I. The company should only repurchase shares, because the tax rate on capital gains is higher than the tax rate on dividends for this investor type. II. This investor group will be indifferent between the company paying dividends or repurchasing shares. III. The company should only pay dividends, because the tax rate on dividends is lower than the tax rate on capital gains for the investor IV. The company should only repurchase shares, because the tax rate on dividends is higher than the tax rate on capital gains for this investor the V. The company should only pay dividends, because the tax rate on dividends is higher than the tax rate on capital gains for this investor type