First Author:   Terence tai-leung Chong Department of Economics, The Chinese University of Hong Kong chong2064@cuhk.edu.hk         Second Author: Angela Fung Department of Finance, The Chinese University of Hong Kong angelafsc@gmail.com         Third Author: Wing-ting Lee Department of Finance, The Chinese University of Hong Kong s056556@mailserv.cuhk.edu.hk         Fourth Author: Ka-lai Man Department of Finance, The Chinese University of Hong Kong teresaaaaa1024@yahoo.com.hk