An 80 cent dividend causes the share price of Heron Ltd to drop from $12.50 to $11.90 on the day the share goes ex-div. Personal taxes on dividends and capital gains are both 40 percent and a quarter of Heron Ltds shareholders are other companies, which according to the Internal Revenue Services regulations, are exempt from tax on dividend income. The appropriate discount rate is 10 percent. Required How long does this imply that investors hold off realising capital gains?