Higher covariant derivative Pauli-Villars regularization does not lead   to a consistent QCD
  We compute the beta function at one loop for Yang-Mills theory using as regulator the combination of higher covariant derivatives and Pauli-Villars determinants proposed by Faddeev and Slavnov. This regularization prescription has the appealing feature that it is manifestly gauge invariant and essentially four-dimensional. It happens however that the one-loop coefficient in the beta function that it yields is not $-11/3,$ as it should be, but $-23/6.$ The difference is due to unphysical logarithmic radiative corrections generated by the Pauli-Villars determinants on which the regularization method is based. This no-go result discards the prescription as a viable gauge invariant regularization, thus solving a long-standing open question in the literature. We also observe that the prescription can be modified so as to not generate unphysical logarithmic corrections, but at the expense of losing manifest gauge invariance. 
C.P. Martin and F. Ruiz Ruiz