Modigliani is one of the authors of your textbook

莫迪利阿尼是你们课本的作者之一
along with Fabozzi.

另一个是法伯兹
Modigliani and Miller wrote a famous article arguing that--

莫迪利阿尼和米勒有一篇非常著名的文章是讲...
what I just said--I just tried to say it in very intuitive terms.

刚提过的我想用直观的词汇来描述
They said, dividend policy is irrelevant.

他们说股利政策是无关的
Although, they do put it in a qualifier

然而他们将其做出了改进
that it could matter for tax reasons.

因为税负可能产生影响
In fact, you have to put that qualifier

事实上你必须进行改进
on just about anything you say in finance

不管你是在谈论哪个金融学问题
because the tax system is infinitely complex

因为税制太复杂了
and every country has different taxes,

每个国家的税制不同
different states have different taxes.

每个联邦州的税制不同