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The Preferred Puzzle

机译：首选难题

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Most observersrnexpected big banks that survived therncredit crisis to reflex-ively suspend preferred stock dividends to husband cash. Instead, virtually all banks - domestic and foreign - continued to pay dividends on their U.S.-traded preferreds.rn"I surmise that banks kept on paying because to do otherwise would have been a confidence killer, and in today's market environment, they simply couldn't afford not to pay," says Brian Gonick, a principal of Senvest International, a New York hedge fund.rnThe continued payments imply that "preferred stocks may offer greater returns with less dividend suspension risk than we had thought, especially given the severity of the crisis," explains Barry McAlinden, a preferred securities analyst at UBS Wealth Management Research. "The results have been common equity-like returns from large-cap investment-grade bank preferreds."
机译：多数观察家期望大型银行在信贷危机中幸免于难，从而主动中止优先股股利转为丈夫现金。取而代之的是，实际上，所有国内和国外的银行都继续向其在美国交易的优先股支付股息。“我想银行会继续支付，因为如果不这样做的话，这将是一种信心杀手，而在当今的市场环境中，他们根本无法纽约对冲基金Senvest International的负责人布莱恩·戈尼克（Brian Gonick）说：“不支付不付钱。”持续支付意味着“优先股可能会提供比我们想象的要少的股息收益风险更高的回报，尤其是考虑到严重性”，瑞银财富管理研究中心的首选证券分析师巴里·麦卡林登解释说。 “结果是大型投资级银行优先股的普通股收益。”

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