This study uses a sample of mandatory partner rotation events hand-collected from SEC filings to investigate the relation between mandatory audit partner rotation and audit quality in the United States. Across a variety of control groups and audit quality proxies, we do not find evidence consistent with rotation materially improving audit quality (i.e., "fresh look"). Though somewhat limited, the only statistically significant evidence we document suggests that audited financial statements may be more likely to contain a material misstatement (i.e., subsequently be restated) following a mandatory audit partner rotation, particularly when the audit firm tenure is short. We also provide evidence from client disclosures that mandatory rotation rules trigger auditor-client realignment. Together, our results provide important evidence on the merits of mandatory partner rotation rules in the United States.

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With the development of smart grid, flexible and interactive electricity market will finally emerge. Making full use of price can encourage consumers to use electricity during a low load period and reduce peak load, thus to guarantee electricity market stability. Impulse control is applied to price system in this paper. It is found that giving impulse control to price system can make the system reach stable state well, which is based on the theory of impulsive differential system. The sufficient condition for stable system and the max upper bound of impulse interval are also provided. The proposed method is proved to be feasible and effective by theoretically analysis and numerical simulation.

We examine the relation between firms' prior acquisition experience and subsequent acquisition performance. Based on our sample firms' complete acquisition histories, we find that acquirers with prior experience in the target industry perform better in subsequent diversifying acquisitions, and that the effect is stronger in industries with higher uncertainty. The outperformance is attributable to experienced acquirers' ability to identify targets with higher synergies. Additional analysis shows that the experience effect is robust after controlling for management experience and other firm‐specific factors, and that considering small acquisitions as part of a firm's learning process is essential to the experience effect.

In this paper, by constructing the security data management company and innovation laboratory, we not only systematically grasp the feature of the industry chain value model, and the entity industry asset securitization and its flow pattern, supervision, and risk prevention, but also provide a comprehensive study of the development, integration, and application of the related techniques that are processed, quantitative, indexing, measurable, and modeling. Accordingly, we carry out all-around innovative research and design of the value analysis model of the whole industry chain to realize the digital transformation of securities companies enabled by financial technology. On this basis, this paper also proposes ideas of discovering and integrating core data sources of the securities companies and constructing industry (enterprise) Knowledge Graph database, value chain model, big data risk management service platform, and securities big data intelligent service expert system from the perspective of the customer, product, business, respectively. Finally, we conduct a general discussion of the application and business embedding of artificial intelligence technology.