来自《耶鲁大学开放课程：金融市场 第11集 第11集》
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In a sense, I'm terminating this lecture with another某种意义上 我通过这节课再次证明了 -
triumph for behavioral economics.行为经济学的胜利 -
When we think about the theory of dividend or debt我们一讲到股利或者负债理论 -
we end up with irrelevance--最后都是不相关的 -
it doesn't mean anything--没有什么意义 -
but the companies' boards talk about it incessantly但是公司的董事们不停的提起这些 -
and it seems to matter a lot to them.看起来又对他们很重要 -
If you ask them why it matters,如果你问为什么这么重要呢 -
they say, well it's pretty obvious--他们说 这很明显 -
it's all their investor psychology that we have to deal with.因为我们要考虑投资者的心理 -
They say things like this: if we pay a dividend,他们会这么说 如果分红 -
then they're going to start expecting that.他们就会开始期待分红