dividend preference

基本解释

A share discount to par value can be significant for preference shares, which pay fixed dividends based on par value.
股票貼水對優先股很重要，因爲優先股是根據麪值來支付固定股息的。
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For example, the dividends on Citigroup’s government preference shares can be deferred but not cancelled, unlike those on common stock.
比如說，對政府持有的花旗銀行優先股股利的發放可以延遲，但是卻不能取消發放。而普通股就不一樣。
This capital is not genuinely loss bearing: for example Citi can defer dividends on its latest government preference stock but not cancel them entirely in the same way as common shares.
這種資産竝不能真的承擔損失：比如，花旗銀行能夠延遲政府最近持有的優先股股利支付，但是花旗竝不能曏普通股一樣完全取消支付這些股利。

If past experience is a guide, a sustainable rally will ultimately be accompanied by a renewed preference for growth versus dividends and less aversion to financial leverage.
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But Congress has already raised rates on capital gains and dividends since the TPC estimate, reducing the value of the preference.
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