A European company issues common shares that pay taxable dividends and bearer shares that pay an identical

Question:

A European company issues common shares that pay taxable dividends and bearer shares that pay an identical but offer an opportunity to evade taxes: Bearer shares come with a large supply of coupons that can be redeemed anonymously at banks for the current value of the Suppose taxable dividends are taxed at the rate of 10%.
What is the ratio between market prices of taxable and bearer shares? If a new issue is planned, should taxable or bearer shares be sold?
b. Suppose, in addition, that it costs 10% of proceeds to issue a taxable whereas it costs 20% of the proceeds to issue bearer because of the expense of and printing. What type of share will the prefer to issue?
c. Suppose now that individuals pay 10% taxes on dividends, and corporations pay no taxes but bear an administrative cost of 10% of the value of any bearer dividends. Can you determine the relative market prices for the two types of shares?

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