The random inspection is an important innovation of CSRC's regulatory initiatives. Using this quasi-natural experiment conducted by the CSRC, we examine the impact of the random inspection on corporate investment efficiency. The result shows that after the listed firms are inspected, the...

The China Securities Regulatory Commission (CSRC) has randomly selected two audit firms each year to check their problems in management and internal control since 2016. Using the random inspections from 2016 to 2018, we construct a staggered DID model and find that the possibility of audit firms...

Optimal age replacement policies for network components such as cables, overhead lines or transformers are usually identified based on gathered knowledge about the state of a component and its stochastic deterioration process. In this context, uncertainty is an important challenge because...