APV method is comprised of the all-equity NPV of a project and the NPV of financing effects. The four side effects are: Multiple Choice tax subsidy of dividends, cost of issuing new securities, subsidy of financial distress and cost of debt financing. cost of issuing new securities, cost of financial distress, tax subsidy of debt and other subsidies to debt financing. cost of issuing new securities, cost of financial distress, tax subsidy of dividends and cost of debt financing. subsidy of financial distress, tax subsidy of debt, cost of other debt financing and cost of issuing new securities