The effects of ownership and stock liquidity on the timing of repurchase transactions

We analyze detailed monthly data on U.S. open market stock repurchases (OMRs) that recently became available following stricter disclosure requirements. We find evidence that OMRs are timed to benefit non-selling shareholders. We present evidence that the profits to companies from timing repurchases are significantly related to ownership structure. Institutional ownership reduces companies' opportunities to repurchase stock at bargain prices. At low levels, insider ownership increases timing profits and at high levels it reduces them. Stock liquidity increases profits from timing OMRs.

Developing a new SVPWM control strategy for open-winding brushless doubly fed reluctance generators

In this paper, a new open-winding control strategy is proposed for a brushless doubly fed reluctance generator (BDFRG) used for stand-alone wind turbine or ship generators. The BDFRG is characterized with two windings on the stator: a power winding and a control winding. The control winding is fed with dual two-level three-phase converters, and a vector control scheme based on space vector pulsewidth modulation is designed. Compared with traditional three-level inverter systems, the dc-link voltage and the voltage rating of power devices in the proposed system are reduced by 50% while still greatly improving the reliability, redundancy, and fault tolerance of the proposed system by increasing the switching modes. Its performance is evaluated by simulation in MATLAB/Simulink and an experimental study on a 42-kW prototype machine.