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.
股票贴水对优先股很重要，因为优先股是根据面值来支付固定股息的。
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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.
比如说，对政府持有的花旗银行优先股股利的发放可以延迟，但是却不能取消发放。而普通股就不一样。
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.
这种资产并不能真的承担损失：比如，花旗银行能够延迟政府最近持有的优先股股利支付，但是花旗并不能向普通股一样完全取消支付这些股利。

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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