First Author:   Tsangyao Chang Department of Finance, Feng Chia University, Taichung, Taiwan tychang@fcu.edu.tw   No 100, Wenhwa Road, Seatwen, Taichung, Taiwan Taichung, Taiwan   886-4-2415-7250 ext. 4150(Phone) 886-4-2415-7250 ext. 4150(Fax) Second Author: Gengnan Chiang Department of Finance, Feng Chia University, Taichung, Taiwan jnchiang@fcu.edu.tw   Taichung, Taiwan       Third Author: Yichun Zhang Institute of Finance, Xiamen University yczhang@xmu.edu.cn   Xiamen, China