1. Department of Global Business, Osaka International University, 6-21-57 Tohda Moriguchi, Osaka 570-8555, Japan (e-mail: )
2. Department of Economics, University of Illinois, 225B David Kinley Hall, 1407 West Gregory Drive, Urbana, IL 61801, and University of Warwick (e-mail: )
3. Faculty of Business and Economics, The University of Hong Kong, Pokfulam Road, Hong Kong, and Hanguing Advanced Institute of Economics and Finance, Renmin University of China, Bejing 100872, China. (e-mail: )