First Author:   Terence Tai-Leung Chong Deparment of Economics, The Chinese University of Hong Kong chong2064@cuhk.edu.hk         http://www.cuhk.edu.hk/eco/staff/tlchong/tlchong3.htm Second Author: Sheung Tat Chan Deparment of Economics, The Chinese University of Hong Kong simonchanst@cuhk.edu.hk