Please discuss the following exhibit from Framework for Financial Decisions by William Sihler "with" and "without" the consideration of taxes.

Exhibit IV. Shareholder responses to company policies Company policy Shareholder policy a. Low dividends, no new stock b. High dividends, new stock 1. Maintain position No action needed Purchase s pro rata (as many as required to make the owner's position equivalent to that in lal 2. Reduce position Sell shares (as many as required Do not purchase new shares to make the owner's position ownership percentage falls equivalent to that in 2b)