First Author:   Michal Wojewodzki The Hang Seng University of Hong Kong michalwojewodzki@hsu.edu.hk         Second Author: Xiaoguang Liu Renmin University of China lxg2015@ruc.edu.cn         Third Author: Jian Yu Central University of Finance and Economics jianyu@cufe.edu.cn         Fourth Author: Tsun se Cheong The Hang Seng University of Hong Kong jamescheong@hsu.edu.hk