First Author:   Tsangyao Chang Department of Finance, Feng Chia University, Taichung, Taiwan tychang@fcu.edu.tw   No 100, Wenhwa Road, Seatwen, Taichung, Taiwan Taichung, 40724, Taiwan   886-4-2415-7250 ext. 4150(Phone) 886-4-2415-7250 ext. 4150(Fax) Second Author: Su-yuan Lin Graduate Institute of Management Sciences, Tamkang University, Taipei, TAIWAN Sean.lin@capital.com.tw         Third Author: Horng-jinh Chang Graduate Institute of Management Sciences, Tamkang University, Taipei, TAIWAN chj@mail.tku.edu.tw