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Suppose that there are just three types of investors with the following tax rates Individuals Corporations Institutions 35% 19 15% Dividends Capital gains 0% 0 Individuals invest a total of $81.0 billion in stock and corporations invest $11.20 billion. The remaining stock is held by the institutions. All three groups simply seek to maximize their after-tax income. These investors can choose from three types of stock offering the following pretax payouts per share: Low Payout Medium Payout $9 High Payout 34 Dividends Capital gains 19 0 These payoffs are expected to persist in perpetuity. The low-payout stocks have a total market value of $101.0 billion, the medium-payout stocks have a value of $51.0 billion, and the high-payout stocks have a value of $121.0 billion