1. Nanyang Technological University, No. 50 Nanyang Avenue, Singapore 639798, Singapore
2. Research Center of Finance, Shanghai Business School, No. 2271 West Zhong Shan Road, Shanghai 200235, China
3. School of Business, Sanda University, No. 2727 Jinhai Road, Shanghai 201209, China
4. School of International Economics and Trade, Guangxi University of Foreign Languages, No. 19 Wuhe Avenue, Qingxiu District, Nanning, Guangxi 530222, China