1. Li Liao is a Professor at PBC School of Finance at Tsinghua University; Beijing, People's Republic of China
2. Zhisheng Li is a Professor at the School of Finance at Zhongnan University of Economics and Law; Wuhan, People's Republic of China
3. Weiqiang Zhang is a Postdoctoral Researcher in School of School of Economics and Management at Tsinghua University; Beijing, People's Republic of China
4. Ning Zhu is a Professor at Shanghai Advanced Institute of Finance (SAIF); Shanghai Jiaotong University; Shanghai, People's Republic of China and UC Davis, Davis, California