1. School of Finance, Renmin University of China, Beijing, China
2. Department of Finance, School of Economics, Xiamen University, Xiamen, Fujian, China
3. Wang Yanan Institute for Studies in Economics, Xiamen University, Xiamen, Fujian, China
4. MOE Key Lab of Econometrics, Xiamen University, Xiamen, Fujian, China
5. Department of Statistics & Data Science, School of Economics, Xiamen University, Xiamen, Fujian, China
6. Paula and Gregory Chow Institute for Studies in Economics, Xiamen University, Xiamen, Fujian, China