First Author:   Syed Jawad Hussain Shahzad Montpellier Business School, France jawad.kazmi5@gmail.com         Second Author: Román Ferrer Department of Actuarial and Financial Economics, University of Valencia, Spain Roman.Ferrer@uv.es         Third Author: Adrián Maizonada Department of Actuarial and Financial Economics, University of Valencia, Spain adrianmb1992@gmail.com