Which of the following statements is FALSE? Few capital budgeting decisions at the subsidiary level have the same level of risk as those at the level of the parent company In the APV model, depreciation tax shields are discounted at the cost of equity. Each subsidiary should make its capital budgeting decisions using the required rate of return specific to the subsidiary When a parent is deciding whether to undertake an international project, it should determine whether the project is feasible from its own, not its subsidiary's, perspective. When making capital budgeting decisions, the parent company should only consider operating cash flows that are available for remittance back to the parent company