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The purpose of this paper is to examine the informational asymmetry (informational advantage of managers) in leveraged buyout (LBO) transactions.

Unlike previous studies of informational asymmetry in LBOs, this research uses a set of reverse‐LBO and re‐LBO firms. The paper proposes and empirically tests three hypotheses that draw on the informational advantage of managers in LBOs. Specifically, the value gain (VG) realized by the reverse‐LBO firms is compared with that realized by a control sample of firms; the wealth distribution between managers and pre‐buyout shareholders is studied; and, finally, the performance of re‐LBO firms relative to reverse‐LBO firms is evaluated.

The results do not support the view that managers use buyouts to exploit their informational advantage. Specifically; the performance of LBO firms under the private ownership is comparable to those of matching public firms; the management team's return in a LBO deal is not significantly more than pre‐buyout shareholders’ return; and repeating reverse‐LBO firms (re‐LBOs) do not necessarily perform better than the non‐repeating reverse‐LBO firms.

While reverse‐LBOs have been investigated to some extent in the prior literature, studies on re‐LBOs are quite scant – although these transactions offer a new and interesting avenue to examine the motivations behind LBOs in general. The use of the entire LBO − reverse‐LBO − re‐LBO cycle in testing the informational advantage of managers is a novelty. It is hoped that re‐LBOs will attract the amount of attention they deserve as these firms may offer interesting means to reinvestigate commonly debated theories of corporate finance.

This study aims to focus on the grid connected inverter.

The grid connected inverter for harmonic suppression was designed, the topological structure of the inverter and the design of LCL filter were analyzed, then a PIR controller was proposed and finally simulation and experiment were carried out.

The simulation results showed that the distortion rates of the 5th, 7th and 11th harmonics under PIR control were 0.14%, 0.13% and 0.06%, respectively, which were significantly lower than that under PI control. The system test results also showed that the current waveform under PI control was rough and total harmonic distortion (THD) content was 3.8%; under PIR control, the grid connected current waveform was relatively smooth, with fewer spikes and burrs, and the THD content was 1.9%, indicating that the harmonics were effectively suppressed.

The experimental results verify that the inverter and PIR controller designed in this study are effective for harmonic suppression. This work makes some contributions to the improvement of the effect of harmonic suppression and promotion of the better application of grid connected inverter.

The purpose of this paper is to introduce a co‐simulation method to study the ground maneuvers of aircraft anti‐skid braking and steering.

A virtual prototype of aircraft is established in the multibody system dynamics software MSC.ADAMS/Aircraft. The anti‐skid braking control model, which adopts the multi‐threshold PID control method with a slip‐velocity‐controlled, pressure‐bias‐modulated (PBM) system, is established in MATLAB/Simulink. EASY5 is used to establish the hydraulic system of nose wheel steering. The ADAMS model is connected to block diagrams of the anti‐skid braking control model in MATLAB/Simulink, and is also connected to the block diagrams of nose wheel steering system model in EASY5, so that the ground maneuvers of aircraft anti‐skid braking and steering are simulated separately.

Results are presented to investigate the performance of anti‐skid braking system in aircraft anti‐skid simulation. In aircraft steering simulation, the influence of two important parameters on the forces acting on the tires is discussed in detail, and the safe area to prevent aircraft sideslip is obtained.

This paper presents an advanced method to study the ground maneuvers of aircraft anti‐skid braking and steering, and establishes an integrated aircraft model of airframe, landing gear, steering system, and anti‐skid braking system to investigate the interaction of each subsystem via simulation.