First Author:   Junaid Ahmed Department of Economics, Georg August University, Goettingen, Germany junaid.ahmed@wiwi.uni-goettingen.de         Second Author: Irfan Ahmad Khan School of Economics and Business Administration; China irfan_bmk05@hotmail.com         Third Author: Mazhar Mughal Pau Business School, France mymughal1@hotmail.com         Fourth Author: Hongbo Cai School of Economics and Business Administration; China hongbocai@bnu.edu.cn