So they want to payout something like 40% of their earnings as dividends and plow the rest back into investing inside the company.

如果他们将收入的40%作为股利,然后在内部把剩余部分拿回来用作投资

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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

耶鲁公开课 - 金融市场课程节选

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

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The last thing, I just wanted to say-- I wanted to mention the theory of dividend payout given by John Lintner; it's called the Lintner Model of Dividends.

最后一点,我想讲,我想讲讲约翰·林特纳的分红理论,叫做林特纳股利模型

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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

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They told him that if earnings go up-- we try to keep a target payout ratio-- but if earnings suddenly shoot up, we're not going to increase our dividends right away because that would set too high an expectation and we don't want to have to cut it.

他们告诉他,如果收益提高,我们会努力维持既定的股利发放率,但如果收益大涨,我们不会马上提高股利,因为这样会导致过高的期望,我们也不想降低股利

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