First Author:   Tsangyao Chang Department of Economics, Feng Chia University, Taichung, Taiwan tychang@fcu.edu.tw   No 100, Wenhwa Road, Seatwen, Taichung, Taiwan Taichung, Taiwan   886-4-2415-7250 ext. 4060(Phone) 886-4-2415-7250 ext. 4060(Fax) Second Author: Ching-Chun Wei Department of Finance, Providence University, Taichung, Taiwan ccw@pu.edu.tw   Taichung, Taiwan   886-4-2632-8001(Phone)   Third Author: Chien-Chung Nieh Department of Banking and Finance, Tamkang University, Taipei Taiwan niehfin@mail.tku.edu.tw   Department of Banking and Finance, Tamkang University, Taipei Taiwan Taipei, Taiwan   886-2-2621-5656 ext. 2591(Phone)