• Also, if the earnings drop, they don't want to suddenly do a crash cut in their dividends either, so they're always sluggishly adjusting toward the target payout rate.

    同样,如果收益下降,他们不想匆忙的把股利降下来,所以他们总是慢慢的,朝着目标股利发放率靠近

    耶鲁公开课 - 金融市场课程节选

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