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It should say by the cost of equity at the end instead of cost of assets. —Preceding unsigned comment added by 96.234.20.90 (talk) 02:18, 30 January 2008 (UTC)Reply

I cannot find references to the work conducted by Prof. peccati on the APV. The università bocconi lists his books, but none before 1973. being born in 1944 he was 29 at the time of Meyers (1973). Did not find any publciation before 1992.

Unless more info provided, the Peccati Reference should be removed - The Lone Ranger^{Hit me with a good one!} 17:00, 23 April 2008 (UTC)Reply

List of Pecati publications

• Valutazione analitica e sintetica di attività finanziarie, Laterza, 1992;
• Financial Modelling: Recent Research, Physica-Verlag, 1994, (con M. Virén (eds.)).
• Tra gli articoli più significativi:
• Qualitative Analysis of a Nonlinear Stock Price Model, Applied Mathematics and Computation, 1994, (con L.L. Ghezzi);
• Imitation and stability in a stock market , European Journal of Operational Research, 1996, (con. M. Cenci e A. Cerquetti);
• Restyling of fees in consumer credit agreements, European Journal of Operational Research, 1996, (con C. Battaglio e G. Longo),
• Revision of industrial supply conditions and game theory, International Journal of Production Economics, 1997 (con P.Gallo e E.Luciano),
• Antiusury Laws and Market Interest Rate Dynamics (in coll. con D.M.Cifarelli, A. Tagliani), in New Operational Approaches for Financial Modelling, Constantin
• Zopounidis (Eds.), Physica-Verlag, 1997, pp.311-322.
• A generalized version of the equivalent annuity principle a nd its use , Tenth International Working Seminar on Production Economics, inviato all´Int.Journ.of Prod. Econ. (con E.Luciano)
• Corporate Finance and inventory management International Journal of Production Economics, 1998 (con E.Luciano).
• Survival Risk and Evaluation of Energy Investment Projects, EURO Working Group on Financial Modelling, Meeting of Vienna, 1999 (con F.Beccacece e P. Gallo).
• On Rational Credit Sizing, EURO Working Group on Financial Modelling, Meeting of Valencia, 1999 (con G. Bonaldo e R.Piccarreta).
• VaR as a risk measure for multiperiod inventory models, Convegno italo-spagnolo di Mamematica finanziaria, Napoli, 1999 (con E.Luciano) e XXIV Convegno annuale AMASES, Cosenza 1999.

The discount rate for the tax shield is stated as the cost of debt. This is not widely accepted anymore. See for instance page 13 of this paper: http://www.iese.edu/research/pdfs/DI-0488-E.pdf It shows that a number of academics now also present methods whereby the cost of equity unlevered is used to discount the tax shield benefits. —Preceding unsigned comment added by 134.146.0.41 (talk) 09:07, 28 April 2011 (UTC)Reply

One no-name author pumping his theory by inaccurately misinterpreting in order to "disprove" Modigliani and Miller, Nobel Laureates, is not a sign of anything no longer being "widely accepted". Every finance book you pick up will discount the PV of the tax shield at the cost of debt, because its riskiness is the same at the debt payments it is derived from. As long as you pay debt, which is highly likely due to the fact that debtholders are superior claimants on revenues, you will receive a tax shield.