你们都知道,收益是个理论概念,但股利是我们分发出去的钱
As long as we never start paying a dividend, then we're just a young company and nobody asks any questions.
如果我们一次都不分红,我们只是家新公司,没人会有疑问
And if someone said, it's 4%, you'd say, well that's kind of meager, I want a better dividend than that.
如果他说,是4%,你会觉得少,我想要更高的股利
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
Sometimes companies will announce that they are paying not a cash dividend, but they're paying a stock dividend.
有时公司会宣布,他们不发放现金股利,取而代之的是股票股利
How excited should you be to get the letter saying your company has paid you a stock dividend?
你该做何反应呢,如果收到公司派发股票股利的通知
If you wait until the next day, you pay a lower price but you don't get the dividend.
如果你第二天再买,买入价低,但没有分红
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
It's a little different if they buy-- suppose you own a hundred shares and they declare a 5% cash dividend,then you get $5.
但又有些不同,如果他们买进...,假设你有一百股股票,他们宣布发放5%股利,你拿到五美元
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
If they're paying me by sending money and calling it a dividend it's the same as if they say they're repurchasing my shares.
如果他们寄钱来,称之为股利,和称之为股票回购是没有区别的
They say things like this: if we pay a dividend, then they're going to start expecting that.
他们会这么说,如果分红,他们就会开始期待分红
Yes, he's asking after a firm pays a dividend that should lower the--you were asking whether it should lower the price of a share.
他问的是如果一个公司分了红,就会降低...你问的是,股价会不会下跌
Immediately after the payout dividend, the share-- the price of the share should go down, right?
在刚分红之后,股票,股价会下跌,是吗
There is now no preference--well it could be-- there are lots of complexities in the tax law but, basically, dividend policy really is irrelevant now.
这就没有偏好差别了,税法中仍有很多复杂条款,但基本说来,是否推行股利政策与此无关
Suppose you get a letter from your company saying, congratulations here's a $5 dividend and here's a check for $5 if you owned one share.
假设你收到了公司寄来的一封信,写着,恭喜您,这是5美元的分红,如果你有一股的话,就会收到5美元
In terms of just general investing culture-- and we're behavioral in our attitude-- it was clearer that you bought a stock to get a dividend.
在一个投资性文化中,我们更偏向于行动派,人们为了得到分红而购买股票的意图愈加明显
That's an important--this really does happen, stocks really do drop in price on ex-dividend date.
这很重要,公司就是这么做的,股价通常会在除息日下跌
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
I'm saying that, unless tax considerations intervene, dividend policy is really irrelevant for a firm.
除去税收的干扰,股利政策对公司是无相关性的
They'll tell someone, hurry up and buy this stock because it's going to go ex-dividend.
他们告诉买家,迅速买入这支股票,因为它马上要除息了
As a company matures, then they typically feel that it's time to pay a dividend.
当公司进入成熟期,他们就会觉得,到了发股利的时间了
If they don't have money to pay dividend they can always do a stock dividend.
如果没钱付股利,那就发股票股利
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