And speaking of the “tax shield” (income tax benefits from interest deductions): A lead article in the just-released issue of Business Valuation Update™ (December, 2006) analyzes an alternative method for valuing this critical but common intangible. Increasingly popular in graduate business schools, the Adjusted Present Value (APV) approach develops a discrete, separate value of the tax shield, and then adds it to the asset value. For a free copy of the full article by two managing directors of Spectrum Consulting Partners, LLC (New York City), who compare the APV method to the more traditional ADR (Adjusted Discount Rate) approach, click here. Or just subscribe to the BVU.