来自《耶鲁大学开放课程：金融市场 第6集 第6集》
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at time t plus k,t加k时刻的股利的期望值 -
discounted by a discount factor r.用贴现率r折现 -
That's just the present value formula在这个现值公式中 -
where I've substituted an expectation for the future dividend.我在这里用期望值代替了未来股利 -
That's the efficient markets theory in this incarnation.这就是市场有效理论的体现 -
There are other ways to envision the efficient markets--还有其他呈现有效市场的方式 -
what it means--but let's consider this simple story.我们来看一个小故事 -
What this means then is that the price当前股票价格 -
is a forecast of future dividends to be paid on the stock.是对未来股利的预测 -
This would be--of the present value of或者说是未来 -
future dividends to be paid on the stock--股利收益现值的预测 -
and this means then that price, relative to dividend,也就是说相对于当前股利而言