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The value of a project to the firm can be thought of as the value of the project to an unlevered firm (NPV) plus the

The value of a project to the firm can be thought of as the value of the project to an unlevered firm (NPV) plus the present value of the financing side effects (NPVF). Which of the following is NOT a side effect of financing? A. The Costs of Financial Distress B. The Tax Shield to Ordinary Dividends C. The Costs of Issuing New Securities D. Subsidies to Debt Financing E. The Tax Subsidy to Debt

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