First Author:   Chih-kai Chang Department of Risk Management and Insurance, Feng Chia University ckchang@fcu.edu.tw   No. 100, Wenhua Road, Sweaton Taichung, 40724, Taiwan   +886-4-24517250 Ext. 4421(Phone) +886-4-24517250 Ext. 4421(Fax) Second Author: Tsangyao Chang Department of Finance, Feng Chia University, Taichung, Taiwan tychang@fcu.edu.tw   Taichung, Taiwan   886-4-2415-7250 ext. 4150(Phone) 886-4-2451-3796(Fax)