First Author:   Keisuke Otsu University of Kent K.Otsu@kent.ac.uk   School of Economics, University of Kent Canterbury, CT2 7NP, United Kingdom   +44-1227-827305(Phone) +44-1227-827305(Fax) Second Author: Florian Gerth University of Kent fg93@kent.ac.uk   University of Kent, University of Kent Canterbury, CT2 7NP, United Kingdom