Market reactions for targets of M&A rumours—evidence from China

This paper investigates investors’ reactions to takeover rumours in China’s stock markets from 2004 to 2014. While we find prerumour price run-ups (abnormal returns) for merger and acquisition (M&A) targets, the pre-rumour market overreaction is significantly positive only for target firms that are state-owned enterprises (SOEs). There are no significant abnormal returns for M&A rumour targets over a 41-day event window (20, þ20). Nonetheless, capital market reactions to true rumours are higher than reactions to false rumours, indicating that investors can typically distinguish between them. Finally, we document that while firms with higher institutional ownership have a higher probability of being the subject of false M&A rumours, rumoured targets with higher institutional ownership experience lower market reactions

Optimized active disturbance rejection control for DC-DC buck converters with uncertainties using a reduced-order GPI observer

The output voltage regulation problem of a PWM- based DC-DC buck converter under various sources of uncertainties and disturbances is investigated in this paper via an optimized active disturbance rejection control (ADRC) approach. Aiming to practical implementation, a new reduced-order generalized proportional integral (GPI) observer is first designed to estimate the lumped (possibly time-varying) disturbances within the DC- DC circuit. By integrating the disturbance estimation information raised by the reduced-order GPI observer (GPIO) into the output prediction, an optimized ADRC method is developed to achieve optimized tracking performance even in the presence of distur- bances and uncertainties. It is shown that the proposed controller will guarantee the rigorous stability of closed-loop system, for any bounded uncertainties of the circuit, by appropriately choosing the observer gains and the bandwidthfactor. Experimental results illustrate that the proposed control solution is characterised by improved robustness performance against various disturbances and uncertainties compared to traditional ADRC and integral MPC approaches

Fractional-Order Time Delay Compensation in Deadbeat Control for Power Converters

Deadbeat control scheme is widely implemented in the control of power electronics and electrical drives, which is of simplification, rapidity and flexibility. However, owing to its sensitive to model uncertainties and unmodeled dynamics, the practical control performance is severely degraded and sometimes even unstable. Uncertain time delay is a typical case of model uncertainties, which severely deteriorates the control accuracy and dramatically reduce the system stability margin of deadbeat control. In this paper, the time delay effects on the control performance and system stability are investigated. A fractional-order Smith Predictor based solution is proposed to compensate arbitrary time delay with high accuracy, simple structure, and good robustness. The composite control scheme offers accurate time delay compensations in digital implementation and considerably enhances the robustness of the control system, which will effectively promote widespread applications of the deadbeat scheme. An application example of three-phase inverter system is explored to comprehensively illustrate the feasibility and effectiveness of the proposed scheme

A new alternating predictive observer approach for higher bandwidth control of dual-rate dynamic systems

Dual-rate dynamic systems consisting of a sensor with a relatively slow sampling rate and a controller/actuator with a fast updating rate widely exist in control systems. The control bandwidth of these dual-rate dynamic systems is severely restricted by the slow sampling rate of the sensors, resulting in various issues like sluggish dynamics of the closed-loop systems, poor robustness performance. A novel alternating predictive observer (APO) is proposed to significantly enhance the control bandwidth of a generic dual-rate dynamic systems. Specifically, at each fast controller/actuator updating period, we will first implement the prediction step by using the system model to predict the system output, generating a so-called virtual measurement, when there is no output measurement during the slow sampling period. Subsequently, the observation step is carried out by exploiting this virtual measurement as informative update. An APO-based output feedback controller with a fast updating rate is developed and rigorous stability of the closed-loop system is established. The superiority of the proposed method is demonstrated by applying it to control a permanent magnet synchronous motor system.</p

Nonlinear disturbance observer-based control for multi-input multi-output nonlinear systems subject to mismatching condition

For a multi-input multi-output (MIMO) nonlinear system, the existing disturbance observer-based control (DOBC) only provides solutions to those whose disturbance relative degree (DRD) is higher than or equal to its input relative degree. By designing a novel disturbance compensation gain matrix, a generalised nonlinear DOBC method is proposed in this article to solve the disturbance attenuation problem of the MIMO nonlinear system with arbitrary DRD. It is shown that the disturbances are able to be removed from the output channels by the proposed method with appropriately chosen control parameters. The property of nominal performance recovery, which is the major merit of the DOBCs, is retained with the proposed method. The feasibility and effectiveness of the proposed method are demonstrated by simulation studies of both the numerical and application examples

Robust autopilot design of uncertain bank-to-turn missiles using state-space disturbance observers

Robust autopilot design for bank-to-turn (BTT) missiles under disturbances and uncertainties is investigated in this article using the disturbance observer concept. It is well known that the BTT missile dynamics undergo substantial change during its flight. In this disturbance observer-based control (DOBC) setting, the influences caused by parameter variations are merged into disturbance terms and regarded as parts of the lumped disturbances. Disturbance observers are employed to estimate the lumped disturbances, and then a disturbance observer-based robust control (DOBRC) method is proposed in this article to compensate the influences of parameter variations and the disturbances from the output channels. Similar to the baseline linear quadratic regulator design, the DOBRC is analysed and designed using linear techniques. Very promising performance has been achieved for the BTT missile as shown in simulation. It is demonstrated that DOBC approach provides a simple, intuitive, and practical solution for many challenging control problems where systems are subject to significant external disturbances, and uncertainties such as BTT missiles

Robust converter-fed motor control based on active rejection of multiple disturbances

In this work, an advanced motion controller is proposed for buck converter-fed DC motor systems. The design is based on an idea of active disturbance rejection control (ADRC) with its key component being a custom observer capable of reconstructing various types of disturbances (including complex, harmonic signals). A special formulation of the proposed design allows the control action to be expressed in a concise and practically appealing form reducing its implementation requirements. The obtained experimental results show increased performance of the introduced approach over conventionally used methods in tracking precision and disturbance rejection, while keeping similar level of energy consumption. A stability analysis using theory of singular perturbation further supports the validity of proposed control approach.Comment: 30 pages, 7 figures, 1 tabl

Numerical investigation on the characteristics of water transfer in PEMFC with bionic flow channel

The content and the transmission characteristics of the water in the polymer electrolyte membrane fuel cell (PEMFC) have a significant influence on its performance. So far, there are few separate numerical studies on the process of water transport in the bionic flow channel, and the performance of bionic flow channel is different from conventional flow channel in part owing to the differences of their water drainage. Therefore, in order to understand the water drainage process of bionic flow channel, two different types of bionic flow channels are adopted in this paper. The method of numerical simulation is used to study the transmission process of liquid water in the bionic flow channel of different placement orientations. The simulation results found that the orientations of bionic flow channel has an influence on the process of water transport in the flow channel, and the process of water drainage also has a significant difference in the two different types of bionic flow channel