Evaluation of thermo-physical properties and drying kinetics of carrots in a convective hot air drying system

This paper presents an experimental study on the evolution of carrot properties along convective drying by hot air at different temperatures (50ºC, 60ºC and 70ºC). The thermo-physical properties calculated were: specific heat, thermal conductivity, diffusivity, enthalpy, heat and mass transfer coefficients. Furthermore, the data of drying kinetics were treated and adjusted according to the three empirical models: Page, Henderson & Pabis and Logarithmic. The sorption isotherms were also determined and fitted using the GAB model. The results showed that, generally, the thermo-physical properties presented a decline during the drying process, and the decrease was faster for the temperature of 70ºC. It was possible to verify that the Page model presented the best prediction ability for the representation of kinetics of the drying process. The GAB model used to fit the sorption isotherms showed a good prediction capacity and, at a given water activity, despite some variations, the amount of water sorbed increased with the decrease of drying temperature.

What Is a Firm’s Life Expectancy? Empirical Evidence in the Context of Portuguese Companies

It is a fact that the uncertainty about a firm’s future has to be measured and incorporated into a company’s valuation throughout the explicit analysis period – in the continuing or terminal value within valuation models. One of the concerns that can influence the continuing value of enterprises, which is not explicitly considered in traditional valuation models, is a firm’s average life expectancy. Although the literature has studied the life cycle of a firm, there is still a considerable lack of references on this topic. If we ignore the period during which a company has the ability to produce future cash flows, the valuations can fall into irreversible errors, leading to results markedly different from market values. This paper aims to provide a contribution in this area. Its main objective is to construct a mortality table for non-listed Portuguese enterprises, showing that the use of a terminal value through a mathematical expression of perpetuity of free cash flows is not adequate. We provide the use of an appropriate coefficient to perceive the number of years in which the company will continue to operate until its theoretical extinction. If well addressed regarding valuation models, this issue can be used to reduce or even to eliminate one of the main problems that cause distortions in contemporary enterprise valuation models: the premise of an enterprise’s unlimited existence in time. Besides studying the companies involved in it, from their existence to their demise, our study intends to push knowledge forward by providing a consistent life and mortality expectancy table for each age of the company, presenting models with an explicitly and different survival rate for each year. Moreover, we show that, after reaching a certain age, firms can reinvent their business, acquiring maturity and consequently postponing their mortality through an additional life period.