A NOTE ON TAXATION AND THE LEASING DISCOUNT RATES
指出英国传统债务税后成本公式中的税收折现率设定有误，并推导了特定时期（如会计期间和税收滞后期）的税后成本新公式，无需迭代求解。
It is demonstrated that the discount rate for taxes in the traditional formula for the after‐tax cost of debt is misspecified for the UK situation. Several new formulae are derived for the after‐tax costs for specific periods, including the accounting period and the tax lag. Iterative solution methods are not required.