1. Department of Economics and Finance, City University of Hong Kong, Tat Chee Avenue, Kowloon, Hong Kong; e-mail: yicheung@cityu.edu.hk
2. School of Economics, Kwansei Gakuin University, 1-155 Uegahara Ichiban-Cho, Nishinomiya, Hyogo 662-8501, Japan; e-mail: efujii@kwansei.ac.jp