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Abstract: By far, the most widely used enterprise valuation method in business practice is the discounted cash-flow method. Thus, the residual value or continuing value accounts for a significant percentage of the enterprise’s value and will depend on the length of the time horizon. In 2006, Jennergren developed a continuing value model based on one of the methods most commonly used for calculating this value, the Gordon model. The Jennergren model extends the analysis of this model and aims to have it implemented more strictly, taking into account two main parameters, capital expenditures and tax savings due to the depreciation of productive assets. In this study the Jennergren model has been applied to small and medium-sized Spanish enterprises with turnover ranging from 2 to 50 million euros over the period 2005–2008. These enterprises have also been differentiated by industry, using the Spanish NCAE classification (National Classification of Economic Activities). The information used was taken from the SABI (Iberian Balance Sheet Analysis System) database. The resulting economic lives of the productive assets of each industry were compared to the useful lives shown in the Spanish Corporation Tax Law Amortisation and Depreciation tables. It was found that most estimates are within the range established by law. In those cases where this assumption is not met, it is usually due to accelerated depreciation over the limits strictly permitted under law. [Copyright &y& Elsevier]

The use of solar energy for power generation using the innovative solar chimney concept has been explored by many researchers mostly with the help of analytical models as well as CFD simulations while experimental studies for a pilot and bench scale facilities have been carried out. The efficiencies of these chimneys, however, are less than 1% (~0.07% for 50 kW pilot plant similar to Manzanares plant in Spain). In the present study, an effort has been made to make modifications in the chimney design to improve the efficiency of the chimney in terms of power generation. CFD simulations have been carried out for this modified design and the efficiency is seen to improve to 0.12% for a 50 kW chimney. Furthermore, a techno-economic feasibility analysis has been carried out for a conventional 5 MW solar power plant which can be installed on the western part of India, which receives good solar irradiation throughout the year. Two cases with and without government subsidies have been considered. It is observed that a high rate of return (~20.4%) is obtained for a selling price of electricity of Rs 5 per kWh with government subsidy, while a rate of return of ~19% is obtained for Rs 10 per kWh without government subsidy. [ABSTRACT FROM AUTHOR]